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400 River 400 W River Dr 55 Unit Apartment Building $15,124,559 CAD ($274,992 CAD/Unit) 6.14% Cap Rate Davenport, IA 52801
Investment Highlights
- Strong Rental Demand
- Elevated Modern Interiors
- Rooftop Patio and Lounge
- Significant Rent Upside
- High End Luxury Finishes
- Centrally Located in Business District
Executive Summary
CBRE is pleased to present to qualified investors the opportunity to acquire 400 River, a luxury apartment complex built in 2022 comprised of 55 market rate rental units located right in downtown Davenport, Iowa. These units offer a high level of amenities including an oversized roof top patio overlooking the Mighty Mississippi River and downtown, covered parking spaces, private unit balconies, luxury vinyl plank flooring, in unit laundry, and Mississippi River views from every residential unit.
Property Facts
| Price | $15,124,559 CAD | Building Class | B |
| Price Per Unit | $274,992 CAD | Lot Size | 0.55 AC |
| Sale Type | Investment | Building Size | 51,046 SF |
| Cap Rate | 6.14% | Average Occupancy | 94% |
| No. Units | 55 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2022 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | C-D - Commercial | ||
| Price | $15,124,559 CAD |
| Price Per Unit | $274,992 CAD |
| Sale Type | Investment |
| Cap Rate | 6.14% |
| No. Units | 55 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.55 AC |
| Building Size | 51,046 SF |
| Average Occupancy | 94% |
| No. Stories | 4 |
| Year Built | 2022 |
| Opportunity Zone |
Yes |
| Zoning | C-D - Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Disposal
- Washer/Dryer
- Heating
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
Site Amenities
- 24 Hour Access
- Controlled Access
- Clubhouse
- Cabana
- Grill
- Wi-Fi
- Roof Terrace
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 10 | - | 591 |
| 1+1 | 41 | - | 597 - 750 |
| 2+2 | 4 | - | 971 - 1,153 |
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Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | L0011-16A | Improvements Assessment | $8,543,775 CAD |
| Land Assessment | $314,931 CAD | Total Assessment | $8,858,707 CAD |
Property Taxes
Parcel Number
L0011-16A
Land Assessment
$314,931 CAD
Improvements Assessment
$8,543,775 CAD
Total Assessment
$8,858,707 CAD
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400 River | 400 W River Dr
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