414 7th St SE
Oelwein, IA 50662
Platt Park · Multifamily Property For Sale · 8 Units

Platt Park Apartment Homes presents a rare opportunity to acquire a stabilized, well-maintained multifamily asset in the heart of Oelwein, Iowa. Comprising eight spacious two-bedroom units across two garden-style buildings, the property is ideally situated adjacent to the 16-acre Platt Park—a community hub featuring playgrounds, trails, and disc golf. Each unit includes access to a detached garage, and residents benefit from on-site laundry facilities and lush landscaping that enhances the quiet residential setting.
Recent capital improvements—including new flooring, paint, appliances, HVAC systems, and water heaters—position the property for immediate operational stability and long-term upside. With rents currently below market, new ownership can unlock significant value through further interior upgrades and strategic rent increases. Garage spaces, currently included in rent, offer an easy path to additional income through unbundling.
Oelwein’s supply-constrained multifamily market, supported by low vacancy rates and limited new development, provides a strong foundation for consistent rent growth. The city’s economic vitality is bolstered by a diverse employer base, a regional airport, and business-friendly incentives like the USDA-backed Revolving Loan Fund. For investors seeking scale, Platt Park can be acquired individually or as part of a 101-unit portfolio with two nearby properties, offering operational efficiencies and enhanced management control.