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Platt Park 414 7th St SE 8 Unit Apartment Building $773,850 CAD ($96,731 CAD/Unit) Oelwein, IA 50662
Investment Highlights
- Detached garages included with each unit; monetization potential
- Located in Oelwein’s supply-constrained multifamily market
- Recent upgrades: flooring, appliances, HVAC, water heaters
Executive Summary
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.
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.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $773,850 CAD | Apartment Style | Garden |
| Price Per Unit | $96,731 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.53 AC |
| No. Units | 8 | Building Size | 3,600 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1977 |
| Zoning | R - Residential | ||
| Price | $773,850 CAD |
| Price Per Unit | $96,731 CAD |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.53 AC |
| Building Size | 3,600 SF |
| No. Stories | 2 |
| Year Built | 1977 |
| Zoning | R - Residential |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Ceiling Fans
- High Speed Internet Access
- Carpet
- Double Pane Windows
- Family Room
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | - | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 18-28-232-021 | Improvements Assessment | $430,387 CAD |
| Land Assessment | $36,484 CAD | Total Assessment | $466,871 CAD |
Property Taxes
Parcel Number
18-28-232-021
Land Assessment
$36,484 CAD
Improvements Assessment
$430,387 CAD
Total Assessment
$466,871 CAD
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Platt Park | 414 7th St SE
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