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605 E 1st St 12 Unit Apartment Building $2,411,756 CAD ($200,980 CAD/Unit) 6.54% Cap Rate Monticello, IA 52310
Investment Highlights
- Newly completed 12-unit community delivered to institutional construction standards in 2025.
- Ten-year, 100 percent municipal tax abatement enhances early-year investor returns.
- Within walking distance to shopping, parks, and everyday essentials in Monticello’s core.
- In-place occupancy at 100 percent with proven cash flow and established leasing base.
- Modern two-bedroom layouts with in-unit laundry, patios, and balconies for all residents.
Executive Summary
This newly constructed 12-unit apartment building in Monticello, Iowa offers investors the opportunity to acquire a fully stabilized, income-producing asset with significant tax advantages. Built in 2025, the three-story community combines modern design with operational efficiency, minimizing near-term capital requirements. Each residence offers an open-concept living layout with two bedrooms, one bath, in-unit washer/dryer hookups, full appliance packages, and private outdoor space — ground-floor patios and upper-level balconies provide scenic views of Monticello.
The property is 100 percent leased on in-place agreements, generating an annual gross scheduled rent of $161,220 and delivering approximately $111,216 of net operating income after allowances. Current operating metrics reflect a going-in capitalization rate of 6.5 percent. Positioned under the Urban Revitalization program, the asset benefits from a rare 10-year, 100 percent property tax abatement on city-assessed value, significantly enhancing cash flow stability and investor yield.
Situated near Hy-Vee Dollar Fresh, city parks, and within proximity to Jones Regional Medical Center, the property appeals to long-term renters seeking convenience and quality housing in a walkable, community-oriented environment. With minimal operating complexity and predictable revenue, this offering represents a durable addition to any multifamily portfolio.
The property is 100 percent leased on in-place agreements, generating an annual gross scheduled rent of $161,220 and delivering approximately $111,216 of net operating income after allowances. Current operating metrics reflect a going-in capitalization rate of 6.5 percent. Positioned under the Urban Revitalization program, the asset benefits from a rare 10-year, 100 percent property tax abatement on city-assessed value, significantly enhancing cash flow stability and investor yield.
Situated near Hy-Vee Dollar Fresh, city parks, and within proximity to Jones Regional Medical Center, the property appeals to long-term renters seeking convenience and quality housing in a walkable, community-oriented environment. With minimal operating complexity and predictable revenue, this offering represents a durable addition to any multifamily portfolio.
Property Facts
| Price | $2,411,756 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $200,980 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 1.27 AC |
| Cap Rate | 6.54% | Building Size | 14,136 SF |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2023 |
| Property Subtype | Apartment |
| Price | $2,411,756 CAD |
| Price Per Unit | $200,980 CAD |
| Sale Type | Investment |
| Cap Rate | 6.54% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.27 AC |
| Building Size | 14,136 SF |
| No. Stories | 3 |
| Year Built | 2023 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Microwave
- Washer/Dryer Hookup
- Heating
- Security System
- Ceiling Fans
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Oven
- Sprinkler System
- Stainless Steel Appliances
- Range
- Tub/Shower
- Walk-In Closets
- Dining Room
- Freezer
- Handrails
- Linen Closet
- Pantry
- Patio
- Smoke Free
- Wheelchair Accessible (Rooms)
- Large Bedrooms
- Quartz Countertops
Site Amenities
- 24 Hour Access
- Controlled Access
- Wheelchair Accessible
- Renters Insurance Program
- Trash Pickup - Curbside
- Wi-Fi
- Hearing Impaired Accessible
- Online Services
- Pond
- Vision Impaired Accessible
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 12 | - | 1,140 |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 0222379011 | Improvements Assessment | $2,542,572 CAD |
| Land Assessment | $108,103 CAD | Total Assessment | $2,650,676 CAD |
Property Taxes
Parcel Number
0222379011
Land Assessment
$108,103 CAD
Improvements Assessment
$2,542,572 CAD
Total Assessment
$2,650,676 CAD
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605 E 1st St
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