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Multifamily

The Jefferson

3708 SE 14th St, Des Moines, IA 50320

Listing Price: $9,000,000

Cap Rate
5.82%
Number of Units
108
Price/Unit
$83,333
Price/Gross SF
$94.74
Gross SF
95,000

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire The Jefferson, a 108-unit multifamily community located in Des Moines, Iowa. Originally developed in 1968 and renovated in 2021, The Jefferson is comprised of two-bedroom floor plans averaging 825 square feet. Over the past year, The property has undergone extensive exterior and interior renovations to improve the asset and increase the aesthetic appeal of the property. Property enhancements include interior upgrades in 54 units, a freshly painted exterior, roof replacement and/or re-coating, ample landscaping, striped parking lot, and upgraded entrances and hallways. With the extensive list of capital improvements and a proven out value-add program, The Jefferson offers the next investor a clean slate to continue renovations while enjoying strong cash flow from day one of ownership.

Investment Highlights

  • Ample Capex Complete: Freshly Painted Exterior, Updated Entrances and Hallways, All Roofs Either Recoated or Replaced, Freshly Striped Parking Lot, Improved Landscaping
  • 54 Units Renovated: New Kitchen Cabinets, New Kitchen Countertops, New Efficient Appliances Newly Tiled Bathrooms, New Flooring, Spacious Closets
  • Strong Performing Des Moines Market: Record-Breaking Sales Volume, Vacancy Down 170 BPS Year-Over-Year

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) IA: B63379000

    Iowa

Financing By

Multifamily

The Jefferson

Listing Price: $9,000,000

Cap Rate
5.82%
Number of Units
108
Price/Unit
$83,333
Price/Gross SF
$94.74
Gross SF
95,000

Investment Highlights

  • Ample Capex Complete: Freshly Painted Exterior, Updated Entrances and Hallways, All Roofs Either Recoated or Replaced, Freshly Striped Parking Lot, Improved Landscaping
  • 54 Units Renovated: New Kitchen Cabinets, New Kitchen Countertops, New Efficient Appliances Newly Tiled Bathrooms, New Flooring, Spacious Closets
  • Strong Performing Des Moines Market: Record-Breaking Sales Volume, Vacancy Down 170 BPS Year-Over-Year

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire The Jefferson, a 108-unit multifamily community located in Des Moines, Iowa. Originally developed in 1968 and renovated in 2021, The Jefferson is comprised of two-bedroom floor plans averaging 825 square feet. Over the past year, The property has undergone extensive exterior and interior renovations to improve the asset and increase the aesthetic appeal of the property. Property enhancements include interior upgrades in 54 units, a freshly painted exterior, roof replacement and/or re-coating, ample landscaping, striped parking lot, and upgraded entrances and hallways. With the extensive list of capital improvements and a proven out value-add program, The Jefferson offers the next investor a clean slate to continue renovations while enjoying strong cash flow from day one of ownership.

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): IA: B63379000

    Iowa

Financing By

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