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Multifamily

Belmont Point Apartments

1102 SE Belmont Dr, Ankeny, IA 50021

Listing Price: $1,200,000

Cap Rate
6.96%
Number of Units
16
Price/Unit
$75,000

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of Belmont Point Apartments, a 16-unit apartment community located in the city of Ankeny, Iowa. Belmont Point Apartments are being offered for sale on a free-and-clear basis. Constructed in 1968, Belmont Point Apartments consists of two 8 unit buildings, situated on 1.01 acres, and totaling sixteen two-bedroom/one-bathroom units at 800 square feet. Each unit is separately metered for gas and electricity. More than half of the units have received updates within the last 5 years. These updates include, but not limited to: vinyl flooring, counter tops, cabinets, appliances, and bathroom vanities. Additionally, both roofs were replaced in 2018, building 1102 received new garden level windows in 2019, and seven in unit furnaces have been replaced within the last 5 years. Tenants have access to off-street parking and onsite laundry. Located near Ankeny Boulevard, Belmont Point Apartments is tucked into a quiet residential neighborhood surrounded by many shopping, dining and entertainment options. For tenants with children, the apartments are a short distance from Southeast Elementary School (0.5 miles), and Ankeny High School (1.0 mile). Less than two miles from Belmont Point Apartments, sits the Des Moines Area Community College, with roughly 25,000 students enrolled. DMACC offers associate degrees in the areas of nursing, accounting, business, and psychology, to name a few; as well as receiving the Forbes 9th Best Place to Work in Iowa, making it the highest ranked among other higher education institutions in the state. Tenants commuting to work are just minutes from Highway 35 and other major roads. Voted one of the best places to live in Iowa, Ankeny offers its residents a quiet suburban feel while keeping the close connectivity to Des Moines and the areas surrounding it. The city of Ankeny, located in central Iowa, is 20 minutes north of the state capitol Des Moines, 30 minutes south of Ames (home of Iowa State University), and has a population of roughly 67,000 people. Des Moines largest suburb, Ankeny has more than doubled its population from 2000 to 2020 according to the Census Bureau, and is the 6th fastest growing city in Iowa. Known for its leading school districts and excelling municipal services, the accelerated growth is evident, as Ankeny became the first Iowa district to add a second high school in nearly 40 years when Ankeny Centennial opened in 2013 and is preparing for a third high school to open around 2030. City leaders expect Ankeny to reach nearly 130,000 residents by 2040. This offering presents the opportunity to acquire a stable asset located in the rapidly growing city of Ankeny, Iowa. A new owner should quickly start to increase returns with a continued as-needed/light renovation approach, effectively managing expenses, and bringing all rents to market across the board. Newer leases signed in the last few months have proven a very achievable bump in rents to comparable market rent levels. An additional opportunity would be the implementation of RUBS or utility bill-back, which has seemingly gained steam in the Des Moines metro markets.

Investment Highlights

  • Attractive Ankeny Market Seeing Steady Growth
  • Residential Neighborhood Near Colleges, Schools & Local Businesses
  • Tenants Pay Electric & Gas | Opportunity For RUBS

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) IA: B63379000

    Iowa

Financing By

Multifamily

Belmont Point Apartments

Listing Price: $1,200,000

Cap Rate
6.96%
Number of Units
16
Price/Unit
$75,000

Investment Highlights

  • Attractive Ankeny Market Seeing Steady Growth
  • Residential Neighborhood Near Colleges, Schools & Local Businesses
  • Tenants Pay Electric & Gas | Opportunity For RUBS

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of Belmont Point Apartments, a 16-unit apartment community located in the city of Ankeny, Iowa. Belmont Point Apartments are being offered for sale on a free-and-clear basis. Constructed in 1968, Belmont Point Apartments consists of two 8 unit buildings, situated on 1.01 acres, and totaling sixteen two-bedroom/one-bathroom units at 800 square feet. Each unit is separately metered for gas and electricity. More than half of the units have received updates within the last 5 years. These updates include, but not limited to: vinyl flooring, counter tops, cabinets, appliances, and bathroom vanities. Additionally, both roofs were replaced in 2018, building 1102 received new garden level windows in 2019, and seven in unit furnaces have been replaced within the last 5 years. Tenants have access to off-street parking and onsite laundry. Located near Ankeny Boulevard, Belmont Point Apartments is tucked into a quiet residential neighborhood surrounded by many shopping, dining and entertainment options. For tenants with children, the apartments are a short distance from Southeast Elementary School (0.5 miles), and Ankeny High School (1.0 mile). Less than two miles from Belmont Point Apartments, sits the Des Moines Area Community College, with roughly 25,000 students enrolled. DMACC offers associate degrees in the areas of nursing, accounting, business, and psychology, to name a few; as well as receiving the Forbes 9th Best Place to Work in Iowa, making it the highest ranked among other higher education institutions in the state. Tenants commuting to work are just minutes from Highway 35 and other major roads. Voted one of the best places to live in Iowa, Ankeny offers its residents a quiet suburban feel while keeping the close connectivity to Des Moines and the areas surrounding it. The city of Ankeny, located in central Iowa, is 20 minutes north of the state capitol Des Moines, 30 minutes south of Ames (home of Iowa State University), and has a population of roughly 67,000 people. Des Moines largest suburb, Ankeny has more than doubled its population from 2000 to 2020 according to the Census Bureau, and is the 6th fastest growing city in Iowa. Known for its leading school districts and excelling municipal services, the accelerated growth is evident, as Ankeny became the first Iowa district to add a second high school in nearly 40 years when Ankeny Centennial opened in 2013 and is preparing for a third high school to open around 2030. City leaders expect Ankeny to reach nearly 130,000 residents by 2040. This offering presents the opportunity to acquire a stable asset located in the rapidly growing city of Ankeny, Iowa. A new owner should quickly start to increase returns with a continued as-needed/light renovation approach, effectively managing expenses, and bringing all rents to market across the board. Newer leases signed in the last few months have proven a very achievable bump in rents to comparable market rent levels. An additional opportunity would be the implementation of RUBS or utility bill-back, which has seemingly gained steam in the Des Moines metro markets.

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): IA: B63379000

    Iowa

Financing By

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