Skip to main content

Multifamily

Luma Heights Apartments

217 19th St, Sioux City, IA 51105

Listing Price: $3,700,000

Cap Rate
8.48%
Number of Units
91
GRM
4.34
Price/Unit
$40,659

Investment Overview

Marcus & Millichap is pleased to present the Luma Heights Apartments, a 91-unit multifamily asset located in Sioux City, Iowa. Originally delivered to the Sioux City market in 1920, this multifamily community showcases classic apartment living in midwestern markets that lack an ample amount of for-rent housing. Consisting of spacious, well-maintained units, many of which have been tastefully updated, Luma Heights is comprised of 48 studio units, 34 one-bedroom units, five two-bedrooms, and four three-bedrooms. Luma Heights is situated on a large, .69-acre parcel and offers ample surface parking at the rear of the building, along with an abundance of on-street parking around the building. The Luma Heights Apartments represents a unique opportunity to acquire a historic midwestern asset at a price significantly below today’s replacement cost.

With Luma Heights having well-maintained units, many of which have been tastefully updated in recent years, new ownership can acquire a historic asset that offers immediate scale in Sioux City and a large-scale value-add opportunity. With current rents approximately 9.5% below market rates, new ownership can increase rental rates slightly beyond what is currently being achieved and realize more than $81,000 in gross scheduled rent, significantly increasing NOI and drastically increasing the properties value. Additional value-add opportunities exist via currently unused common areas that could be transformed into community amenity space.

The Luma Heights Apartments investment opportunity represents a unique opportunity to acquire a well-maintained, historic asset that offers immediate scale in Sioux City and a large-scale value-add opportunity.

Investment Highlights

  • 91-Unit Multifamily Asset Located in Sioux City, Iowa
  • 48 Studio Units, 34 One-Bedroom Units, 5 Two-Bedroom Units, and 4 Three-Bedroom Units
  • The Luma Heights Apartments represents a unique opportunity to acquire a historic midwestern asset at a price significantly below today's replacement cost.

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) IA: B63379000

    Iowa

Financing By

Multifamily

Luma Heights Apartments

Listing Price: $3,700,000

Cap Rate
8.48%
Number of Units
91
GRM
4.34
Price/Unit
$40,659

Investment Highlights

  • 91-Unit Multifamily Asset Located in Sioux City, Iowa
  • 48 Studio Units, 34 One-Bedroom Units, 5 Two-Bedroom Units, and 4 Three-Bedroom Units
  • The Luma Heights Apartments represents a unique opportunity to acquire a historic midwestern asset at a price significantly below today's replacement cost.

Investment Overview

Marcus & Millichap is pleased to present the Luma Heights Apartments, a 91-unit multifamily asset located in Sioux City, Iowa. Originally delivered to the Sioux City market in 1920, this multifamily community showcases classic apartment living in midwestern markets that lack an ample amount of for-rent housing. Consisting of spacious, well-maintained units, many of which have been tastefully updated, Luma Heights is comprised of 48 studio units, 34 one-bedroom units, five two-bedrooms, and four three-bedrooms. Luma Heights is situated on a large, .69-acre parcel and offers ample surface parking at the rear of the building, along with an abundance of on-street parking around the building. The Luma Heights Apartments represents a unique opportunity to acquire a historic midwestern asset at a price significantly below today’s replacement cost. With Luma Heights having well-maintained units, many of which have been tastefully updated in recent years, new ownership can acquire a historic asset that offers immediate scale in Sioux City and a large-scale value-add opportunity. With current rents approximately 9.5% below market rates, new ownership can increase rental rates slightly beyond what is currently being achieved and realize more than $81,000 in gross scheduled rent, significantly increasing NOI and drastically increasing the properties value. Additional value-add opportunities exist via currently unused common areas that could be transformed into community amenity space. The Luma Heights Apartments investment opportunity represents a unique opportunity to acquire a well-maintained, historic asset that offers immediate scale in Sioux City and a large-scale value-add opportunity.

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): IA: B63379000

    Iowa

Financing By

MM Texture Background
MM Textured Background Lower