Investment Overview

Marcus & Millichap, as the exclusive listing broker, is pleased to present the opportunity to acquire Angella Street Apartments, a 45-unit multifamily community located at 444–488 Angella Street in Dubuque, Iowa. The property is offered for sale on a free-and-clear basis. Constructed in 1965, Angella Street Apartments consists of a single building situated on approximately 0.69 acres across four parcels. The unit mix includes 20 studio/one-bath units (320 square feet), 24 one-bedroom/one-bath units (395 square feet), and 1 one-bedroom/one-bath unit (650 square feet). Each apartment is equipped with a Packaged Terminal Air Conditioner (PTAC) providing individual heating and cooling. Residents benefit from private entrances, patios or balconies, dedicated storage, and off-street parking, as well as convenient access to nearby amenities and a short commute to downtown Dubuque. Since acquiring the asset in 2022, current ownership has completed an extensive renovation program. Roughly all but four units have been updated/remodeled, and these updates include, but are not limited to: flooring, painting, counter tops, cabinets, toilets, shower surrounds, electrical fixtures, and vanities. In addition, nearly all appliances and PTAC units have been replaced. The property’s electrical system has been fully upgraded from fuses to circuit breakers, and approximately 20 units have received new windows. Nestled along the Mississippi River, Dubuque has built a resilient and diversified economy. While manufacturing remains a core contributor—with sectors such as manufacturing, health care & social assistance, and retail trade among the largest employers. The region is also experiencing strong employment growth: the Dubuque County metropolitan area ranked first in year-over-year job growth among Iowa’s major metros in August 2024, adding about 1,300 jobs and achieving a non-farm employment of 61,000. Strategic redevelopment has also played a role, especially in revitalizing riverfront and downtown districts, leveraging brownfield grants to attract private investment and convert former industrial sites into mixed-use assets. Entertainment and education tie in closely to the community vibe. On the schooling front, Dubuque offers a full public K-12 system managed by the Dubuque Community School District, along with private options. The city is also home to five colleges and universities including University of Dubuque and Clarke University. Angella Street Apartments represents an opportunity to acquire a well-maintained, recently improved asset that is approaching full stabilization. Investors are positioned to further enhance returns through continued rent growth and additional value-add initiatives, such as implementing on-site laundry facilities and monetizing storage to increase ancillary income streams.