Multifamily

Ankeny Pine Apartments

Listing Price: Request For Offer

Number of Units
52
Occupancy
95.00%
Gross SF
38,600

Investment Overview

Marcus & Millichap, as the exclusive listing broker, is pleased to present Ankeny Pine, a 52-unit apartment complex located in Ankeny, Iowa. Ankeny Pine is being offered for sale on a free-and-clear basis.

Built in 1975, Ankeny Pine is a five-building community that sits on a 3.17 acre corner parcel. This apartment community features 32 one-bedroom/one-bathroom units and 20 two-bedroom/one-bathroom units, ranging in size from 675 square feet to 850 square feet. Equipped with private balconies/patios and deep entry way closets, the units have been maintained meticulously. Of the 52 units, 19 have experienced remodeling, with complete remodels featuring new LVP flooring, appliances, countertops, cabinets and bathrooms. Tenants pay electricity and heat individually as each unit includes an in-unit furnace and hot water heater. Each of the five buildings had new roofs put on in 2018 and each contains a shared laundry facility. The complex also has ample off-street parking.

The city of Ankeny, located in central Iowa, is 20 minutes north of the Des Moines (state capital) and 30 minutes south of Ames (home of Iowa State University). According to the Census Bureau, Ankeny was the 4th fastest-growing city in the country from July 2016-2017, and 10th fastest-growing city from July 2017-2018. With a 2019 estimate of 67,355 people, Ankenys population is up about 48% from 2010 estimates and about 148% from 2000 estimates. 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.

Located just minutes from Ankeny Boulevard, Ankeny Pine is tucked into a quiet residential neighborhood near the 25 mile High Trestle Trail and renowned Prairie Ridge Sports Complex. Between the walking distance of Faith Baptist Bible College and quick 10 minute drive to DMACC, the apartments are also a short distance from Ankeny Centennial High School and several middle/elementary schools. Additionally, tenants have easy access to the many local stores, restaurants and businesses.

Ankeny Pine presents a rare opportunity to take advantage of historically low interest rates and acquire a prime asset in the rapidly growing city of Ankeny. Investors should be able to continue bumping rents up to market with an as-needed/light renovation approach. However, with continued remodeling of units, should be able to realize much larger rent premiums.

Investment Highlights

  • Spacious One and Two-Bedroom Units with Private Balconies/Patios
  • Fully and Partially Remodeled Units
  • Forced Air | In-Unit Furnace & Hot Water Heater | Tenant Pays Heat
  • Ample Off-Street Parking | Shared Laundry | Deep Entry Way Closets
  • Room for Continued Rent Growth
  • Residential Neighborhood Near Colleges, Schools & Local Businesses

Exclusively Listed By

Listing Price: Request For Offer

Number of Units
52
Occupancy
95.00%
Gross SF
38,600

Investment Highlights

  • Spacious One and Two-Bedroom Units with Private Balconies/Patios
  • Fully and Partially Remodeled Units
  • Forced Air | In-Unit Furnace & Hot Water Heater | Tenant Pays Heat
  • Ample Off-Street Parking | Shared Laundry | Deep Entry Way Closets
  • Room for Continued Rent Growth
  • Residential Neighborhood Near Colleges, Schools & Local Businesses

Investment Overview

Marcus & Millichap, as the exclusive listing broker, is pleased to present Ankeny Pine, a 52-unit apartment complex located in Ankeny, Iowa. Ankeny Pine is being offered for sale on a free-and-clear basis.

Built in 1975, Ankeny Pine is a five-building community that sits on a 3.17 acre corner parcel. This apartment community features 32 one-bedroom/one-bathroom units and 20 two-bedroom/one-bathroom units, ranging in size from 675 square feet to 850 square feet. Equipped with private balconies/patios and deep entry way closets, the units have been maintained meticulously. Of the 52 units, 19 have experienced remodeling, with complete remodels featuring new LVP flooring, appliances, countertops, cabinets and bathrooms. Tenants pay electricity and heat individually as each unit includes an in-unit furnace and hot water heater. Each of the five buildings had new roofs put on in 2018 and each contains a shared laundry facility. The complex also has ample off-street parking.

The city of Ankeny, located in central Iowa, is 20 minutes north of the Des Moines (state capital) and 30 minutes south of Ames (home of Iowa State University). According to the Census Bureau, Ankeny was the 4th fastest-growing city in the country from July 2016-2017, and 10th fastest-growing city from July 2017-2018. With a 2019 estimate of 67,355 people, Ankenys population is up about 48% from 2010 estimates and about 148% from 2000 estimates. 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.

Located just minutes from Ankeny Boulevard, Ankeny Pine is tucked into a quiet residential neighborhood near the 25 mile High Trestle Trail and renowned Prairie Ridge Sports Complex. Between the walking distance of Faith Baptist Bible College and quick 10 minute drive to DMACC, the apartments are also a short distance from Ankeny Centennial High School and several middle/elementary schools. Additionally, tenants have easy access to the many local stores, restaurants and businesses.

Ankeny Pine presents a rare opportunity to take advantage of historically low interest rates and acquire a prime asset in the rapidly growing city of Ankeny. Investors should be able to continue bumping rents up to market with an as-needed/light renovation approach. However, with continued remodeling of units, should be able to realize much larger rent premiums.

Exclusively Listed By

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