For Sale
$1,100,000

301 21St St Sioux City, IA 51104

15-Unit Apartment Building, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
132
Grandview Apartments presents a compelling investment opportunity in Sioux City, IA. This 1902-built, four-story building, totaling 9,000 square feet on a 3,318 square foot lot, underwent a complete renovation in 2022. Currently boasting 100% occupancy with 15 one-bedroom units, the property generates a current NOI of $45,000, projecting to $50,000. The asking price is $1,100,000, representing a $73,333 per-unit cost and a current cap rate of 4.09%, with a pro-forma cap rate of 4.55%. All units feature modern finishes and new appliances. The building benefits from a recently installed roof, minimizing future maintenance expenses. Situated in a desirable location with easy access to amenities and employment centers, this property offers low vacancy risk and strong rental demand, making it an ideal addition to any investment portfolio. The property is zoned commercial and is owned by an LLC. This turnkey investment provides immediate cash flow and significant potential for future growth.

Highlights

  • $1,100,000 asking price for a 15-unit apartment building.
  • 9,000 square feet, 100% occupancy, generating $45,000 NOI ($50,000 pro-forma NOI).
  • 4.09% cap rate (4.55% pro-forma).
  • Recently renovated (2022) 15-unit apartment building in Sioux City, IA.
  • Located at 301 21st St, Sioux City, IA 51104.

Property Details for 301 21St St

Property type
Apartment buildings
Square Feet
9,000 SF
Class
C
Year Built/Renovated
1902/2022
Buildings
1
Stories
4
Units
15

Location Insight

City
Sioux City
County
Woodbury
State
Iowa
Latitude
42.512157105942
Longitude
-96.407761075618

FAQs

What type of property is this?
Apartment building - 15-Unit Apartment Building, High NOI
Where is the apartment building located?
The property is located at 301 21St St Sioux City, IA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: $1,100,000 asking price for a 15-unit apartment building.; 9,000 square feet, 100% occupancy, generating $45,000 NOI ($50,000 pro-forma NOI).; 4.09% cap rate (4.55% pro-forma).
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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301 21St St
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