5005 Devils Glen RdBettendorf, IA 52722

Property Details for 5005 Devils Glen Rd

Year built

2020

Lot size

1.88 AC

Property size (Sq ft)

29,184 SF

Property type

Apartment buildings

Description

This exceptional Class A multifamily investment opportunity, located at 5005 Devils Glen Rd, Bettendorf, IA 52722, consists of three, two-story buildings totaling 29,184 square feet on a 1.88-acre lot (APN 841037102). Built in 2020, the complex comprises 34 units – a mix of townhomes and apartments – boasting 100% occupancy. Each unit features modern, high-end finishes including granite countertops and stainless steel appliances, along with in-unit laundry. Individual utility metering for water and sewer minimizes management expenses. The property enjoys a prime location adjacent to a city park, bike paths, and a dog park, further enhanced by its position within a highly desirable school district. Currently generating a NOI of $337,159 and a 6.10% cap rate, a pro-forma analysis projects a NOI of $412,486 and a 7.50% cap rate, reflecting the potential for significant revenue growth through market-rate rent adjustments. The asking price is $5,500,000, representing $188.46 per square foot and $161,764.71 per unit. This presents a compelling investment opportunity in a thriving community.

Location Insight

City

Bettendorf

County

Scott

State

Iowa

Latitude

41.5725

Longitude

-90.4828

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