102 8Th AveOelwein, IA 50662

Property Details for 102 8Th Ave

Year built

1977

Property type

Apartment buildings

Description

This exceptional 101-unit multifamily portfolio in Oelwein, Iowa, presents a compelling value-add investment opportunity. Comprising three properties – Otter Creek Cottages, The Meadows, and Platt Park Apartments – this portfolio offers a diverse mix of 1, 2, and 3-bedroom units, strategically located within a mile radius in a desirable residential area near shopping, schools, and parks. The properties boast significant recent capital improvements, including interior upgrades (flooring, paint, appliances, HVAC), exterior renovations (siding, decks), and landscaping enhancements. Current rents are below market value, providing immediate potential for organic rent growth exceeding $250 per month per unit through further renovations and implementing RUBS. The properties feature amenities such as a clubhouse with a community center at Otter Creek, a manager/leasing office, and exterior garages at select locations. Common area laundry facilities are also available. Ample green space offers further development potential for added amenities or garages. This portfolio benefits from a stable Midwest market with historically low vacancy rates and consistent rent growth, making it an attractive investment for those seeking immediate returns and long-term appreciation. The properties are situated in Fayette County, within a residential and neighborhood commercial setting. Individual property sales may be considered. The buildings were constructed between 1977 and 1999 and are classified as Class B. The permitted zoning is Multi-Residential. This portfolio is offered for sale by owner.

Location Insight

City

Oelwein

County

Fayette

State

Iowa

Latitude

42.6799

Longitude

-91.926

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

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.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].