3300 Glenstone DrGrimes, IA 50111

Property Details for 3300 Glenstone Dr

Year built

2010

Construction

FRAME

Property size (Sq ft)

13,152 SF

Property type

Apartment buildings

APN

311/01030-025-001

APU

31101030025001

Description

This exceptional Class A multifamily investment opportunity presents a stabilized 52-unit apartment building in the thriving city of Grimes, Iowa. Built between 2010 and 2011, the property comprises four two-story buildings situated on a 5.15-acre lot at 3300, 3350, 3450, and 3500 SE Glenstone Dr, Grimes, IA 50111. The unit mix includes four studios, twenty-four two-bedroom/two-bathroom units, and twenty-four three-bedroom/two-bathroom units, averaging 1,054 square feet each. With an average unit rent of $1,218 and an average rent per square foot of $1.16, this property offers strong rental income potential. Thirty-six garages are available, renting for $80 per month. Grimes' rapid population growth, coupled with its proximity to major employers like Corteva, John Deere Financial, Amazon, FedEx, and Camp Dodge, ensures consistent demand. The property benefits from its location within the highly-rated Johnston School District and its convenient access to Highway 141 and the I-80/I-35 interchange. A wealth of retail options, including Hy-Vee, Menards, Target, The Home Depot, Walmart, Aldi, Life Time Fitness, and Homemaker's, are less than ten minutes away. The average household income within a one-mile radius is $116,813, further supporting the property's strong investment potential. This is a rare opportunity to acquire a high-performing asset in one of Iowa's fastest-growing communities.

• CAP approach

  CAP return

  Valuation

  6%

  $2,843,074

  6.5%

  $2,624,376

  7%

  $2,436,921

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,040,481

  Geo Method

  $1,040,481

• Alternative Use

  Use

  Valuation

  Residential

  $2,624,376

  Hospitality

  $2,403,915

  Educational

  $2,000,029

  Medical

  $2,068,813

  Retail

  $3,111,156

Location Insight

City

Grimes

County

Polk

State

Iowa

Latitude

41.7083

Longitude

-93.8019

CBSA code

19780

CBSA name

DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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