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23157396
23157388

3701 Eastbrook Dr, Iowa City, IA 52240

JS
IA IA B57696000
WSG CRE
TE
IA IA s41864000
WSG CRE
GG
IA S68655000
WSG CRE
Listed by WSG CRE
$8,000,000
401 days on market
Updated 3 days ago

3701 Eastbrook Dr

Details
APN 0918257002
Property Type Multifamily
Sub Type Apartment Building
Units 18
Cap Rate 6.82%
NOI $204,709
Pro-Forma Cap Rate 6.82%
Pro-Forma NOI $204,709
Broker Co-Op Yes
Year Built 2024
Buildings 2
Stories 2
Acreage 7.510
Zoning MFD

Multifamily | 6.82% CAP | 18 Units

Marketing description

THE OFFERING

3701 Eastbrook St in Iowa City is a 2 – building, 18– Unit property with 3.5 acres of developed land and 4.01 acres of excess undeveloped land located on the east side of Iowa City. The excess land is approved for an additional 86 units. The property is currently rented by the unit, and features three different floor plans: 6 - 1 bed / 1 bath, 4 - 2 bed / 2 bath & 8 - 3 bed / 2 bath. The buildings were constructed in 2024. Tenants are responsible for utilities. Units feature high-end finishes including new appliances, washer & dryer in unit, quartz countertops, LVP flooring, and dishwasher. This provides a high-end living experience at an affordable and attractive price for people of all ages.

LOCATION

3701 Eastbrook St in Iowa City is located, right off of S Scott Blvd in Iowa City. The property is adjacent to the scenic Rita's Ranch Dog Park which is an attractive amenity to pet owners. Iowa City is home to the University of Iowa and the world renowned University of Iowa Hospital and Clinics. The location provides easy acess to the University and the hospital which makes this property a great housing option for full-time students, part-time students, faculty and staff of the University and employees of UIHC. The property also features close proximity numerous other employers and amenities. The property is strategically located on the east side of Iowa City and is a part of growing Cedar Rapids & Iowa City corridor with numerous recent development projects taking shape in the corridor.

Some nearby amenities include: Hy-Vee, Fareway, Casey's, Kum & Go, BlackStone, Short's Burgers, Midtown Family Resturant, Bread Worthy Bakery, Mesa 503, Shakespeare's Pub and Grill, Jimmy Jack's Rib Shack, Wendy's, Court Hill Trail, Mercer Park and Iowa City Marketplace.

Listing Contacts

JS
IA IA B57696000
WSG CRE
TE
IA IA s41864000
WSG CRE
GG
IA S68655000
WSG CRE
Listed by WSG CRE

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$204,709.00
$17,059.08/mo

Valuation Metrics

0
DSCR
2.56%
Cap Rate
2.56%
ROI

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Additional Information

Name
Josh Seamans
License
IA B57696000
Brokerage
WSG CRE
Brokerage Phone
319-675-1694
Title
Managing Partner / Owner
Brokerage Address
417 1st Avenue Southeast
Name
Tiffany Earl Williams
License
IA s41864000
Brokerage
WSG CRE
Brokerage Phone
319-675-1694
Title
Managing Partner / Owner
Name
Gabe Golberg
License
S68655000
Brokerage
WSG CRE
Brokerage Phone
319-675-1694
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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