Mapleleaf Apartments
Price Reduced | 100% Project Based Section 8: Option 2 HAP Contract | 48 Units | Mt. Pleasant, IA
Marketing description
CBRE is pleased to offer the opportunity to acquire Mapleleaf Apartments, a 48-unit apartment community located in Mount Pleasant, Iowa. Mt. Pleasant is home to numerous agriculture, manufacturing, and logistics companies and located at the junction of Hwy 34 and Hwy-218 in Southeast Iowa, 50 miles directly south of Iowa City. This property is owned and well-maintained by the original developer.
The property is located within a 5-minute drive to major employers including Walmart Distribution Center, Walmart Supercenter, Hearth & Home Technologies, Continental, Cornerstone Building Brands, Beck’s Hybrids, Golden Eye Distributing Company, and Innovairre.
Mapleleaf Apartments is a senior or disabled designated 100% Project Based Section 8 community with 5 years remaining on an Option 2 HAP contract. The last NSPIRE inspection was conducted 5/7/2025 and scored a 97.
Please click here for more information: https://www.cbredealflow.com/buyer/agreement?pv=BlvyHeRmV_hDLE_0W-LsOGYPQ8OQZ30aTh_LOX6Y1q3-Ka2hVEbeebdvnrHvheRs
Investment highlights
Address: 704 E Mapleleaf Drive, Mt. Pleasant, IA 52641
List Price: $2,500,000
Cap Rate: 9.10%
Year Built: 1979
Number of Units: 48
Unit Mix: All 1BD/1BA
Total Building SF :35,841
Avg. In Place Rent: $761
Number of Buildings: 1
Number of Stories: 3
Parcel Size: 2.75 acres
HAP Contract Type: Option 2
HAP Contract Expiration: 10/31/2030
NSPIRE Score: 97
Newly announced $85 Million expansion at ContiTech facility in Mount Pleasant
Owned and well-maintained by the original developer
Strong historic occupancy
Less than 4 miles from Mount Pleasant High School and Van Allen Elementary School
5-minute drive to several major employers
Newly announced $65 Million expansion at Continental facility in Mount Pleasant
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
