Listed by NAI Iowa Realty Commercial - Cedar Rapids, NAI Iowa Realty Commercial - Des Moines
Unpriced
The Maples Apartments
Details
Property Type Multifamily
Sub Type Apartment Building, Low-Rise/Garden
Square Footage 14,386
Units 18
Cap Rate 6.53%
NOI $107,809
Occupancy 100%
Class C
Year Built 1980
Stories 3
Acreage 0.800
Zoning C-2
Parking Spaces 30 spaces
Parking Per SqFt 2.09
Investment Type Core+
Ankeny Apartment Investment Property
Marketing description
18 well maintained and renovated units. Consisting of 17 (2) bed units and 1 (1) bed unit.
Long term tenants and low vacancy in a high demand area. On-site laundry and storage
Located in Ankeny, IA one of the largest and fastest growing suburbs of Des Moines, IA.
Easy access to I-35, I-80, and in close proximity to the Des Moines International Airport.
Plenty of nearby shopping and dining options.
The current owners purchased this property in 2021. They self-managed the apartments. As the apartments turned over the units were upgraded with new appliances, floor covering, furnaces, central air, tub surrounds, and more. The apartments compete very well with other apartments due to the extent of the improvements.
18 well maintained and renovated units. Consisting of 17 (2) bedunits and 1 (1) bed unit. Long term tenants and low vacancy in a high demand area. On-site laundry and storage
Located in Ankeny, IA one of the largest and fastest growing suburbs of Des Moines, IA. Easy access to I-35, I-80, and in close proximity to the Des Moines International Airport. Plenty of nearby shopping and dining options.
Ankeny is seeing rapid population growth, having added over 8,000 new residents since the 2020 census — about a 12.25% increase — bringing the total to ~76,200 and making it the 5th largest city in Iowa.
This growth is driving strong demand for housing, particularly rentals. In the broader Greater Des Moines area, multifamily vacancy remains relatively low and average asking rents are rising; in Ankeny specifically, rents have been on the higher side of the metro average.
At the same time, Ankeny combines suburban amenities (good schools, community infrastructure, proximity to Des Moines) with relatively low costs compared to larger metro areas, giving investors potential for stable cash flow, good occupancy, and long‑term appreciation
Investment highlights
- Built in 1980.
- 18 Units (17 two Bed/ 1 bath; 1 one Bed/ 1 bath).
- Laundry on site.
- Leases are 12 months.
- Average Rent:$891
- Average SF/ Unit: 812
- Heat: forced air, 1 heating & 1 AC unit/ apartment
- Condition of property: Average
- 1 wooden, outdoor deck/ unit
- There are also opportunities to increase revenue by:
- passing through trash
- increasing pet fees
- renting 18 storage closets ($20-$25 on average each/ mo.)
- Zoning: C-2
- Parking Spaces: 30
- Parking Ratio: 1.66: 1
- Year Built: 1980
- Number Of Stories: 3
- Foundation: Slab
- Walls: Dry Wall
- Number Of Units: 18
- Roof: Shingle
Listing Contacts
Listed by NAI Iowa Realty Commercial - Cedar Rapids, NAI Iowa Realty Commercial - Des Moines
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$107,809.00
$8,984.08/mo
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