3315 E 15TH ST Des Moines IA 50316

Stanbrough Realty Company is pleased to present the opportunity to acquire a 49 units Garden-Style apartment community, situated on over 2 acres with mature trees, the property is situated in a quiet and well-kept residential neighborhood, yet close to businesses, transportation, and Grand View University. The property unit mix includes 2 Efficiency apartments, 10 one-bedroom apartments, and 37 two-bedroom apartments. Since 2023, approximately 50% of the units have been completely renovated with updates that include flooring, cabinets, appliances, doors, fixtures, tubs, vanities, windows, and electrical. All 5 buildings have received new Tier 4 shingle roofs, new gutters, soffits, down spouts and exterior lights that illuminate the property at night. The property is opportunity located in the Des Moines Metro and is a short drive from Downtown Des Moines, Grand View University, and public transportation. Woodland Meadows is a revitalized property with accessibility to all major thoroughfares of Des Moines.

For a more detailed report of the improvements of the buildings please contact the broker’s listed to review all building improvements and inventory supply that is available to a new investor upon acquisition.

Over $100,000 worth of appliances, cabinets, doors, windows, hardware, lighting, window screens, doors, paint, plumbing, electrical, drywall, and flooring available for a new investor to continue renovating the units at the apartment community.

39. 2BR/1BA Units

10. 1BR/1BA Units

2. 0BR/1BA Units

96 Parking Spaces

VALUE-ADD OPPORTUNITY:

Immediate upside in finishing renovations, stabilizing occupancy, raising rents, and additional income line-item charges, such as RUBs, pet rental income, and storage income.

CAPITAL IMPROVEMENTS 50% OF UNIT INTERIORS:

• Flooring (ceramic tile, LVP, or carpet squares) • All Appliances • Cabinets and hardware • Doors, knobs, handles • Lighting & Ceiling Fans • Faucets, medicine cabinets, AC Units, vertical blinds • Electrical panels, switches, etc. • New Thermostats in each apartment unit (100% of units)

COMMUNITY FEATURES:

• On-site laundry facilities • On-site storage closets • Brick exteriors • New interior & exterior lighting • Fenced property line • 92+ parking spaces on site.

OCCUPANCY:

The property is 50% occupied with 4 fully renovated units that are now available on the market. The remaining units are being updated and are in various stages of completion. Contact broker’s to learn more.

CBRE is pleased to present the opportunity to acquire a 49-unit Garden-Style apartment community. Ideally situated on over 2 acres with mature trees, the property is situated in a quiet and well-kept residential neighborhood, yet close to businesses, transportation, and Grandview University.

With the majority of buildings built in 1958, and remaining built in 1995-1997, the property includes 35,880 square feet of rental space amongst 5 buildings. The property’s unit mix features 2 Efficiency apartments, 10 one-bedroom apartments, and 37 two-bedroom apartments. Considerable renovations and capital expenditures have been completed, teeing up the perfect opportunity for a value-add investor to come in and realize immediate value-add income through rent increases and occupancy stabilization. Adding additional income is low-lying fruit on this investment opportunity.

>One of the Nation’s strongest rent growth markets! Rent increases in submarket allow for immediate income growth for investor

>Significant income growth through occupancy stabilization.

>Below market rents

>Renovated Interiors

>R.U.B.S. (Residential Utility Billback System) Implemented

>Located in a quiet neighborhood, 3 blocks from Grandview University

>Great unit mix