12.4 Acres R-5 Multifamily Land Up to 240 Units | Altoona
Land | 12.43 acres
Marketing description
12.427 acres of prime R 5 Zoned multifamily development land located in Altoona, Iowa along Highway 65. The site is presumed R-5 zoning allowing for up to 240 multifamily units, presenting a strong opportunity for apartment or build-to-rent development in one of the fastest growing suburbs in the Des Moines metro.
The parkland requirement has already been satisfied with dedicated parkland bordering the property to the west, helping streamline the development process. The property is adjacent to nursing and single-family residential development, creating a natural transition for multifamily housing.
The site is ideally positioned near major Altoona amenities including Outlets of Des Moines, Bass Pro Shops Altoona, Adventureland Park, and Prairie Meadows Casino and Racetrack.
The location provides quick access to Interstate 80 and Highway 65 and is approximately 17 miles from the Des Moines International Airport.
Offered at $2.52 per square foot, the property represents a compelling development opportunity in a growing and amenity-rich market within the Des Moines metropolitan area
Property Highlights
• 12.427 acres development land
• R-5 zoning allowing high-density residential
• Up to ~240 multifamily units permitted
• Parkland requirements already satisfied
• Adjacent to residential development
• Minutes from Outlets of Des Moines and Bass Pro Shops
• Excellent access to Hwy 65 and I-80
Investment highlights
- 12.427 Acres of Development Land Prime multifamily development site located along Highway 65 in Altoona, Iowa.
- Multifamily Density Potential Presumed R-5 zoning allowing for development of up to 240 apartment units.
- Parkland Requirement Already Met Dedicated parkland borders the west side of the property, satisfying the city’s parkland requirement.
- Strong Location Near Major Attractions Located near Outlets of Des Moines, Bass Pro Shops, Adventureland, and Prairie Meadows Casino.
- Excellent Regional Connectivity Quick access to Interstate 80 and Highway 65 with convenient proximity to the Des Moines metro and the airport.
- Attractive Development Economics Offered at $2.52 per square foot, equating to approximately $6,425 per potential unit.
- Growing Suburban Market Altoona continues to see strong residential and commercial growth as part of the expanding Des Moines metropolitan area.
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