North Ridge Apartments
Multifamily | 8.67% CAP | 52 Units
Marketing description
The Northridge Apartments, located in Chariton, Iowa, totals 52 units across two buildings with a building age between 2023 and 2026. Both buildings include a mix of 1BR, 2BR, & 3BR units.
This deal represents a unique opportunity for an investor to complete the remaining construction in Building B and to utilize the 1.73 acres of excess land to increase the size of the development. Northridge sits less than a mile north of the Hy-Vee Distribution Center, which includes 1.2 million square feet of warehouse space and is home to Lucas County's largest employer, making this site an excellent workforce housing project with a built-in, durable renter demand base.
The property benefits from Tax Increment Financing (TIF). Building B is framed and ready for drywall, giving the next owner a clear and manageable path to completion with electrical and plumbing already in place—only interior finish work remains.
With limited multifamily supply across Lucas County, an affordable rental price point relative to Iowa's metro markets, and consistent demand from the region's workforce renter population, Northridge Apartments offers investors a rare combination of near-term value creation and long-term hold stability.
Investment highlights
- 52 Total Units - 26 fully stabilized and 100% occupied (Building 1, completed 2023); 26 units approximately 80% complete (Building 2, interior finish work remaining)
- Immediate Cash Flow - Building 1 is 100% occupied and generating in-place rental income from day one of ownership
- Value-Add Upside - Complete Building 2's remaining interior finish work and unlock 26 additional units of rental income
- Sold As-Is - Buyer acquires the property in its current condition, providing the opportunity to negotiate a favorable basis
- Tax Increment Financing (TIF) - Property benefits from an active TIF structure, a meaningful economic and financial advantage for the incoming buyer
- Proximity to Major Employment - Located near the Hy-Vee Distribution Center, one of the largest employment anchors in the region, supporting durable workforce renter demand
- Supply-Constrained Market - Limited multifamily inventory in Chariton and Lucas County supports sustained occupancy and long-term rent stability
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