1015 5th Avenue North, Fort Dodge, IA 50501

IRREPLACEABLE HISTORIC ASSET

Original chalkboards, built-in cabinetry, terracotta detailing, and institutional ceiling heights are preserved throughout — features no new construction budget can reproduce.

MODERN BUILDING SYSTEMS

Full system replacement completed in 2019: new TPO roof, rooftop mini-split HVAC, four central gas boilers, copper and PVC plumbing, and upgraded electrical — reducing near-term capex requirements.

STABILIZED, DAY-ONE CASH FLOW

The property is currently stabilized; investors acquire income immediately with no lease-up exposure.

ACQUISITION BASIS BELOW REPLACEMENT COST

Foutch Brothers' all-in conversion cost was ~$115,000/unit; replicating this asset today at $150–$200+/SF for a comparable masonry gut renovation would in most scenarios exceed the offered price.

LIMITED COMPARABLE COMPETITIVE SUPPLY

The Fort Dodge apartment market offers limited comparable historic and adaptive reuse product, and minimal pipeline of like-kind development.

HEALTHCARE AND EDUCATION DEMAND ANCHORS

UnityPoint Health ($39.8M surgical expansion underway) and Iowa Central Community College (4,663 Spring 2025 enrollees) anchor a renter base tied to employment and institutional activity — not population speculation.

SPECIALIST DEVELOPER EXECUTION

Developed by Foutch Brothers LLC — 20+ historic conversion projects, 1,000+ apartments completed, 14 preservation awards — with every major system replaced for long-term owner durability.