Listed by Berkshire Hathaway HomeServices One Realty Centre Waterloo
Unpriced
Red Cedar Place
Details
APN 0903130018
Property Type Multifamily
Sub Type Apartment Building
Net Rentable (SqFt) 9,660
Units 15
Occupancy 93%
Tenancy Multi
Class A
Year Built 2019
Buildings 1
Stories 2
Acreage 0.570
Zoning Residential (Mr R3+)
Investment Type Stabilized
Multifamily | 15 Units
Marketing description
Red Cedar Place is a 15-unit Class A apartment community completed in 2019 and located one block from Wartburg College and minutes from downtown Waverly. The two-story building features 11 one-bedroom and 4 two-bedroom units served by a hydraulic passenger elevator, in-unit washer/dryers, ADA-accessible bathrooms, and full fire-sprinkler protection.
Constructed on a 0.57-acre site with 6,700 SF of concrete parking, the asset has been maintained to institutional standards by the current owner, the City of Waverly Low Rent Housing Agency. With 14 of 15 units currently leased, one unit immediately available for buyer inspection, and rents materially below market, Red Cedar Place offers a turnkey acquisition with a clear path to NOI expansion.
Investment highlights
- Class A New Construction - Built in 2019 with minimal deferred maintenance, modern systems, and elevator access - a rare profile in the Cedar Valley submarket.
- Strong, Stable Cash Flow - 14 of 15 units leased to a long-tenured resident base with no recent NSF events; one unit currently vacant and available for buyer walk-through.
- Significant Mark-to-Market Upside - Current rents trail RCS and area market comps by 30-60%. New ownership can capture meaningful NOI growth through routine turnover.
- Unrestricted Sale - 62+ age preference is self-imposed only; a buyer may lease to any qualified tenant at market - maximizing the buyer pool and future income.
- Institutional-Quality Construction - Fire-sprinklered, hydraulic elevator, in-unit laundry, full ADA accessibility, vinyl/frame on concrete.
Listing Contacts
Listed by Berkshire Hathaway HomeServices One Realty Centre Waterloo
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