Listed by Coterie Real Estate
$2,400,000
Providence Lane Townhomes
Details
APN 1528232017
Property Type Multifamily
Sub Type Apartment Building
Square Footage 13,090
Net Rentable (SqFt) 13,207
Units 10
Cap Rate 6.21%
NOI $149,131
Occupancy 100%
Tenancy Multi
Price per SqFt $183
Year Built 2020
Buildings 2
Acreage 1.510
Zoning R3 - Multi-Family
Parking Spaces 4 per unit
Investment Type Stabilized
Multifamily | 6.21% CAP | 10 Units
Marketing description
We are pleased to offer Providence Lane Townhomes, a nine-unit townhome development situated on approximately 1.510 acres at 212 Wilson Street in the heart of Van Meter, Iowa. The property also includes a single-family home, for a total of 10 units on site, plus all underground improvements needed for 10 additional townhomes. This is an outstanding investment opportunity in a submarket defined by favorable renter demographics and limited new supply.
This exceptional multifamily asset offers investors a rare opportunity to acquire a well-maintained residential property in one of the MSA's strongest rental markets.
Investment highlights
- Providence Lane Townhomes offers investors the opportunity to acquire a high-quality rental asset in a market supported by desirable demographics and long-term growth potential. Located in Van Meter, Iowa—one of the Des Moines metro's highly sought-after communities—the property benefits from a combination of excellent schools, limited rental competition, and proximity to major employment centers, all of which contribute to sustained rental demand.
- Providence Lane Townhomes directly serves this demand by offering spacious 3 bedroom / 2.5 bathroom floor plans, ample storage, washer/dryer, private deck, attached two-car garages, private entrances, and functional layouts that support long-term tenant retention and satisfaction. Located in a cul-de-sac and just steps from K-12 school, these homes are in a location that is difficult to replicate.
- In addition to the townhomes, there is a 3-bedroom single family home on the property and pad lot for 10 additional townhomes, where underground utilities are already complete.
- From a market perspective, Van Meter and the surrounding Dallas County area continue to experience population growth driven by the expansion of the Des Moines metropolitan region. Major employers, retail centers, and entertainment destinations in West Des Moines and Waukee are located within a short commute, allowing residents to enjoy the benefits of a small-town community without sacrificing access to employment and amenities.
- The combination of a desirable location, strong tenant appeal, quality construction, and favorable market dynamics creates an investment opportunity that is designed to produce both stable returns and long-term wealth creation.
- For investors seeking a durable, income-producing asset in one of Central Iowa's strongest residential markets, Providence Lane Townhomes represents an opportunity to capitalize on the enduring demand for quality housing in a growing community.
Listing Contacts
Listed by Coterie Real Estate
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$149,131.00
$12,427.58/mo
Valuation Metrics
0
DSCR
6.21%
Cap Rate
6.21%
ROI
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