605 East 1st Street
Brand-New, 100% Leased 12-Unit with a Rare 10-Year Tax Abatement
Marketing description
Stanbrough Realty Company is pleased to present the opportunity to acquire 605 East 1st Street — a brand-new, 100% stabilized twelve-unit apartment community in Monticello, Iowa, offered at $1,700,000 with a rare ten-year property-tax abatement in place.
Beautiful new-construction apartments within walking distance of parks and the Hy-Vee Dollar Fresh grocery, with wonderful scenery out every window. Each home offers a spacious, open-concept living space finished to a modern, move-in-ready standard — with a private patio on the first floor and a balcony on the second and third floors.
All twelve residences are generous two-bedroom, one-bath units — fully outfitted with stove, microwave, dishwasher and refrigerator, plus washer/dryer hookups in every unit. Coin-free washers and dryers are available to rent on site. The community is pet friendly and benefits from a 100% ten-year tax abatement.
Investment highlights
- Brand-New Construction (Completed 2024) Institutional-quality, low-maintenance asset with modern finishes and negligible near-term capital needs.
- 100% Leased & Stabilized All twelve two-bedroom units occupied on in-place leases, delivering immediate, durable cash flow.
- 10-Year Tax Abatement 100% of city-abatable value, granted by the Monticello City Council on June 15, 2026 under the Urban Revitalization Area.
- Strong, Stabilized Cash Flow In-place scheduled rents of $161,220 produce $111,216 of NOI after a 5% vacancy allowance, reserves and property tax.
- Walkable, Livable Location Within walking distance of city parks and the Hy-Vee Dollar Fresh grocery; scenic views from every unit.
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