515 S COLLEGE ST, SIOUX CITY, IA 51106-1071

S College Apartments at 515-525 S College Street, Sioux City, IA offers investors the chance to acquire a fully occupied 12-unit multifamily asset with immediate cash flow and upside potential. Offered at $960,000 ($80,000/unit), the property is currently 100% occupied and generates $119,700 in annual gross revenue with a $66,748 NOI, equating to a 6.95% cap rate.

Built in 1976, this two-story apartment property is positioned in a well-established Sioux City neighborhood with convenient access to retail, dining, and employment corridors. The unit mix includes both 1-bedroom and 2-bedroom apartments, with average in-place rents of $831/month compared to an average market rent of $946/month, creating a clear path for future rental growth.

Recent updates to 7 of the 12 units, plus desirable features such as central air, washer/dryer hookups, and ample 12+ parking spaces, enhance tenant appeal. Located in a market supported by a population of 105,760, 32% renter occupancy, and a stable employment base, this is a compelling value-add opportunity combining in-place stability with operational upside.