101 4TH AVE Grinnell IA 50112-1830

CBRE is pleased to offer the opportunity to acquire Green Art Apartments, a total of 18 multifamily units across three well-maintained buildings located in Grinnell, IA. Built in 1974 and 1975, these predominantly 2-bedroom, 1-bathroom units cater to a diverse tenant base, making them an ideal addition to any real estate portfolio. Strategically situated near key institutions such as Unity Point Health, Grinnell College, and Iowa Valley Community College this property benefits from high demand and a strong rental market.

• Address: 101 4th Ave, 915 & 917 Prince St, Grinnell, IA 50112 (one parcel)

• List Price: $895,000

• Cap Rate: 10.25%

• Year Built: 1974 and 1975

• Number of Units: 18

• Unit Mix: 1-1BR/1BA, 17-2BR/1BA

• Total Building SF: 16,344

• Avg. In Place Rent: $839

• Number of Buildings: 3

• Number of Stories: 2 and 3

• Parcel Size: 2.44 acres

Residents pay Electricity and Gas directly. Opportunity to implement RUBS for Water, Sewer, and Trash.

Click here for more information: https://www.cbredealflow.com/buyer/agreement?pv=U605icSTAVyOP11HcHgJT7Ba0qAXThI8p3iPXEPz91rRID3qH1-H5N364yl0FgmX

• Construction: Wood frame

• Foundation: Reinforced concrete

• Exterior: Wood & vinyl

• Roof: Asphalt shingled

• Laundry: Common area laundry room in each building (lease with BDS)

• Heating: Individual furnaces

• Cooling: Central A/C & Window A/C

• Water Heater: Individual

The Property:

• 3 apartment buildings on one parcel

• Located near major employers including:

  • Grinnell Mutual Reinsurance Company (800 employees)

  • Brownell’s (725 employees)

  • Jeld-Wen (725 employees)

  • Grinnell College (680 employees)

• The complex is across from UnityPoint Health Grinnell Regional Medical Center

• Several long-term residents

• Low density complex. All rents are collected online by ACH, debit card, or credit card and all tenants have credit and background checks

About Grinnell:

• Grinnell is located halfway between Des Moines and Cedar Rapids

• Located in Poweshiek County, Grinnell is a top-ranked city to live in in Iowa with an A- overall grade from Niche.com

• Highly rated public schools

• Grinnell is home to Grinnell Mutual Reinsurance Company and Grinnell College, a world-renowned art college

• Grinnell College’s ranking in the 2024 edition of Best Colleges in National Liberal Arts Colleges is #11 (enrollment approx. 1,750)

• Built in 1974 and 1975

• 18 Units

• 3 Buildings

• 1 - 1BR/1BA, 17 - 2BR/1BA

• 16,344 SF

• 2 & 3 Stories

• 2.44 Acres

Link to additional photos: https://drive.google.com/file/d/16Z9PIFtsmM3plZOexTVP2cYlAY8nBUj2/view?usp=drive_link

101 4th Unit 6: https://youtu.be/JaxMUKK4WRM

101 4th Unit 6 (part 2): https://youtu.be/sFSoRqyWh3U

915 Prince Unit 1: https://youtu.be/OL0SbXisw08?si=KnQOdqNfRA_LSc80

917 Prince Unit 1: https://www.youtube.com/watch?v=kLiA8ra-SsM