Crow Creek Apartments | 5113 Devils Glen Rd
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Crow Creek Apartments 5113 Devils Glen Rd
34 Unit Apartment Building $5,100,000 ($150,000/Unit) 8.09% Cap Rate Bettendorf, IA 52722
Investment Highlights
- Located near Historic Crow Creek Park
- Excellent Highway Visibility
- Amenities include - Community-Wide WiFi, Property Manager on Site, Walking/Biking Trails & Online Services.
- Conveniently Located on a Public Transportation route
- Convenient access to I-74 which opens up easy transportation between the building site and 5 Major Parks Making it the perfect for the outdoorsmen
Executive Summary
**For Sale: Multi-Family Opportunity – Townhomes on Devils Glen**
This multi-family investment in a highly sought-after area features a mix of 12 three-bedroom townhomes and a 22-unit apartment building. Built in 2020, the property offers immediate value-add potential, as current management is actively raising rents by $300 on all lease renewals, targeting a 7.5% cap rate within months of new ownership. Units feature luxury finishes, including Modeled Oak LVT, stainless steel appliances, and in-unit washers and dryers. Located in the Pleasant Valley School District, residents enjoy convenient access to dining, shopping, parks, and major highways.
This multi-family investment in a highly sought-after area features a mix of 12 three-bedroom townhomes and a 22-unit apartment building. Built in 2020, the property offers immediate value-add potential, as current management is actively raising rents by $300 on all lease renewals, targeting a 7.5% cap rate within months of new ownership. Units feature luxury finishes, including Modeled Oak LVT, stainless steel appliances, and in-unit washers and dryers. Located in the Pleasant Valley School District, residents enjoy convenient access to dining, shopping, parks, and major highways.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$570,600
|
$19.55
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$17,118
|
$0.59
|
| Effective Gross Income |
$553,482
|
$18.97
|
| Taxes |
$75,648
|
$2.59
|
| Operating Expenses |
$65,348
|
$2.24
|
| Total Expenses |
$140,996
|
$4.83
|
| Net Operating Income |
$412,486
|
$14.13
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $570,600 |
| Annual Per SF | $19.55 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $17,118 |
| Annual Per SF | $0.59 |
| Effective Gross Income | |
|---|---|
| Annual | $553,482 |
| Annual Per SF | $18.97 |
| Taxes | |
|---|---|
| Annual | $75,648 |
| Annual Per SF | $2.59 |
| Operating Expenses | |
|---|---|
| Annual | $65,348 |
| Annual Per SF | $2.24 |
| Total Expenses | |
|---|---|
| Annual | $140,996 |
| Annual Per SF | $4.83 |
| Net Operating Income | |
|---|---|
| Annual | $412,486 |
| Annual Per SF | $14.13 |
Property Facts
| Price | $5,100,000 | Building Class | C |
| Price Per Unit | $150,000 | Lot Size | 1.88 AC |
| Sale Type | Investment | Building Size | 29,184 SF |
| Cap Rate | 8.09% | Average Occupancy | 100% |
| No. Units | 34 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2020 |
| Property Subtype | Apartment | Parking Ratio | 0.82/1,000 SF |
| Apartment Style | Garden |
| Price | $5,100,000 |
| Price Per Unit | $150,000 |
| Sale Type | Investment |
| Cap Rate | 8.09% |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.88 AC |
| Building Size | 29,184 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2020 |
| Parking Ratio | 0.82/1,000 SF |
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Washer/Dryer
- Granite Countertops
- Ice Maker
- Sprinkler System
- Stainless Steel Appliances
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | $1,125 | 595 |
| 2+1 | 6 | $1,350 | 949 - 953 |
| 3+1.5 | 12 | $1,800 | 1,160 |
PROPERTY TAXES
| Parcel Number | 841037102 | Total Assessment | $4,838,400 |
| Land Assessment | $672,700 | Annual Taxes | $75,648 ($2.59/SF) |
| Improvements Assessment | $4,165,700 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
841037102
Land Assessment
$672,700
Improvements Assessment
$4,165,700
Total Assessment
$4,838,400
Annual Taxes
$75,648 ($2.59/SF)
Tax Year
2024
zoning
| Zoning Code | MF (Multifamily) |
| MF (Multifamily) |
-
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Crow Creek Apartments | 5113 Devils Glen Rd
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