500 Layne, Iowa

Description

Now available is a newly constructed Class A multifamily property completed in 2024, featuring 52 high-quality residential units in a strong Southeast Iowa location. This turnkey asset offers a balanced unit mix consisting of (8) three-bedroom, 2.5-bath units, (24) two-bedroom, one-bath units, and (20) one-bedroom, one-bath units. Each apartment is outfitted with premium finishes including soft-close cabinetry, luxury vinyl plank flooring, energy-efficient Pella windows, and individual HVAC, plumbing, and electrical systems. The property is thoughtfully designed with community in mind, offering amenities such as a dog park, playground, and ample green space. Tenants enjoy the convenience of in-unit laundry, while ownership benefits from separate utility metering—residents are responsible for electric, gas, and internet—helping to reduce overhead and increase NOI. Strategically located near Southeast Iowa Regional Hospital and major retail corridors, the property is well-positioned to attract strong tenant demand. Current market rents are set at $1,900 for three-bedroom units, $1,275 for two-bedroom units, and $975 for one-bedroom units, reflecting strong income potential in a low-vacancy submarket. This is a rare opportunity to acquire a newly built, low-maintenance multifamily asset with modern systems, durable construction, and a 5 YEAR TAX ABATEMENT. Seller is licensed to sell real estate in the State of Iowa.

Directions: Next to Target in West Burlington