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315 1st St SNewton, IA 50208
The Bristol Square Apartments
Asset ClassMultifamily
Year Built1977
# Units: 56Deal Size: $3 MAVG In Place Rent: $590 / SFAccess Data Room
Market Rate Workforce Housing Opportunity with Immediate Mark-to-Market Upside
overview of deal

Overview

 

Stanbrough Realty is proud to offer The Bristol Square Apartments, a rare opportunity to acquire a well operated value-add asset with historically strong 95%+ occupancy over a 15+ year hold period by current ownership. Located 45 minutes from Downtown Des Moines in Newton, IA, Bristol Square Apartments offers investors the opportunity to acquire 56 well operated and maintained units following a 17-year ownership period. The property provides immediate cash flow with the ability to further grow NOI through strategic rent increases and unit renovations. Currently 100% occupied, the asset consists of 56 1BR/1BA units and features an exterior patio and grilling area, on-site library, and dedicated management office. Newton serves as a regional employment hub with a strong blue-collar workforce driven by manufacturing and logistics, supporting consistent and durable renter demand.

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Investment Highlights

Cash flowing - Well Operated/Maintained

Value add opportunity - Over 70K in Pro forma NOI growth

Attractive Acquisition Basis - $53.5K/unit

Gross Monthly Rent - $33K + Utility Reimbursement

Average in place rent - $593

Market Rent - $715

100% Occupied

Management Office on site

24/7 Secured Access + Full Camera System

RUBS in place

New House Electric Panel

6 Sets of non income generating washer/dryer units

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315 1st St SNewton, IA 50208
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