Crow Creek Apartments | 5113 Devils Glen Rd
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Crow Creek Apartments 5113 Devils Glen Rd
34 Unit Block of Flats £4,055,989 (£119,294/Unit) 8.09% Net Initial Yield 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 |
£453,794
|
£15.55
|
| Other Income |
-
|
-
|
| Vacancy Loss |
£13,614
|
£0.47
|
| Effective Gross Income |
£440,180
|
£15.08
|
| Taxes |
£60,162
|
£2.06
|
| Operating Expenses |
£51,971
|
£1.78
|
| Total Expenses |
£112,133
|
£3.84
|
| Net Operating Income |
£328,047
|
£11.24
|
FINANCIAL SUMMARY (PRO FORMA - 2024)
| Gross Rental Income | |
|---|---|
| Annual | £453,794 |
| Annual Per SF | £15.55 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | £13,614 |
| Annual Per SF | £0.47 |
| Effective Gross Income | |
|---|---|
| Annual | £440,180 |
| Annual Per SF | £15.08 |
| Taxes | |
|---|---|
| Annual | £60,162 |
| Annual Per SF | £2.06 |
| Operating Expenses | |
|---|---|
| Annual | £51,971 |
| Annual Per SF | £1.78 |
| Total Expenses | |
|---|---|
| Annual | £112,133 |
| Annual Per SF | £3.84 |
| Net Operating Income | |
|---|---|
| Annual | £328,047 |
| Annual Per SF | £11.24 |
PROPERTY FACTS Under Contract
| Price | £4,055,989 | Building Class | C |
| Price Per Unit | £119,294 | Lot Size | 1.88 AC |
| Sale Type | Investment | Building Size | 29,184 SF |
| Net Initial Yield | 8.09% | Average Occupancy | 100% |
| No. Units | 34 | Number of Floors | 2 |
| Property Type | Multifamily | Year Built | 2020 |
| Property Subtype | Apartment | Parking Ratio | 0.82/1,000 SF |
| Apartment Style | Garden |
| Price | £4,055,989 |
| Price Per Unit | £119,294 |
| Sale Type | Investment |
| Net Initial Yield | 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% |
| Number of Floors | 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 | £894.70 | 595 |
| 2+1 | 6 | £1,074 | 949 - 953 |
| 3+1.5 | 12 | £1,432 | 1,160 |
PROPERTY TAXES
| Parcel Number | 841037102 | Total Assessment | £3,847,940 |
| Land Assessment | £534,993 | Annual Taxes | £60,162 (£2.06/sf) |
| Improvements Assessment | £3,312,947 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
841037102
Land Assessment
£534,993
Improvements Assessment
£3,312,947
Total Assessment
£3,847,940
Annual Taxes
£60,162 (£2.06/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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