W 63rd Street Apartments 604 West 63rd Street

CBRE is pleased to offer the opportunity to acquire W 63rd Street Apartments, a 36-unit apartment community in Davenport, Iowa. Davenport is the 3rd largest city in the State of Iowa and the largest in the Quad Cities metro with a population of over 100,000 people. Davenport serves as the primary economic engine for the MSA of over 400,000 people.

Built in 1975, W 63rd Street Apartments consists of six buildings featuring 12 one-bedroom, one-bathroom floor plans and 24 two-bedroom, one-bathroom floor plans. All units except one have been renovated to varying extents, typically including new flooring, paint, and bathroom fixtures. Additionally, there has been recent exterior work completed to some of the decks and parking lots. A value-add opportunity exists through the implementation of RUBS.

The property is conveniently located off the I-80/Brady Street interchange, providing convenient to employers, retailers, and amenities across the Quad Cities.

Address: 604, 614, 620, 628, 636, 702 W 63rd St, Davenport, IA
List Price: $1,975,000 ($54,861/unit)
Cap Rate: 8.02%
Number of Units: 36
Unit Mix: 24-2BR/1BA; 12-1BR/1BA
Average In-Place Rents: $746
Year Built: 1975
Number of Buildings: 6