The Arbors Apartments 401 & 417 Washington Avenue

CBRE is pleased to exclusively offer for sale The Arbors Apartments, a 42-unit multifamily community located in Grinnell, Iowa. Built in 2001 and currently 100% occupied, The Arbors provides investors with stable in-place cash flow in a market anchored by Grinnell College and supported by a diverse employment base that includes Grinnell Mutual Reinsurance Company, UnityPoint Health, JELD-WEN, and Manatt’s Inc.

Located along Interstate 80 and U.S. Highway 6, Grinnell offers convenient access to major employment centers throughout Central and Eastern Iowa, including Des Moines (55 miles), Iowa City (60 miles), Marshalltown (30 miles), and Newton (20 miles). The city’s role as a regional educational and economic hub, led by Grinnell College, supports consistent housing demand and strong occupancy fundamentals.

The Arbors features a direct-entry design with no interior corridors, providing residents with private apartment-style access while minimizing common area maintenance responsibilities for ownership. The property consists of 28 two-bedroom/one-bathroom units and 14 three-bedroom/two-bathroom units, averaging 1,076 square feet. Each residence includes a private patio or balcony and in-unit washer and dryer connections. The property’s spacious floor plans and practical amenity package appeal to a broad resident base and contribute to tenant retention.


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Address: 401 & 417 Washington Ave, Grinnell, Iowa 50112
List Price: $3,250,000
Cap Rate: 7.65%
Year Built: 2001
Number of Units: 42
Unit Mix: 28-2BR/1BA; 14-3BR/2BA
Total Building SF: 45,200
Avg. In Place Rent: $870
Number of Buildings: 2
Number of Garages: 15
Parking: Surface & detached garages
Parcel Size: 3.26 acres (two parcels)