- High-Potential 57-Unit Property with Operational Upside and Coveted Resident Amenities
- Great Physical Condition with Many Capital Improvements Completed
- Location in a Stable, Underserved Market
- Revenue Optimization through Value-Add and Operational Improvements
- Scalable Investment with Additional Nearby Assets Available
High Potential 57-Unit Property with Operational Upside and Coveted Resident Amenities
Otter Creek Cottages is a 57-unit community comprised of 56 one-bedroom apartments and one two-bedroom unit. Built in 1977 and spread across 15 buildings, the property includes 36,518 square feet of rental space on more than 5.74 acres of land. Many of the apartment homes have been remodeled and upgraded on a turnover or as-needed basis. The current owner has completed numerous capital improvements. Each unit is equipped with a gas hot water heater and a kitchen outfitted with a refrigerator and stove. Otter Creek Cottages features a community clubhouse & office, where residents of the community can gather, participate in community events, socialize, and meet their neighbors. The clubhouse features a rental office, rent drop box, laundry facilities, vending machines, community room with kitchen, bathrooms, and a maintenance shop.
Great Physical Condition with Many Capital Improvements Completed
Otter Creek Cottages is a well-maintained community and offers residents a tranquil ambiance with mature landscaping and desirable features. Significant capital improvements have been completed including new interior flooring, paint, appliances, heating and cooling systems, concrete and asphalt replacements, and landscape upgrades. These enhancements provide new ownership the flexibility to operate the properties as-is or take advantage of the strong foundation to implement further value-add initiatives.
Strategic Location in a Stable, Underserved Market
Located in Oelwein—the largest city in Fayette County—Otter Creek Cottages is ideally positioned near schools, grocers, dining, parks, and major employers. This accessibility, combined with the city’s limited multifamily supply and low vacancy rates, contributes to strong, consistent demand for quality rental housing. With little to no new development on the horizon, existing assets like Otter Creek are well-positioned to outperform.