- Well-Located Asset Adjacent to Major City Park
- Great Physical Condition and Recent Capital Improvements
- Stabilized Unit with Clear Rent Growth Potential and Value-Add Upside
- Revenue Optimization Through Garage Monetization
- Strong Market Fundamentals in a Supply-Constrained Market
- Scalable Portfolio Opportunity
Well-Located Asset Adjacent to Major City Park
Platt Park Apartments consists of two garden-style apartment buildings offering eight two-bedroom, one-bath units and eight detached garages on a single parcel. Built in 1977 & 1978, the property includes 7,200 square feet of rental space situated on 0.53 acres. The property provides residents with common area laundry and is conveniently located in Oelwein’s city center, adjacent to the 16-acre popular destination, Platt Park. The park features playgrounds, picnic shelters with grills, trail access, and an 18-hole disc golf course, making this property especially attractive to tenants seeking outdoor recreation and convenience.
Great Physical Condition and Recent Capital Improvements
Platt Park Apartments is a well-maintained property and offer residents a tranquil ambiance with mature landscaping and desirable features including but not limited to assigned detached garages, spacious 2-Bedroom floor plans, laundry in each building, and convenient walkable location. Significant capital improvements have been completed at the property including new interior flooring, paint, appliances, heating and cooling systems, and water heaters. These enhancements provide new ownership with the flexibility to operate the properties as-is or take advantage of the strong foundation to implement further value-add initiatives.
Stabilized Unit with Clear Rent Growth Potential and Value-Add Upside
Current ownership has implemented partial interior renovations on a turnover basis, with many units featuring luxury vinyl plank (LVP) flooring, fresh paint, updated fixtures, and appliances. However, units remain primed for further modernization. With rents currently under fair market value, a new owner can capitalize on organic rent growth, and achieve additional premiums through unit renovations, renewal increases, and garage revenue optimization. Renovated units are anticipated to command rent premiums averaging more than $150 per month, providing a clear path to increased cash flow and long-term value.