- $300+/UNIT IN VALUE-ADD UPSIDE WITH INTERIOR MODERNIZATIONS
- DEMONSTRATED UPSIDE OF COMPS IN THE SUBMARKET
- A HIGHLY WALKABLE DES MOINES LOCATION THAT CHECKS ALL THE BOXES!
- LOCATED IN THE HIGHLY DESIRABLE INGERSOLL/GRAND CORRIDOR JUST WEST OF DOWNTOWN DES MOINES
- OFFERED FREE AND CLEAR OF ANY EXISTING DEBT
$300+/UNIT IN VALUE-ADD UPSIDE WITH INTERIOR MODERNIZATIONS
Windsor Terrace Apartments presents an outstanding opportunity to achieve rent upside of $300+ per month per apartment home with
interior upgrades.
By making cosmetic upgrades to the common areas along with cosmetic upgrades to the kitchen cabinets, solid-surface countertops, new stainless appliances, an updated LED lighting package, as well as upgraded bathrooms, will allow a new buyer to push annual rental income by more than $500,000!
DEMONSTRATED UPSIDE OF COMPS IN THE SUBMARKET
Windsor Terrace Apartments is located in the heart of the Ingersoll/Grand Corridor. The Ingersoll/Grand Corridor is bookended by two new construction projects that command some of the highest rents in all of the Des Moines market. 4000 Ingersoll is located just 0.6 miles West of Windsor Terrace, and Soll Apartments is located only 0.8 miles to the East. Also in the corridor are recently renovated projects, The Reagan House and Bryn Mawr, which further demonstrate upside in the submarket. Further demonstrating the viability of rent upside, both The Reagan House and Bryn Mawr have both completed property-wide upgrades and have successfully executed interior unit upgrades in the same submarket. By completing unit upgrades with similar finishes, enhancing the exterior and further bolstering the amenity package, Windsor Terrace Apartments will be able to achieve rents alongside the rents of The Reagan House and Bryn Mawr, these similarly upgraded properties within the submarket. With upgraded comparable properties nearby achieving average rental rates of nearly $325 above in-place rents at Windsor Terrace Apartments and the rents achieved at the new construction projects in the submarket, there exists great potential for new ownership to increase rents through strategic unit interior renovations.
