322 West 65th Street
Davenport, IA 52806
Well-Positioned Asset Ready for Further Value-Add Implementation
Current ownership has recently invested a significant amount of capital in the property. More than $750,000 has been invested in renovating unit interiors, replacing all of the roofs and improving curb appeal. The recent capital expenditures allow for new ownership to focus on driving top-end rental growth with interior upgrades to the remaining classic units.
Upgrade Premiums of $115+/Unit with Strategic Interior Enhancements
Maplewood Apartments offers 157 classic unit interiors (77%) that are prime for modernization. 47 units received upgrades in a recent renovation phase that is nearing completion. These upgraded units showcase the potential for increasing revenue by renovating the existing classic units. Premiums of more than $115/unit/month can be achieved with cosmetic upgrades.
Demonstrated Value-Add Upside in the Submarket
Nearby comparable properties have successfully executed on property and unit upgrades, demonstrating the viability of rent upside in the submarket. Given the rental rate achieved by similar renovated properties in the submarket, the potential for increased revenue from the existing classic units at Maplewood Apartments is immense.
Upgraded comparable properties nearby are achieving average rental rates of nearly $115/mo. above in-place rents at Maplewood Apartments, presenting great potential for new ownership to increase rents through strategic unit interior renovations.
When evaluating your options for a partner to assist with the sale of your multifamily asset, there are a number of factors you may consider. From experience and market knowledge to marketing prowess and ongoing support, each plays an integral role in creating a positive experience and a profitable outcome. Yet the one competency you may never have considered could be the one that matters most: the ability to move capital across markets efficiently and effectively.
MMG possesses a unique combination of talent, resources, expertise, and access that delivers an elevated experience from acquisition to disposition. Discover the benefits of a partnership with us.
MMG Real Estate Advisors
601 Westport Road
Kansas City, MO 64111