Spring Crest 42 Townhome BFR Investment Portfolio Waukee IA, Waukee, Iowa 50263

Sale Information

Asking Price: $9,155,800

Building Size: 64,352 SQ FT

Lot Size: 68145

Cost per Square Foot: $142.28

Property Overview

This Build for Rent (BFR) investment portfolio allows a buyer to work with an experienced developer and builder to acquire a portfolio of townhomes in affluent Waukee, Iowa. The developer has a number of homes under construction so leasing can begin quickly. The remaining homes are in development and can be completed to an agreed to schedule.

Waukee is an affluent suburb of West Des Moines, Iowa. The area is becoming a big tech data center area. Apple has announced it will open a $1.375 billion data center in Waukee in 2020. The 400,000 square foot facility is expected to operate 100% on renewable energy. Microsoft has also announced an approximately $3 billion data center in West Des Moines. There is also a Facebook data center east of town.

This 42 townhome BFR investment portfolio is comprised of a mix of 1,419 square foot 2-bedroom, 2-bathroom homes and 1,615 square foot 3-bedroom 2.5-bathroom homes, both with unfinished basements. For some homes, a buyer has the ability to work with the seller to finish the basements and add additional space, 1-bedroom, 1-bathroom, and another living room. The base 2-bedroom home can become a 2,057 square foot 3-bedroom, 3-bathroom home, and the base 3-bedroom home can become a 2,206 square foot 4-bedroom, 3.5-bathroom home. The cost to finish the basements is approximately $25,000.

Property Details

Key Points: For more info please visit www.SFRhub.com and search for portfolio 100304 Being developed by an experienced regional developer and builder A buyer can work with the seller to customize some of the homes, including finishing basements to add an additional bedroom, bathroom, and living area Apple is scheduled to open a new 400,000 square foot data center in town Waukee had an estimated 6,691 households in 2017 as part of the larger MSA of 250,612 households (American Community Survey) The median household income for Waukee in 2017 was $91,875, 45% of which earn more than $100,000( American Community Survey) The median household income for the Des Moines - West Des Moines MSA was $68,649, with an estimated population of 645,911 (American Community Survey) The median age in Waukee was estimated at 32.8 in 2017 (American Community Survey) The Des Moines - West Des Moines MSA had an estimated unemployment rate of 2.7% in February 2019 of an estimated workforce of almost 360,000 (Bureau of Labor Statistics) #5 Best Place to Live in the U.S. – U.S. News & World Report, 2019 Top 7 Most Recession-Proof Cities in the U.S. – Livability, 2019 #7 Best Place for Business and Careers – Forbes, 2018 #8 Best Job Market for 2018 – ZipRecruiter, 2018 One of “5 Up-and-Coming Tech Hotspots” – Livability, 2018 One of “12 Surprisingly Great Places to Retire in the Midwest” – Kiplinger, 2018

Broker Information

SVN | SFRhub Advisors
Jeff Cline



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