1015 5th Avenue N
Property Description
IRREPLACEABLE HISTORIC ASSET Original chalkboards, built-in cabinetry, terracotta detailing, and institutional ceiling heights are preserved throughout — features no new construction budget can reproduce. MODERN BUILDING SYSTEMS Full system replacement completed in 2019: new TPO roof, rooftop mini-split HVAC, four central gas boilers, copper and PVC plumbing, and upgraded electrical — reducing near-term capex requirements. STABILIZED, DAY-ONE CASH FLOW The property is currently stabilized; investors acquire income immediately with no lease-up exposure. ACQUISITION BASIS BELOW REPLACEMENT COST Foutch Brothers' all-in conversion cost was ~$115,000/unit; replicating this asset today at $150–$200+/SF for a comparable masonry gut renovation would in most scenarios exceed the offered price. HEALTHCARE AND EDUCATION DEMAND ANCHORS UnityPoint Health ($39.8M surgical expansion underway) and Iowa Central Community College (4,663 Spring 2025 enrollees) anchor a renter base tied to employment and institutional activity — not population speculation. SPECIALIST DEVELOPER EXECUTION Developed by Foutch Brothers LLC — 20+ historic conversion projects, 1,000+ apartments completed, 14 preservation awards — with every major system replaced for long-term owner durability.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 72 |
| Year Built: | 1922 |
| Lot Size: | 2.00 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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