APARTMENT COMMUNITY FOR SALE INCLUDES MULTI FAMILY AND COMMERCIAL LAND 1 85 UNITS FOR SALE DAVENPORT, IOWA $6,200,000 EAGLES CREST II CHUCK RUHL, JR., SIOR President 563.355.4000 cruhl@ruhlcommercial.com APARTMENTS
2 Eagle s Crest Phase II: Eagle s Crest Phase II is the second phase of an apartment community (which was an REO) that includes six buildings of 85 condominium rental units, a contiguous 11.69 AC multiple family land site, and two commercial lots at the entrance of the development totaling 3.01 acres and 2.54 acres. The six buildings were constructed in 2005, but two of the six buildings were not completed by the original developer and were completed in 2012 by the seller. Good mix of 1, 2 and 3 bedroom apartments: The units have spacious and well laid out floor plans. All of the buildings have a laundry and elevator on each floor The Quad Cities Community: The Quad Cities has an MSA of approximately 380,000 population, and a 1,000,000 population trade area. It is home to a number of strong well established employers including Deere & Company, ALCOA, Rock Island Arsenal, and Modern Woodmen Insurance. Please refer to additional information on the Quad Cities later in this report. Strong Multi Family Fundamentals: According to Reis, Davenport s occupancy rate has increased steadily since 2007 and it now has a higher occupancy rate (97.2%) in Q3 2012 than the Midwest (95.6%) or the Nation (95.4%). Submarket asking rents have also increased by 10% since the year 2007. Annualized rental growth for Davenport (2.1%) was also higher than the Midwest (1.8%) and the Nation (2%). (Source: Reis) Employment Growth: Davenport had a lower unemployment rate in November 2012 (6.4%) than the Nation (8.2%). Job growth in Davenport increased by 1% from November 2011 to November 2012, which was better than the state of Iowa at 0.3%, or the Nation at 0.7%. Major employers within reach of the property include the Rock Island Arsenal, John Deere, Alcoa Inc., and Genesis Health System.
3 PROPERTY DESCRIPTION Eagle s Crest Phase II is an attractive 85 unit apartment community situated on 3.17 acres in Davenport, Iowa. The property was developed as a condominium apartment rental property in 2005, and two of the six buildings were completed by a professional multi family company in 2012. The unit mix is comprised of 1,2, and 3 bedroom units with spacious floor plans. Most units have either patios or balconies, and each have fully amenitized kitchens with refrigerators, stoves and dishwashers. Each unit has it s own furnace and air conditioner for forced air comfort, and individual water heaters. The subject is located in a well planned mixed use neighborhood, with a city park and public golf course on the north side of the neighborhood. Unit Type Number of Units Square Feet One-bedroom, one-bathroom 33 510 SF 570 SF Two-bedroom, two-bathroom 34 835 SF Three-bedroom, two-bathroom 18 1100 SF
PROPERTY DETAILS Pricing: $6,200,000 Address: Year Built: 2005/2012 Units: Occupancy: Unit Features: Buildings: 1702 ABCDEG Eagles Crest Ave Davenport, Iowa 85 Units 90% occupied (April 2013) Regional occupancy rates are approximately 97.2% Patios and decks, laundry on each floor, fully amenitized kitchens with refrigerators, stoves, dishwashers, separate HVAC for each unit, spacious floor plans (1) three-story 15 unit building (1) three-story 14 unit building (2) three-story 12 unit buildings (2) four-story 16 unit buildings Land Area: 3.17 Acres MOL; 138,085 SF MOL (Not including excess land included in package) Building Sites: 1702 A 12,963 SF 1702 B 17,284 SF 1702 C 12,963 SF 1702 D 17,284 SF 1702 E 12,963 SF 1702 G 12,963 SF Zoning: Construction Details: Architectural Style: Roof: Windows: Foundation: Walls: Floors: Heating & Air Conditioning: Plumbing: Electrical: Elevator: Sprinkler: Floor covering: Flood Plain: Utility Service: Water: Sewer: Gas: Electricity: R-5 Medium Density Residential District Low-rise garden style Pitched wood truss with asphalt shingles Vinyl clad sliding windows concrete slab with frost footing 2 x 6 construction concrete (main level) and wood joist system (upper levels) Each unit has it s own self contained forced air gas furnace and central air conditioning unit Each 1 bedroom has a full bath with a tub/shower, toilet and lavatory. Each 2 and 3 bedroom unit has 2 full baths with tub/shower, toilet and lavatory. Each unit has a kitchen with double basin sink. Each unit is separately metered for water and natural gas Each unit separately metered One per building Wet sprinkler system in each building Vinyl in bath and kitchen areas, carpeting in other areas The site is located outside of a 500 year flood zone Zone X, areas outside 500 year flood plain Iowa American Water City of Davenport, Iowa Mid American Energy Mid American Energy 4
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7 EXCESS LAND INCLUDED IN PACKAGE Contiguous Multiple Family Land Immediately south of the 85 units, a developed vacant 11.69 acres is included. This land is ideal for developing additional multiple family buildings and other fitting amenities. Zoning: R5M Medium Density Multi- Family Utilities: Served by electricity, natural gas, city water, city sewer and cable. Access: Curb cuts available from Eagles Crest Ave Flood Plain: Zone X Contiguous Commercial Lots Two commercial lots fronting Locust Street, immediately north of Eagles Crest Apartments. Lot 24 131,116 SF or 3.01 Acres Lot 25 110,642 SF or 2.54 Acres Zoning: C-1 Neighborhood Shopping Ideal for retail service offices and neighborhood retail Utilities: Served by electricity, natural gas, city water, city sewer, and cable Flood Plain: Zone X
AREA DESCRIPTION Quad Cities: The Quad Cities is a group of five cities straddling the Mississippi River on the Iowa-Illinois boundary. These cities, Davenport and Bettendorf (in Iowa) and Rock Island, Moline and East Moline (in Illinois), are the center of the Quad Cities Metropolitan Area and Davenport is the largest of the Quad Cities. The Quad Cities Metropolitan Area is also considered part of the Great Lakes Megalopolis. The Quad Cities is an MSA of approximately 380,000 population and a trade area of approximately 1,000,000 population. The Quad Cities is located on two sides of the Mississippi River, and is served by I-80, I-280, I-74 and US 61. It is strategically located 180 miles West of Chicago, 180 miles East of Des Moines, 360 miles South of Minneapolis, and 266 miles North of St. Louis. The Quad Cities reaches over 37 million people within 300 miles. As of 2012, Davenport IA had an estimated population of 100,096, making it Iowa s third-largest city. The population is expected to grow by 1.21% over the next five years. Davenport has declining crime rate, good employment figures, and it was ranked the most affordable metropolitan area in 2010 by Forbes. In 2007, Davenport, along with neighboring Rock Island, IL won the City Livability Award in the small city category from the U.S. Conference of Mayors. Eagles Crest Apartments is situated four miles northwest of the Davenport central business district and approximately 1.8 miles east of Interstate 280. The property is situated one block from Emeis Park and Golf Course. Commercial businesses are situated along the major thoroughfares. Residents have easy access to transportation, educational opportunities, and several major shopping centers. There are 40 colleges and universities within a 90 mile radius of the property, including Palmer College, St. Ambrose University, Augustana College, and Western Illinois University. Employment: The historical advantage of the Quad Cities Metro area is the low unemployment rate of 6.4% (November 2012) relative to the nation at 8.2%. Job growth in Davenport increased by 1% from November 2011 to November 2012, which was better than job growth from the state of Iowa at 0.3%, or the Nation at 0.7%. The largest single employer in the area is the Rock Island Arsenal, the largest government-owned weapons manufacturing arsenal in the United States. Another major employer is John Deere which has its headquarters in Moline with a total of 6,300 workers, and a Davenport plant with another 948 workers. Other major employers include Genesis Health System, Tyson Fresh Meats, and Alcoa, Inc. Transportation: Four interstate highways including I-74, I-80, I-88, and I-280 provide transportation throughout the metro area and beyond. Also, the Quad Cities International Airport (MLI) operates over sixty daily flights on five major airlines. MAJOR PRIVATE EMPLOYERS IN THE QUAD CITIES METRO AREA EMPLOYER NO. OF EMPLOYEES BUSINESS ACTIVITY Rock Island Arsenal 8,500 Defense Manufacturing Deere & Company 7,200 Agriculture OEM Genesis Health System 4,900 Health Care System Trinity Regional Health System 2,900 Health Care System Tyson Fresh Meats 2,400 Food Processing Alcoa, Inc 2,250 Aerospace & Defense Kraft Foods/Oscar Mayer 1,650 Food Processing XPAC* 1,195 Logistics Isle of Capri 1,050 Casino, Hotel, Entertainment MidAmerican Energy Co. 1,025 Utility/Energy 8
9 AERIAL Commercial Lot Commercial Lot SUBJECT 11.69 AC
AERIAL OF BUILDINGS 10
AERIAL OF COMMUNITY 11 Davenport Airport Subject Site Mississippi River Quad City International Airport