Multifamily Property with Off-Street
New
For Sale
$1,300,000
1601-1607 Centerpoint Rd NE, Cedar Rapids, IA 52402
Two-bedroom residences offer central air, shared laundry, and dedicated parking.
Property Size7,168 SF
Price / SF$181.36
Days on Market3
Property Features for 1601-1607 Centerpoint Rd NE
General Information
Standard status
Active
Size
7,168 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
opportunities to modernize unit interiors
Taxes and HOA fees
Annual Taxes
$19,702
Amenities
central air conditioning
on-site laundry facilities
off-street parking
garages available for rent
fireplaces
private balconies
Concrete
Yes
Common Area
Public
0.9
39204
Poured
Building Details
Year Built
1966
Listing Agency:
IOWA REALTY COMMERCIAL
(319) 393-0900
Listed By:
Tytan Bowers
(319) 777-2234
Source:
Pinnaclerealtyia
Added: Sep 15
Changed: Sep 17
Last Checked: Sep 16 at 2:38PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of IOWA REALTY COMMERCIAL
Investment Insights
Based on property information with market context.
Located at 1601-1607 Centerpoint Rd NE in Cedar Rapids, this multifamily property offers functional two-bedroom, one-bath residences with central air conditioning. Some units include fireplaces or private balconies, providing variation across the residential offering.
Shared laundry facilities and dedicated off-street parking serve the property, with garages also available for rent. The utility arrangement has the landlord covering water and trash removal, while residents handle their individual gas and electric usage. The property measures 7,168 and was built in 1966.
Shared laundry facilities and dedicated off-street parking serve the property, with garages also available for rent. The utility arrangement has the landlord covering water and trash removal, while residents handle their individual gas and electric usage. The property measures 7,168 and was built in 1966.
Key Highlights
- Two‑bedroom, one‑bath residential configurations
- Central air conditioning in the residences
- Select units feature fireplaces or private balconies
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$57,764
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.44%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,155,280
$1.2M
Cap Rate 7%
$825,200
$825.2K
Cap Rate 9%
$641,822
$641.8K
Market Conditions
NOI Build-Up for 7,168 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$113.5K $15.84/SF
− Vacancy
−$8.5K −$1.19/SF
EGI
$105.0K $14.65/SF
− OpEx
−$47.3K −$6.59/SF
NOI
$57.8K $8.06/SF
Area
Cedar Rapids, IA
Vacancy
7.50%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,155,280
Cap Rate 7%
$825,200
Cap Rate 9%
$641,822
Alternative Uses
Best Use
Apartment 5plus
$825.2K
$722.1K – $962.7K
NOI $57,764 @ 7.0% cap · market cap 4.44%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.04M
$907.8K – $1.21M
NOI $72,621 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
434
Businesses Nearby
Explore this area
Business Placement
Demographics for 52402, IA
42,072
Population
19,848
Households
2.1
Avg Household Size
36
Median Age
41%
College-Educated
95%
High-School Grad
13.7 sq mi
ZIP Area
3,071
Density / Sq Mi
$71,319
Median Household Income
$41,753
Median Earnings
$992
Median Rent
$188,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Two-bedroom residences offer central air, shared laundry, and dedicated parking.
Where is this multifamily property located?
The property is located at 1601-1607 Centerpoint Rd NE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bath residential configurations; Central air conditioning in the residences; Select units feature fireplaces or private balconies
