Multifamily Property with Off-Street
1601-1607 Centerpoint Rd NE, Cedar Rapids, IA 52402
For Sale
$1,300,000
Two-bedroom residences offer central air, shared laundry, and dedicated parking.
Property Size7,168 SF
Price / SF$181.36
Days on Market54
Property Features for 1601-1607 Centerpoint Rd NE
General Information
Standard status
Size
Property subtype
Property Condition
Severity
Evidence
Taxes and HOA fees
Annual Taxes
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
Listing Agency:
Freedom REMI LLC
(319) 200-4169
Listed By:
Tyrone Galbreath
Source:
Pinnaclerealtyia
Added: Sep 15
Changed: Nov 6
Last Checked: Nov 6 at 5:49AM
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 Freedom REMI LLC
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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 / Yr
$57,764
Cap Rate
4.44%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
$188,700
Median Home Value
Market
Average Price Trend$/SF for Multifamily properties in Cedar Rapids, IA
Properties on Market for Multifamily properties in Cedar Rapids
Vacancy Rate% for Multifamily in Midwest region
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
