Duplex with Three
1931 Mount Vernon Road SE, Cedar Rapids, IA 52403
For Sale
New
$275,000
Upper and lower apartments have separate laundry areas, mechanical systems, and walk-in closets.
Property Size1,941 SF
Price / SF$141.68
Days on Market5
Property Features for 1931 Mount Vernon Road SE
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Lease Term
Additional Details
Multifamily Units
Tenant in Place
Amenities
walk-in closets
separate laundry
separate mechanicals
newer staircase to upper deck
dry basement for storage
Building Details
Year Built
Listing Agency:
Realty87
Listed By:
Krystal Fitzpatrick
(319) 521-1229
Source:
Cbhrealty
Added: Nov 2
Changed: Nov 6
Last Checked: Nov 6 at 9:18AM
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 Realty87
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Investment Insights
Based on property information with market context.
This 1,941-square-foot duplex in Cedar Rapids has upper and lower apartments, with three separate garages and a basement offering storage and exterior access. Both units have been remodeled in recent years. Improvements include updated lighting, plumbing fixtures, kitchen finishes, and appliances. The lower apartment has refinished hardwood floors, while the upper apartment has new carpet. Each unit includes a walk-in closet, laundry area, and separate mechanical systems.
The upper apartment is vacant, and the lower unit is occupied. Tenants pay all utilities. Built in 1923, the property is zoned Res and occupies an 8,739-square-foot lot.
The upper apartment is vacant, and the lower unit is occupied. Tenants pay all utilities. Built in 1923, the property is zoned Res and occupies an 8,739-square-foot lot.
Key Highlights
- 1,941‑square‑foot duplex with upper and lower apartments
- Three separate garages
- Both apartments remodeled in recent years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,961
Cap Rate
6.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$339,220
$339.2K
Cap Rate 7%
$242,300
$242.3K
Cap Rate 9%
$188,456
$188.5K
Market Conditions
NOI Build-Up for 1,941 SF
Gross rent
$26.1K $13.44/SF
− Vacancy
−$1.9K −$0.96/SF
EGI
$24.2K $12.48/SF
− OpEx
−$7.3K −$3.74/SF
NOI
$17.0K $8.74/SF
Area
Cedar Rapids, IA
Vacancy
7.12%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$339,220
Cap Rate 7%
$242,300
Cap Rate 9%
$188,456
Alternative Uses
Best Use
Multifamily LT 5
$242.3K
$212.0K – $282.7K
NOI $16,961 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$223.5K
$195.5K – $260.7K
NOI $15,642 @ 7.0% cap · market cap 5.69%
Theoretical Best
Specialty Retail
$280.9K
$245.8K – $327.8K
NOI $19,665 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
242
Businesses Nearby
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Business Placement
Demographics for 52403, IA
23,012
Population
10,759
Households
2.1
Avg Household Size
41
Median Age
40%
College-Educated
95%
High-School Grad
26.3 sq mi
ZIP Area
875
Density / Sq Mi
$73,848
Median Household Income
$46,148
Median Earnings
$857
Median Rent
$190,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Upper and lower apartments have separate laundry areas, mechanical systems, and walk-in closets.
Where is this duplex located?
The property is located at 1931 Mount Vernon Road SE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 1,941‑square‑foot duplex with upper and lower apartments; Three separate garages; Both apartments remodeled in recent years
