Remodeled
1931 Mount Vernon Road SE, Cedar Rapids, IA 52403
For Sale
New
$275,000
Multi-Family, Cedar Rapids, IA
Property Size1,941 SF
Lot Size0.20 Acres
Price / SF$141.68
Days on Market3
Property Features for 1931 Mount Vernon Road SE
General Information
Property type
Property subtype
Zoning
Bedrooms
Rooms
Parking
Elementary school
Middle school
High school
Directions
Subdivision
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Amenities
in-unit laundry
deck
Building Details
Year built
Number of units
Building materials
Buildings
Listing Agency:
Realty87 · Coldwell Banker Real Estate
(319) 378-8760
Listed By:
Krystal Fitzpatrick
(319) 367-8760
Added: Nov 4
Last Checked: Nov 6 at 6:06PM
MLS# 2607701
Copyright © 2026 Cedar Rapids Area Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This frame duplex contains 1,941 square feet on a 0.2-acre lot and was built in 1923. Both units have had recent interior updates, including kitchen improvements, new lighting, plumbing fixtures, and appliances. The lower unit has refinished hardwood flooring, while the upper unit features new carpet. Each apartment has a walk-in closet, its own laundry area, and separate mechanical systems. Three detached garages, a large dry basement with exterior access, and an upper deck provide additional property features.
The upper apartment is vacant. The lower unit includes a stackable washer and dryer, and occupants pay all utilities. The property is zoned Res and has a natural area behind the backyard.
The upper apartment is vacant. The lower unit includes a stackable washer and dryer, and occupants pay all utilities. The property is zoned Res and has a natural area behind the backyard.
Key Highlights
- 1,941‑square‑foot duplex on a 0.2‑acre lot
- Three separate garages
- Both units recently updated with kitchen improvements, new lighting, plumbing fixtures, and appliances
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 - Separate laundry and mechanical systems serve each unit, with occupants responsible for their utilities.
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 on a 0.2‑acre lot; Three separate garages; Both units recently updated with kitchen improvements, new lighting, plumbing fixtures, and appliances
