Renovated Apartment
For Sale
$2,000,000
210 19th St. NE, Cedar Rapids, IA 52402
Updated apartment interiors and mechanical systems support a refreshed multifamily property.
Property Size8,520 SF
Price / SF$234.74
Days on Market8
Property Features for 210 19th St. NE
General Information
Standard status
Active
Size
8,520 SF
Property subtype
Multi-Family
Units
Unit Mix
12 x 2BR, 12 x 1BR
Multifamily Units
24
Taxes and HOA fees
Annual Taxes
$24,067
Amenities
laundry machines
Walk-Out Access
Yes
Common Area
Public
0.677
29490.12
Building Details
Year Built
1966
Year Renovated
2025
Listing Agency:
GATEWAY ACCESS REALTY
(319) 393-0900
Listed By:
Ryan Eighme
(319) 721-6099
Source:
Pinnaclerealtyia
Added: Sep 15
Changed: Sep 21
Last Checked: Sep 21 at 4:35AM
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 GATEWAY ACCESS REALTY
Investment Insights
Based on property information with market context.
This 8,520-square-foot apartment building contains 24 units, including 12 two-bedroom apartments and 12 one-bedroom apartments. Renovation work completed in 2025 included full post-fire reconstruction, four apartments rebuilt from the studs, new flooring, fixtures, windows, handrails, entry doors, hallway doors, and mostly new appliances. The exterior was also repainted, and high-tech laundry machines were installed.
Mechanical and electrical improvements include a new boiler, fan coil units throughout, a rebuilt chiller system, and new electrical installations in all 24 apartment units. Circuit breakers were updated, and new gear was added in the mechanical room. The property is located at 210 19th St. NE in Cedar Rapids, Iowa, on a 0.677-acre site.
Mechanical and electrical improvements include a new boiler, fan coil units throughout, a rebuilt chiller system, and new electrical installations in all 24 apartment units. Circuit breakers were updated, and new gear was added in the mechanical room. The property is located at 210 19th St. NE in Cedar Rapids, Iowa, on a 0.677-acre site.
Key Highlights
- 24‑unit apartment building with 12 two‑bedroom and 12 one‑bedroom units
- 8,520 SF building on a 0.677‑acre site
- 2025 renovation included full post‑fire reconstruction
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
$68,659
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
3.43%
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%
$1,373,180
$1.4M
Cap Rate 7%
$980,843
$980.8K
Cap Rate 9%
$762,878
$762.9K
Market Conditions
NOI Build-Up for 8,520 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
$135.0K $15.84/SF
− Vacancy
−$10.1K −$1.19/SF
EGI
$124.8K $14.65/SF
− OpEx
−$56.2K −$6.59/SF
NOI
$68.7K $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%
$1,373,180
Cap Rate 7%
$980,843
Cap Rate 9%
$762,878
Alternative Uses
Best Use
Apartment 5plus
$980.8K
$858.2K – $1.14M
NOI $68,659 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.23M
$1.08M – $1.44M
NOI $86,318 @ 7.0% cap · market cap 4.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
643
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated apartment interiors and mechanical systems support a refreshed multifamily property.
Where is this apartment building located?
The property is located at 210 19th St. NE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 24‑unit apartment building with 12 two‑bedroom and 12 one‑bedroom units; 8,520 SF building on a 0.677‑acre site; 2025 renovation included full post‑fire reconstruction
