Improved 4-Unit Multifamily
New
For Sale
$315,000
2841 Cory Ct SW, Cedar Rapids, IA 52404
Fully leased residences offer two bedrooms, one bathroom, and off-street parking per unit.
Property Size3,492 SF
Price / SF$90.21
Days on Market3
Property Features for 2841 Cory Ct SW
General Information
Standard status
Active
Size
3,492 SF
Property subtype
Multi-Family
Zoning
Trad Res High
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,546
Amenities
Daylight
1
LaundryRoom
1746.0
OffStreet
Building Details
Year Built
1981
Listing Agency:
GLD Commercial Real Estate Advisors
(641) 781-0867
Listed By:
Lisa Coots-Schooley
(641) 781-0867
Source:
Pinnaclerealtyia
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 29 at 10:52PM
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 GLD Commercial Real Estate Advisors
Investment Insights
Based on property information with market context.
This 3,492-square-foot quadplex contains four residences, each configured with two bedrooms and one bathroom. The property is fully leased and was built in 1981. Off-street parking is provided, and the zoning designation is Trad Res High.
Significant capital work has been completed during the past five years, including roof replacement, foundation improvements, HVAC updates, and a full renovation of Unit 1. Additional property work includes planned installation of new gutters and carpet in the common areas. The asset is located at 2841 Cory Ct SW in Cedar Rapids, Iowa.
Significant capital work has been completed during the past five years, including roof replacement, foundation improvements, HVAC updates, and a full renovation of Unit 1. Additional property work includes planned installation of new gutters and carpet in the common areas. The asset is located at 2841 Cory Ct SW in Cedar Rapids, Iowa.
Key Highlights
- Four‑unit quadplex with 3,492 square feet
- Each residence includes 2 bedrooms and 1 bathroom
- Fully leased multifamily property
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
$28,141
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
8.93%
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%
$562,820
$562.8K
Cap Rate 7%
$402,014
$402.0K
Cap Rate 9%
$312,678
$312.7K
Market Conditions
NOI Build-Up for 3,492 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
$55.3K $15.84/SF
− Vacancy
−$4.1K −$1.19/SF
EGI
$51.2K $14.65/SF
− OpEx
−$23.0K −$6.59/SF
NOI
$28.1K $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%
$562,820
Cap Rate 7%
$402,014
Cap Rate 9%
$312,678
Alternative Uses
Best Use
Multifamily LT 5
$435.9K
$381.4K – $508.6K
NOI $30,514 @ 7.0% cap · market cap 9.69%
Second Best
Apartment 5plus
$402.0K
$351.8K – $469.0K
NOI $28,141 @ 7.0% cap · market cap 8.93%
Theoretical Best
Specialty Retail
$505.4K
$442.2K – $589.6K
NOI $35,378 @ 7.0% cap · market cap 11.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
537
Businesses Nearby
Explore this area
Business Placement
Demographics for 52404, IA
43,385
Population
19,923
Households
2.2
Avg Household Size
35
Median Age
22%
College-Educated
94%
High-School Grad
56.6 sq mi
ZIP Area
767
Density / Sq Mi
$62,304
Median Household Income
$38,865
Median Earnings
$885
Median Rent
$159,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased residences offer two bedrooms, one bathroom, and off-street parking per unit.
Where is this quadplex located?
The property is located at 2841 Cory Ct SW Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3,492 square feet; Each residence includes 2 bedrooms and 1 bathroom; Fully leased multifamily property
