Improved 4-Unit Multifamily
For Sale
$315,000
Pending
2841 Cory Court SW, Cedar Rapids, IA 52404
Fully leased residences offer two bedrooms, one bathroom, and off-street parking per unit.
Property Size3,492 SF
Days on Market48
Property Features for 2841 Cory Court SW
General Information
Standard status
Pending
Size
3,492 SF
Property subtype
Multi-Family
Zoning
TRH
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,546
Amenities
Full
Yes
Common Area
Public
0.206
.206 Ac
Parking Space(s)
Building Details
Year Built
1981
Listing Agency:
New Age Realty
(319) 393-0900
Listed By:
Jami Gordon
(319) 540-2744
Source:
Pinnaclerealtyia
Added: Aug 28
Changed: Oct 7
Last Checked: Oct 12 at 6:45PM
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 New Age Realty
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 / Yr
$28,141
Cap Rate
8.93%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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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?
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 Court 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
