Creekside Apartments: 76
For Sale
Contact for pricing
2939 12th Ave SW, Cedar Rapids, IA 52404
76-unit apartment complex in Cedar Rapids, Iowa for sale.
Property Size32,895 SF
Lot Size2.01 Acres
Price / SF$91.17
Days on Market149
Property Features for 2939 12th Ave SW
General Information
Standard status
Active
Size
32,895 SF
Class
C
Lot size
2.01 Acres
Property subtype
Multifamily
Occupancy
88%
Investment Type
Value Add
Building Details
Year Built
1975
Buildings
4
Stories
3
Units
76
Listing Agency:
Q4 Real Estate
(319) 360-7017
Listed By:
Craig Byers · License #IA S61123000
Source:
Crexi
Added: Mar 17
Changed: Aug 8
Last Checked: Aug 11 at 3:43PM
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 Q4 Real Estate
Investment Insights
Based on property information with market context.
Creekside Apartments, located off Williams Blvd SW and 16th Ave SW in Cedar Rapids, Iowa, features 76 residential apartment units. The unit mix includes 17 studios, 38 one-bedroom/one-bathroom units, 16 one-bedroom/one-bathroom (two-level) units, 4 two-bedroom/one-bathroom units, and 1 three-bedroom/two-bathroom unit. The sale includes 13 attached garage units. The property is situated on approximately 2.006 acres and provides 92 surface parking stalls. A common-area laundry room is available for residents. The building size is 32895 square feet.
Key Highlights
- 76 Residential Apartment Units offer significant income potential
- Diverse Unit Mix appeals to a wide range of tenants
- Includes 13 Attached Garage Units, a desirable amenity
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
$265,088
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
8.84%
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%
$5,301,760
$5.3M
Cap Rate 7%
$3,786,971
$3.8M
Cap Rate 9%
$2,945,422
$2.9M
Market Conditions
NOI Build-Up for 32,895 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
$521.1K $15.84/SF
− Vacancy
−$39.1K −$1.19/SF
EGI
$482.0K $14.65/SF
− OpEx
−$216.9K −$6.59/SF
NOI
$265.1K $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%
$5,301,760
Cap Rate 7%
$3,786,971
Cap Rate 9%
$2,945,422
Alternative Uses
Best Use
Apartment 5plus
$3.79M
$3.31M – $4.42M
NOI $265,088 @ 7.0% cap · market cap 8.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.76M
$4.17M – $5.55M
NOI $333,267 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
914
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?
Apartment building - 76-unit apartment complex in Cedar Rapids, Iowa for sale.
Where is this apartment building located?
The property is located at 2939 12th Ave SW Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: 76 Residential Apartment Units offer significant income potential; Diverse Unit Mix appeals to a wide range of tenants; Includes 13 Attached Garage Units, a desirable amenity
