Duplex with Garage
3-5 27th Avenue SW, Cedar Rapids, IA 52404
For Sale
New
$249,900
Multi-Family, Cedar Rapids, IA
Property Size2,060 SF
Lot Size0.31 Acres
Price / SF$121.31
Days on Market4
Property Features for 3-5 27th Avenue SW
General Information
Property type
Property subtype
Bedrooms
Rooms
Elementary school
Middle school
High school
Directions
Subdivision
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Amenities
in-unit washer and dryer
Building Details
Year built
Number of units
Building materials
Listing Agency:
RE/MAX CONCEPTS · RE/MAX International
Listed By:
Debra Callahan · License #B43172000
(319) 395-0101
Added: Nov 3
Changed: Nov 4
Last Checked: Nov 6 at 6:06PM
MLS# 2607712
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, built in 1977, contains 2,060 square feet across upper and lower apartments. Each unit has two bedrooms and one bathroom. The lower apartment is furnished and has an in-unit washer and dryer; the upper apartment is unfurnished. Each unit also has a one-car garage space. The property is tenant-occupied.
At 3-5 27th Avenue SW in Cedar Rapids, the property is near shopping, restaurants, Hy-Vee, and major employers, with quick access to I-380. The site measures 0.31 acres.
At 3-5 27th Avenue SW in Cedar Rapids, the property is near shopping, restaurants, Hy-Vee, and major employers, with quick access to I-380. The site measures 0.31 acres.
Key Highlights
- Two apartments, each with 2 bedrooms and 1 bathroom
- 2,060 square feet on a 0.31‑acre lot
- Furnished lower apartment; unfurnished upper apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,001
Cap Rate
7.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$360,020
$360.0K
Cap Rate 7%
$257,157
$257.2K
Cap Rate 9%
$200,011
$200.0K
Market Conditions
NOI Build-Up for 2,060 SF
Gross rent
$27.7K $13.44/SF
− Vacancy
−$2.0K −$0.96/SF
EGI
$25.7K $12.48/SF
− OpEx
−$7.7K −$3.74/SF
NOI
$18.0K $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%
$360,020
Cap Rate 7%
$257,157
Cap Rate 9%
$200,011
Alternative Uses
Best Use
Multifamily LT 5
$257.2K
$225.0K – $300.0K
NOI $18,001 @ 7.0% cap · market cap 7.20%
Second Best
Apartment 5plus
$237.2K
$207.5K – $276.7K
NOI $16,601 @ 7.0% cap · market cap 6.64%
Theoretical Best
Specialty Retail
$298.1K
$260.9K – $347.8K
NOI $20,870 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
196
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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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - The upper apartment is unfurnished, while the lower apartment is furnished and includes an in-unit washer and dryer.
Where is this duplex located?
The property is located at 3-5 27th Avenue SW Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms and 1 bathroom; 2,060 square feet on a 0.31‑acre lot; Furnished lower apartment; unfurnished upper apartment
