806 15th Avenue SW, Cedar Rapids, IA 52404

Blue Jay Apartments is a four-building multifamily apartment complex offering 30 total units, with a mix of 14 one-bedroom apartments and 16 two-bedroom apartments. Residents benefit from ample off-street parking and common area laundry facilities. Interior updates include luxury vinyl plank flooring in approximately 90% of units, and the property’s laundry equipment is continuing to be upgraded.

The complex is located in southwest Cedar Rapids, Iowa, near the 1st Avenue retail corridor. The property provides convenient access to shopping, healthcare, restaurants, major employers, and transportation routes throughout the Cedar Rapids metro area. Ownership has also addressed major building systems and exterior components, including new roofs, gutters, soffits, and vinyl siding completed since 2021. In 2024, all four boilers were replaced.

For buyers or operators seeking a workforce-focused rental asset, Blue Jay Apartments presents a stabilized configuration with recent capital improvements and an active schedule of interior and laundry enhancements. The unit mix supports a range of resident needs, and the current upgrade work is intended to reduce near-term capital demands. The offering also notes potential for further income growth through continued interior updates, strategic rent increases, and possible implementation of RUBS, subject to applicable rules and requirements.