2131 Blairs Ferry RdCedar Rapids, IA 52402

Property Details for 2131 Blairs Ferry Rd

Year built

1964

Lot size

13,504.00 AC

Property size (Sq ft)

8,055 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 12-unit apartment building, known as Boston House, presents a compelling investment opportunity in Cedar Rapids, Iowa. Located at 2131 Blairs Ferry Rd NE, 52402, this Class C property boasts a total of 8,055 square feet situated on a substantial 13,504-acre lot. Built in 1964, the three-story building currently enjoys 100% occupancy, generating a strong Net Operating Income (NOI) of $43,748, representing a 7.29% capitalization rate. The asking price is $600,000, translating to $50,000 per unit and $74.49 per square foot. The unit mix includes one studio, ten one-bedroom units, and one two-bedroom unit. Tenant utilities are reimbursed (RUBs). The property benefits from a recently updated common area and a new roof installed in 2020. Its prime location offers excellent tenant convenience. Furthermore, there's potential for rental increases. This property has been under the same ownership for over 15 years and is being offered as a 1031 exchange opportunity. This presents a rare chance to acquire a well-maintained, high-performing multifamily asset with significant upside potential. Close before the end of the year.

Location Insight

City

Cedar Rapids

County

Linn

State

Iowa

Latitude

42.0345

Longitude

-91.6717

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