60 Miller Ave Cedar Rapids, IA 52404
- Apartment buildings
- 36,000 SF
- 1.44 lot acres
Current Use by Public Records
- Deming Investments / Investment Service
Property Details for 60 Miller Ave
- Year built
- 2000
- Lot size
- 1.44 lot acres
- Property size
- 36,000 SF
- Property type
- Apartment buildings
Description
Exceptional investment opportunity in Cedar Rapids, Iowa, presents this stabilized 30-unit apartment building, boasting 36,000 square feet across two, three-story buildings situated on a 1.44-acre lot. Built in 2000 and extensively renovated in 2022, this property offers a compelling blend of established infrastructure and modern upgrades. The current 93% occupancy rate, with a projected full occupancy by October 21, 2024, speaks to its strong market appeal. Each of the 30 units features a desirable four-bedroom, two-bathroom layout, perfectly suited for both families seeking access to the College Community School District and students attending nearby Kirkwood Community College. Individual furnace/AC units and separately metered utilities significantly reduce long-term maintenance and capital expenses, enhancing the property's profitability. The asking price is $2,790,000, representing a significant return on investment. The property is zoned residential and operates under an LLC ownership structure. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a thriving Iowa market. Significant recent renovations, including updates completed since 2021, further enhance the property's value and potential for future rental growth. The property's location at 60 & 64 Miller Ave SW, Cedar Rapids, IA 52404, offers convenient access to local amenities and transportation.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Cedar Rapids
- County
- Linn
- State
- Iowa
- Longitude
- -91.6588
- Latitude
- 41.9246
