1541 5th SE Ave Cedar Rapids, IA 52403-1258

Property Details for 1541 5th SE Ave

Year built

1961

Lot size

0.13 lot acres

Property size

3,360 SF

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

14-22-3-05-006-0-0000

APU

142230500600000

Description

This exceptional investment opportunity presents a four-unit apartment building located at 1541 5th Ave SE, Cedar Rapids, IA 52403. The property, built in 1961 and extensively renovated in 2020-2023, boasts 3,360 square feet of net rentable space situated on a 5,600 square foot lot. The building comprises three two-bedroom, one-bathroom units and one one-bedroom, one-bathroom unit, currently operating at 100% occupancy. Recent improvements include a new roof (2023), new sewer line (2022), and a new concrete walkway (2022), along with unit upgrades completed between 2021 and 2022. The property generates a substantial net operating income (NOI) of $19,569, resulting in an attractive 8.70% capitalization rate. The asking price is $225,000, translating to $56,250 per unit and $66.96 per square foot. The property is zoned RES 3+ Units and features on-site coin-operated laundry. While marketed individually, it's part of a larger portfolio of 16 units across seven properties. A seller carryback option may be available to qualified buyers. This is a value-add opportunity with potential for increased rental income given current market rents of $800 for two-bedroom units and $700 for one-bedroom units in the area, exceeding current average rents of $702.

Location Insight

City

Cedar Rapids

County

Linn

State

Iowa

Longitude

-91.6488

Latitude

41.9823

CBSA code

16300

CBSA name

CEDAR RAPIDS, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments