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

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.