2204 Johnson NW Ave Cedar Rapids, IA 52405-4732

Property Details for 2204 Johnson NW Ave

Year built

1988

Lot size

0.85 lot acres

Property size

19,277 SF

Property type

Assisted living facilities

Property subtype

Retirement homes

APN

14-30-1-31-013-0-0000

APU

143013101300000

Description

This exceptional multifamily investment opportunity encompasses four buildings totaling 51,053 square feet and 125 units in Cedar Rapids, Iowa. The portfolio, comprised of three apartment buildings and one independent living facility, offers a compelling value-add proposition. Built in 1987 (average), the property currently operates as a senior living community, providing studios and suites, along with twelve one-bedroom independent living units. The portfolio boasts a strong pro-forma NOI of $448,980, translating to an 8.16% cap rate at an asking price of $5,500,000 ($44,000 per unit). Significant upside potential exists, particularly with one vacant building suitable for memory care, which could substantially increase revenue and cash flow. The property includes all real estate and the established business, currently employing 50 people. The portfolio's location in Linn County, with addresses at 2204 and 2200 Johnson Ave NW, 3410 12th Ave SW, and 307 Edgewood Rd SW, Cedar Rapids, IA 52405 and 52404, offers excellent access to amenities and services. Financial details are available upon execution of a confidentiality agreement. This stabilized, Class B property presents a rare opportunity for investors seeking strong returns and significant growth potential in a thriving market. The property is privately owned.

Location Insight

City

Cedar Rapids

County

Linn

State

Iowa

Longitude

-91.7039

Latitude

41.9751

CBSA code

16300

CBSA name

CEDAR RAPIDS, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments