This is an exceptional chance to own a multifamily investment with significant upside potential. Spread across six buildings, each containing eight units, this 48-unit complex offers mostly 3-bedroom, 2-bathroom units with kitchens and living rooms. Each building features a common laundry, adding convenience for tenants and reducing operating costs.
With pro forma projections estimating an average rental income of $1,200/month per unit and a conservative 50% expense-to-income ratio, this property is poised for impressive returns. The current owner has already invested in updating many units, with a reputable contractor ready to complete remaining renovations to maximize rent potential. Lease-up is currently underway, providing a solid start to cash flow for the new owner.
Take advantage of the estimated $5.5 million ARV and secure this investment now while it’s on the path to stabilization. This property offers long-term growth potential in a market with high demand for quality rentals. Don’t miss this opportunity to acquire a potential high-yield asset with excellent projected returns.
Residential For Sale
100 66th, Cedar Rapids, Iowa 52404
Information on this page deemed reliable, but not guaranteed to be accurate. Listing information was entered by the listing agent and provided by ICAAR (Iowa City Area Association of REALTORS®) MLS and CRAAR (Cedar Rapids Area Association of REALTORS®) MLS. Urban Acres claims no responsibility for any misinformation, typographical errors, or misprints displayed from the MLS sources.
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