100 66Th Ave Cedar Rapids, IA 52404

This exceptional 48-unit apartment complex in Cedar Rapids, IA, presents a compelling value-add investment opportunity. Located at 100 66th Ave SW, 52404, this property comprises six, two-story buildings totaling 42,000 square feet on approximately 1.5 to 2 acres. Built in 1978 and renovated in 2023, the complex features mostly three-bedroom, two-bathroom units, each with a kitchen and living room. Common laundry facilities in each building enhance tenant convenience and reduce operational expenses. Currently undergoing lease-up, the property boasts a pro-forma NOI of $338,400, representing a pro-forma cap rate of 9.67%. With an asking price of $3,500,000 ($72,916.67 per unit and $83.33 per square foot), and an estimated after repair value of $5.5 million, this property offers significant upside potential. The property is zoned S-RMF and is within walking distance of a local community college, ensuring high demand for rental units. A reputable contractor is available to complete remaining renovations, maximizing rental income and return on investment. This is an ideal opportunity for investors seeking a high-yield asset with strong long-term growth prospects in a thriving rental market. The current owner is selling directly.