1606 Ellis Blvd Cedar Rapids, IA 52405

This exceptional 12-unit multifamily investment opportunity, known as Ellis Flats, is offered for sale at $2,690,000. The property boasts a 6.11% cap rate and a current Net Operating Income (NOI) of $164,418, with 100% occupancy. Built in 2019, this Class B property comprises 12 two-story buildings situated on a 1.32-acre lot in Linn County, Iowa (APN: Multiple). Each unit features 3.5 bedrooms and 2.5 bathrooms, totaling 16,752 square feet of living space. Amenities include a two-stall attached garage, extended storage, in-unit washer/dryer, and a shared rooftop patio. High-end finishes such as stainless steel appliances, granite countertops, tile backsplashes, and built-in breakfast bars enhance the appeal. The property is conveniently located near Ellis Park, offering residents access to an 18-hole golf course, water skiing, and various recreational facilities. Pets are allowed. The property is zoned U-VR and benefits from existing property management. This stabilized investment presents a compelling opportunity for a savvy investor seeking a strong return in a desirable location. A pro-forma summary is available upon request. 48-hour notice is required for showings, and weekend showings are not permitted.