120 Cedar Rpd Cedar Rapids, IA 52402

This exceptional value-add multifamily investment opportunity presents a 23-unit apartment building located at 120 & 126 32nd St NE, Cedar Rapids, IA 52402. The property, situated on a 0.53-acre lot, consists of two, two-story buildings totaling 13,248 square feet and built in 1970, with renovations completed in 2023. The unit mix includes twenty one-bedroom units, one two-bedroom unit, one three-bedroom unit, and one efficiency unit. Currently boasting 100% occupancy, the property generates a strong NOI of $115,150, representing a 7.81% cap rate. Pro-forma projections indicate a potential NOI of $126,756 and an 8.59% cap rate, showcasing significant upside potential. Ten of the 23 units have undergone complete renovations within the past two years. The asking price is $1,475,000, translating to $64,130.43 per unit and $111.34 per square foot. The property is zoned residential and offers convenient access for residents. This is an ideal opportunity for investors seeking a strong return on investment in a desirable Cedar Rapids location. The sale allows for a 1031 exchange.