363 30Th Street DrCedar Rapids, IA 52403

Property Details for 363 30Th Street Dr

Year built

1956

Lot size

0.66 AC

Property size (Sq ft)

11,616 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a 12-unit apartment building situated in Cedar Rapids, Iowa, at 363 30th St Dr SE, zip code 52403. The property, built in 1956, comprises two three-story buildings totaling 11,616 square feet on a 0.66-acre lot. Currently boasting 100% occupancy (as of October 22, 2024), this Class C multifamily property offers significant value-add potential. The current asking price is $725,000, translating to $62.41 per square foot and $60,417 per unit. The property features 12 individual garages, and all units are separately metered for utilities, with the owner only responsible for common area expenses. The current Net Operating Income (NOI) is $41,588, yielding a 5.74% cap rate. However, a pro-forma analysis projects a significantly higher NOI of $69,065 and a 9.53% cap rate, indicating substantial upside potential through market rent adjustments. The prime location offers convenient access to shopping and dining options, situated just outside of downtown Cedar Rapids. This property presents a compelling opportunity for investors seeking strong cash flow and significant appreciation potential in a desirable location. The land value alone is estimated at $74,600 per square foot. This is a rare opportunity to acquire a well-located, fully occupied multifamily property with considerable room for growth.

Location Insight

City

Cedar Rapids

County

Linn

State

Iowa

Latitude

42.007

Longitude

-91.6295

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