2107 Blairs Ferry RdCedar Rapids, IA 52402

Property Details for 2107 Blairs Ferry Rd

Year built

1968

Lot size

0.37 AC

Property size (Sq ft)

16,093 SF

Property type

Apartment buildings

Description

This 12-unit apartment building presents a compelling value-add opportunity in Cedar Rapids, Iowa. Located at 2107 Blairs Ferry Rd NE, this three-story, 16,093 square foot Class B property boasts a strong 92% occupancy rate and a healthy net operating income (NOI) of $68,005, yielding an 8.00% cap rate. The asking price is $850,000, or $70,833 per unit. Built in 1968 on a 0.369-acre lot, the building features 24 parking spaces (two per unit), including eight single-stall detached garages. Recent improvements include a new roof and siding installed in 2023. Each of the 12 units offers two bedrooms and one bathroom. Utilities are handled through a RUBS system (Renters Utility Billing System). All leases have been recently updated. The property is zoned RES (Residential). This well-maintained property is ideally suited for a long-term owner seeking a stable investment with significant upside potential. The property's prime location off Blairs Ferry Road in Linn County, zip code 52402, offers convenient access to local amenities and transportation.

Location Insight

City

Cedar Rapids

County

Linn

State

Iowa

Latitude

42.0346

Longitude

-91.6707

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