60 Miller AveCedar Rapids, IA 52404

Property Details for 60 Miller Ave

Year built

2000

Lot size

1.44 AC

Property size (Sq ft)

36,000 SF

Property type

Apartment buildings

Description

Exceptional investment opportunity in Cedar Rapids, Iowa, presents this stabilized 30-unit apartment building, boasting 36,000 square feet across two, three-story buildings situated on a 1.44-acre lot. Built in 2000 and extensively renovated in 2022, this property offers a compelling blend of established infrastructure and modern upgrades. The current 93% occupancy rate, with a projected full occupancy by October 21, 2024, speaks to its strong market appeal. Each of the 30 units features a desirable four-bedroom, two-bathroom layout, perfectly suited for both families seeking access to the College Community School District and students attending nearby Kirkwood Community College. Individual furnace/AC units and separately metered utilities significantly reduce long-term maintenance and capital expenses, enhancing the property's profitability. The asking price is $2,790,000, representing a significant return on investment. The property is zoned residential and operates under an LLC ownership structure. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a thriving Iowa market. Significant recent renovations, including updates completed since 2021, further enhance the property's value and potential for future rental growth. The property's location at 60 & 64 Miller Ave SW, Cedar Rapids, IA 52404, offers convenient access to local amenities and transportation.

Location Insight

City

Cedar Rapids

County

Linn

State

Iowa

Latitude

41.9246

Longitude

-91.6588

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