117 Rapids AveCedar Rapids, IA 52404

This well-maintained, two-story apartment building at 117 Rapids Ave SW, Cedar Rapids, IA 52404, presents a compelling investment opportunity. The 5,040 square foot property, built in 1948, sits on a 0.353-acre lot and is currently 80% occupied, with an occupancy date of October 16, 2024. The building features five large two-bedroom, one-bathroom units, each currently renting for $575 per month. The property boasts a current Net Operating Income (NOI) of $15,770, with a pro-forma NOI of $26,594, indicating significant potential for increased profitability. Improvements include a new roof installed in 2020, and newer boiler and water heater systems, replacing those damaged in the 2008 flood. Four garages are also available on the property. The property is zoned for multi-family use and is currently self-managed. The asking price is $334,500, representing a price per unit of $66,900. This is a brick building with significant upside potential due to the opportunity for rental increases. The property's long-term ownership (nearly 25 years under the same owner) speaks to its stability and potential for continued success. The Linn County location and address are verified. The APN is 14342-30018-00000.