This is an exceptional chance to own a multifamily investment with significant upside potential. Spread across six buildings, each containing eight units, this 48-unit complex offers mostly 3-bedroom, 2-bathroom units with kitchens and living rooms. Each building features a common laundry, adding convenience for tenants and reducing operating costs. With pro forma projections estimating an average rental income of $1,200/month per unit and a conservative 50% expense-to-income ratio, this property is poised for impressive returns. The current owner has already invested in updating many units, with a reputable contractor ready to complete remaining renovations to maximize rent potential. Lease-up is currently underway, providing a solid start to cash flow for the new owner. Take advantage of the estimated $5.5 million ARV and secure this investment now while it’s on the path to stabilization. This property offers long-term growth potential in a market with high demand for quality rentals. Don’t miss this opportunity to acquire a potential high-yield asset with excellent projected returns.
This property is $3.3M more than the Median Sold Price and $45/SqFt less than other homes in Cedar Rapids, IA.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: CDR
MLS Number: #2407803
Listing Office:
Office Name: SKOGMAN REALTY
Office Phone: (319) 366-6427
Listing Agent: John Beardsworth
Provided Courtesy Of Cedar Rapids Area Association of REALTORS®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information Is Believed To Be Accurate But Not Guaranteed. Copyright 2024 Cedar Rapids Area Association of REALTORS®. All Rights Reserved. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Last updated on: 11/17/2024, 6:20:50 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
Listing History
DATE
EVENT
PRICE
Aug 02, 2021
Aug 02, 2021Home Sold
$3,100,000
Dec 17, 2019
Dec 17, 2019Home Sold
$1,125,000
Tax History
YEAR
PROP. TAX
ASSESSMENT
2020
$6,904
$253,400
2018
$7,094
$229,700
History based on county public records data.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
3
/10
Prairie Heights Elementary
190 76th Ave SW
Distance between this listing and this school0.63 miles
Public District Grades PK-4
2
/10
Prairie Crest Elementary
301 76th Ave SW
Distance between this listing and this school0.83 miles
Public District Grades PK-4
3
/10
Prairie Hill Elementary
151 Prairie Hill Ct SW
Distance between this listing and this school0.86 miles
Public District Grades PK-4
Nearby Schools
5
/10
Wilson Middle School
2301 J St SW
Distance between this listing and this school2.83 miles
Public District Grades 6-8
2
/10
McKinley Middle School
620 10th St SE
Distance between this listing and this school4.45 miles
Public District Grades 6-8
2
/10
Roosevelt Middle School
300 13th St NW
Distance between this listing and this school4.53 miles
Public District Grades 6-8
Nearby Schools
6
/10
Prairie Point Middle School / 9th Grade Academy
8015 Kirkwood Blvd
Distance between this listing and this school0.98 miles
Public District Grades 7-9
4
/10
Prairie Point High School
401 76th Ave SW
Distance between this listing and this school0.98 miles
Public District Grades 10-12
1
/10
Metro High School
1212 7th St SE
Distance between this listing and this school4.00 miles
The neighbors living near this home have an average income of $34,593. Residents of Cedar Rapids, IA typically earn less than $35k each year. Residents typically live in single, no kids family. Typical level of education for residents in this area is post secondary degree.
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This home is located at 100 66th Ave SW in Cedar Rapids, IA and zip code 52404 in the Lincolnway Village neighborhood. This 42,000 square foot home, which was built in 1978, sits on a 1.61 acre lot. It has been listed on Rocket Homes since November 11, 2024 and is currently priced at $3,500,000.
In October 2024 more than 37 listings in Cedar Rapids, IA were sold above the asking price. During the same period more than 34 listings were sold at asking price, while more than 79 were sold below. The number of listings in Cedar Rapids, IA increased by 0.6% between September 2024 and October 2024. In October 2024 median list price was $197,732 and the average listing age was 24 days.
From Rocket Homes Real Estate and based on county public records data.
Provided Courtesy Of Cedar Rapids Area Association of REALTORS®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information Is Believed To Be Accurate But Not Guaranteed. 
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