806 15th Avenue SW
Property Description
Blue Jay Apartments offers the opportunity to acquire a 30-unit multifamily investment property in southwest Cedar Rapids, IA. The four-building complex features a desirable mix of 14 one-bedroom and 16 two-bedroom apartments, ample off-street parking, and common area laundry facilities. Conveniently located near the 1st Avenue retail corridor, the Property provides easy access to shopping, healthcare, restaurants, major employers, and transportation routes throughout the Cedar Rapids metro area. Current ownership has completed significant capital improvements, including new roofs, gutters, soffits, and vinyl siding since 2021, along with replacement of all four boilers in 2024. Approximately 90% of the units feature updated luxury vinyl plank flooring, and laundry equipment continues to be upgraded, reducing future capital needs for the next owner. The Property benefits from Cedar Rapids' diverse employment base and ongoing economic growth, including major data center developments currently under construction nearby. Current rents provide the opportunity for future revenue growth through continued interior updates, strategic rent increases, and potential implementation of RUBS. Offered at $1,900,000, Blue Jay Apartments presents an attractive opportunity to acquire a well-cared-for workforce housing asset with stable occupancy, recent capital improvements, and value-add potential.
Broker Details
MR LANDMAN LLC (217) 202-0924
MLS ID: 950169 State License Number: 471020503
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,900,000 |
| No. of Units: | 30 |
| Year Built: | 1968 |
| Opportunity Zone: | No |
| Price per unit: | $63,333 |
| Property Website | Click Here |
| Number of Bedrooms: | 48 |
| Number of Bathrooms: | 30 |
ID: 3yd-MREDIL-12681768
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