Multifamily

306 29th St Dr SE

306 29th St Dr SE, Cedar Rapids, IA 52403

Listing Price: $695,000

Cap Rate
6.07%
Number of Units
16
GRM
8.21
Occupancy
95.00%
Price/Unit
$43,438
Price/Gross SF
$52.18
Gross SF
13,320

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of 306 29th Street Drive SE, a 16-unit apartment located in Cedar Rapids, Iowa. This offering is for sale on a free-and-clear basis.

Known as the "City of Five Seasons", Cedar Rapids is the second largest city in Iowa and considered an economic hub of the state. Cedar Rapids is home to several sports teams and has a rich history of art and culture. As one of the largest corn processing cities worldwide, the city provides ample employment opportunities with some of the nations larger corporations. A few of these major employers include Rockwell Collins, Inc., Cargill, General Mills, Quaker Oats and Alliant Energy. Located in the southeast quadrant of Cedar Rapids, 306 29th Street Drive SE is minutes away from the Lindale Mall and its many shopping, dining and entertainment options. For tenants with children, the apartments are a short distance from several area elementary and middle schools, as well as George Washington High School. Tenants commuting to work are just minutes from Interstate 380 and downtown Cedar Rapids.

Built in 1977, 306 29th Street Drive is a two-story wood frame style building with brick veneer and vinyl siding resting on one parcel equaling 0.61 acres. The asset consists of eight one-bedroom/one-bath units, approximately 565 square feet in size and eight two-bedroom/one-bath, approximately 1100 square feet in size. Units have been well-maintained, evidenced by the strong historical occupancy. In addition to 10 garage stalls, tenants have access to an on-site laundry facility and ample off-street parking.

This offering presents the opportunity to take advantage of historically low interest rates and acquire a stable asset in a major economic hub of Iowa. With a continued as-needed/light renovation approach and bringing all rents to market across the board, a new owner should be able to realize strong cash flow through all holding periods.


Investment Highlights

  • Strong Historical Occupancy
  • Great Opportunity To Increase Revenue By Raising Rents To Market Rate
  • Desirable Unit Mix Of One And Two-Bedroom Units With Private Balconies/Patios

Exclusively Listed By

Listing Price: $695,000

Cap Rate
6.07%
Number of Units
16
GRM
8.21
Occupancy
95.00%
Price/Unit
$43,438
Price/Gross SF
$52.18
Gross SF
13,320

Investment Highlights

  • Strong Historical Occupancy
  • Great Opportunity To Increase Revenue By Raising Rents To Market Rate
  • Desirable Unit Mix Of One And Two-Bedroom Units With Private Balconies/Patios

Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of 306 29th Street Drive SE, a 16-unit apartment located in Cedar Rapids, Iowa. This offering is for sale on a free-and-clear basis.

Known as the "City of Five Seasons", Cedar Rapids is the second largest city in Iowa and considered an economic hub of the state. Cedar Rapids is home to several sports teams and has a rich history of art and culture. As one of the largest corn processing cities worldwide, the city provides ample employment opportunities with some of the nations larger corporations. A few of these major employers include Rockwell Collins, Inc., Cargill, General Mills, Quaker Oats and Alliant Energy. Located in the southeast quadrant of Cedar Rapids, 306 29th Street Drive SE is minutes away from the Lindale Mall and its many shopping, dining and entertainment options. For tenants with children, the apartments are a short distance from several area elementary and middle schools, as well as George Washington High School. Tenants commuting to work are just minutes from Interstate 380 and downtown Cedar Rapids.

Built in 1977, 306 29th Street Drive is a two-story wood frame style building with brick veneer and vinyl siding resting on one parcel equaling 0.61 acres. The asset consists of eight one-bedroom/one-bath units, approximately 565 square feet in size and eight two-bedroom/one-bath, approximately 1100 square feet in size. Units have been well-maintained, evidenced by the strong historical occupancy. In addition to 10 garage stalls, tenants have access to an on-site laundry facility and ample off-street parking.

This offering presents the opportunity to take advantage of historically low interest rates and acquire a stable asset in a major economic hub of Iowa. With a continued as-needed/light renovation approach and bringing all rents to market across the board, a new owner should be able to realize strong cash flow through all holding periods.


Exclusively Listed By

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