906 10th St SE, Cedar Rapids, IA 52401
Marcus & Millichap is pleased to present 10th Street Brickstone, a 30-unit apartment complex located in the heart of Cedar Rapids, Iowa. The Property consists of 15 one-bedroom / one-bathroom units that are approximately 705 square feet, and 15 two-bedroom / one-bathroom units that are approximately 1,010 square feet.
Cedar Rapids is located in the eastern part of Iowa approximately 80 miles northwest of Davenport and 125 miles east of Des Moines. 10th Street Brickstone is located just east of downtown Cedar Rapids in the Oakhill Jackson neighborhood in the center of Cedar Rapids. 10th Street Brickstone is a block away from the Mercy Medical Center of Cedar Rapids and one mile away from downtown Cedar Rapids with fine dining, theaters, and activities.
A new investor has the opportunity to purchase 10th Street Brickstone with strong cash flow and occupancy history. An investor will have the opportunity to place attractive new first mortgage financing while also assuming a $3 million Community Development Block Grant (CDBG) through the city of Cedar Rapids. The CDBG bears zero percent interest with no payments required and the CDBG will be forgiven in 2027 if the requirements of the agreement have been met. This CDBG makes the actual asking price $5.3 million however, the effective asking Price is $2.3 million. Under the terms of the agreement the property requires at least 16 of the 30 units to be rented to tenants earning 80% Area Median Income or less. The property also benefits from a property tax abatement, which will expire when the $3 million CDBG has been forgiven and will also be released of its affordability requirements as long as they have been met for the remaining term of the CDBG.
Marcus & Millichap is pleased to present 10th Street Brickstone, a 30-unit apartment complex located in the heart of Cedar Rapids, Iowa. The Property consists of 15 one-bedroom / one-bathroom units that are approximately 705 square feet, and 15 two-bedroom / one-bathroom units that are approximately 1,010 square feet.
Cedar Rapids is located in the eastern part of Iowa approximately 80 miles northwest of Davenport and 125 miles east of Des Moines. 10th Street Brickstone is located just east of downtown Cedar Rapids in the Oakhill Jackson neighborhood in the center of Cedar Rapids. 10th Street Brickstone is a block away from the Mercy Medical Center of Cedar Rapids and one mile away from downtown Cedar Rapids with fine dining, theaters, and activities.
A new investor has the opportunity to purchase 10th Street Brickstone with strong cash flow and occupancy history. An investor will have the opportunity to place attractive new first mortgage financing while also assuming a $3 million Community Development Block Grant (CDBG) through the city of Cedar Rapids. The CDBG bears zero percent interest with no payments required and the CDBG will be forgiven in 2027 if the requirements of the agreement have been met. This CDBG makes the actual asking price $5.3 million however, the effective asking Price is $2.3 million. Under the terms of the agreement the property requires at least 16 of the 30 units to be rented to tenants earning 80% Area Median Income or less. The property also benefits from a property tax abatement, which will expire when the $3 million CDBG has been forgiven and will also be released of its affordability requirements as long as they have been met for the remaining term of the CDBG.
