Description
The KataLYST Team as part of KW Commercial is pleased to bring to market this multifamily property located at 60 & 64 Miller Avenue Southwest, Cedar Rapids, IA 52404. This well-maintained asset was renovated in 2022 and offers 60 parking spaces for tenant convenience. With a NOI of $187,473 and a CAP rate of 6.8%, the property provides a solid investment opportunity for buyers seeking stable returns. The price per unit is $91,666, with a competitive price per square foot of $76.40.
Given its attractive pricing and recent updates, this multifamily asset presents a unique value-add opportunity in a prime location in Cedar Rapids. This property stands out in the market!
Details
Address: 60 & 64 Miller Ave. SW
City & State: Cedar Rapids, IA
Current Price: $2,790,000
Building Size: 36,000 SF
Price / Unit: $91,666
Pro-Forma CAP Rate: 6.8%
Year Built: 2000
Property Highlights
- This property was renovated in 2022 and almost every unit has been re-done. The current owners have spent several hundred thousand in updates and renovations since 2021. Rents still have more room for growth as the current owners were offering reduced rents during renovations to fill a large number of units at once.
- The 4 bedroom, 2 bath layout offers a unique opportunity both for college housing for Kirkwood Community College, and for families looking to get into the desirable College Community School District.
- This property was built in 2000 and updated since then. You will save a ton in long term maintenance and capital expenses with this property over some of the other options on the market.