1541 5th Ave SE
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1541 5th Ave SE
4 Unit Apartment Building $316,053 CAD ($79,013 CAD/Unit) 8.70% Cap Rate Cedar Rapids, IA 52403
Investment Highlights
- New roof in 2023
- New Plumbing line in 2022
- Value Add 4 plex
Executive Summary
1541 5th Ave SE is a true 4-plex apartment property that includes three 2BR-1BA units and one 1BR/1BA unit located in Cedar Rapids, IA. The property was built in 1961 and includes unit upgrades in 2021-2022, a new sewer line in 2022, a new roof in 2023, and a new concrete walkway in 2022. Current gross rents are $33,696 with average rents of $702. Current market rents in this area of Cedar Rapids are $800 for 2BR/1BA and $700 for 1BR/1BA. This property is being marketed as an individual asset, however, there is a portfolio of units that total 16 units across 7 properties that can be purchased in a package. There is a seller carryback option available to qualified investors. Call the broker for additional information.
Data Room Click Here to Access
- Operating and Financials
Financial Summary (Actual - 2023) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $316,053 CAD | Apartment Style | Garden |
| Price Per Unit | $79,013 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 8.70% | Building Size | 3,360 SF |
| Gross Rent Multiplier | 7 | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1961/2020 |
| Property Subtype | Apartment | Parking Ratio | 1.19/1,000 SF |
| Price | $316,053 CAD |
| Price Per Unit | $79,013 CAD |
| Sale Type | Investment |
| Cap Rate | 8.70% |
| Gross Rent Multiplier | 7 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 3,360 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1961/2020 |
| Parking Ratio | 1.19/1,000 SF |
Unit Amenities
- Air Conditioning
- Cable Ready
- Disposal
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
- Carpet
- Dining Room
- Window Coverings
Site Amenities
- Laundry Facilities
- Recycling
- Trash Pickup - Curbside
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 3 | $1,036 CAD | 750 |
| 1+1 | 1 | $965.72 CAD | 650 |
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PROPERTY TAXES
| Parcel Number | 14223-05006-00000 | Total Assessment | $254,520 CAD |
| Land Assessment | $17,650 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $236,870 CAD | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
14223-05006-00000
Land Assessment
$17,650 CAD
Improvements Assessment
$236,870 CAD
Total Assessment
$254,520 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2023
zoning
| Zoning Code | RES 3+ (Residential 3+) |
| RES 3+ (Residential 3+) |
-
Ross Quintero -
Hansen Real Estate Services, Inc.
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1541 5th Ave SE
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