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Jorel Kilcullen

jorelkilcullen@gmail.com +1(815) 790-4276

$1,900,000

Est. payment - /mo

23,590 SqFt

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Key Details

Property Type Multi-Family

Sub Type Multi Family 5+

Listing Status Active

Purchase Type For Sale

Square Footage 23,590 sqft

Price per Sqft $80

MLS Listing ID 12681768

Year Built 1968

Annual Tax Amount $17,520

Tax Year 2025

Lot Size 0.660 Acres

Lot Dimensions 140 x 205

Property Sub-Type Multi Family 5+

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.

Location

State IA

Area Out Of Area South

Zoning MULTI

Interior

Fireplace N

Building

Dwelling Type Multi Family 5+

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Listed by Jon Fisher of MR. LANDMAN

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Jorel Kilcullen

+1(815) 790-4276

Broker | License ID: 478.026444

Broker License ID: 478.026444

806 15th AVE SW Cedar Rapids, IA 52404

Jorel Kilcullen

Key Details

Location

Interior

Building

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