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1311-1315 W 1st St 23 Unit Apartment Building $1,150,000 ($50,000/Unit) 8.89% Cap Rate Cedar Falls, IA 50613
Investment Highlights
- Nearly a 9% Cap
- Over a $150,000 Invested!
- Strong Location! Limited competition for this unit type.
- 10 of 23 Units Renovated
- Close to Shopping, Restaurants & the University of Northern Iowa
Executive Summary
Incredible investment opportunity in Cedar Falls, IA, a thriving college town with strong rental demand and easy accessibility to the University of Northern Iowa campus. Located on the main thoroughfare of High 57 (West 1st St) and close to Hudson Road which is another main thoroughfare of Cedar Falls. The property has onsite management that performs lawn/snow and some maintenance for free rent and $800/month. He would like to stay on if possible. Rents and comps suggest there's $50/unit in upside in the current condition. Certainly more with continued renovation.
This complex is composed of two buildings totaling 23 units with some renovations across each unit type. There are 3 efficiencies without kitchenettes at 320 sq. ft., 10 efficiencies with kitchenettes (8 at 320 sq. ft., 1 at 360 and 1 at 400 sq. ft.), 7 studios with separate kitchens at 450 sq. ft., two 1-Beds at 500 and 850 sq. ft., and one 2-bed, 2-bath. There are 10 units of 23 that have some level of renovation and some completely remodeled. Over a $150,000 in improvements!
This complex is composed of two buildings totaling 23 units with some renovations across each unit type. There are 3 efficiencies without kitchenettes at 320 sq. ft., 10 efficiencies with kitchenettes (8 at 320 sq. ft., 1 at 360 and 1 at 400 sq. ft.), 7 studios with separate kitchens at 450 sq. ft., two 1-Beds at 500 and 850 sq. ft., and one 2-bed, 2-bath. There are 10 units of 23 that have some level of renovation and some completely remodeled. Over a $150,000 in improvements!
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| 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 (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,150,000 | Building Class | C |
| Price Per Unit | $50,000 | Lot Size | 0.20 AC |
| Sale Type | Investment | Building Size | 5,224 SF |
| Cap Rate | 8.89% | Average Occupancy | 95% |
| No. Units | 23 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1961/2024 |
| Property Subtype | Apartment | Parking Ratio | 4.4/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | Multifamily | ||
| Price | $1,150,000 |
| Price Per Unit | $50,000 |
| Sale Type | Investment |
| Cap Rate | 8.89% |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 5,224 SF |
| Average Occupancy | 95% |
| No. Stories | 1 |
| Year Built/Renovated | 1961/2024 |
| Parking Ratio | 4.4/1,000 SF |
| Zoning | Multifamily |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 20 | - | - |
| 1+1 | 2 | - | - |
| 2+2 | 1 | - | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Minimal public transit
10/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 8914-11-208-012 | Total Assessment | $425,000 (2025) |
| Land Assessment | $112,030 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $312,970 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
8914-11-208-012
Land Assessment
$112,030 (2025)
Improvements Assessment
$312,970 (2025)
Total Assessment
$425,000 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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1311-1315 W 1st St
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