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361 30th Street Dr SE 12 Unit Apartment Building $705,000 ($58,750/Unit) 6.97% Cap Rate Cedar Rapids, IA 52403
Investment Highlights
- Significant Value-Add Opportunity
- Low Turnover Property
- Individual Garages for Every Unit
Executive Summary
361-363 30th St Dr SE — Cedar Rapids, Iowa
This is a classic small-multifamily value-add opportunity: two 6-unit buildings on one parcel with individual garages for every tenant, a feature rarely found in 1950s apartment inventory and highly desirable in this market.
Current rents trail comparable units, allowing a new owner to grow NOI with simple interior updates and lease optimization.
For more information contact:
Isaiah Garman | 319-540-9070 | isaiah@hlandire.com
Trot Carey | 319-743-5663 | trot@hlandire.com
This is a classic small-multifamily value-add opportunity: two 6-unit buildings on one parcel with individual garages for every tenant, a feature rarely found in 1950s apartment inventory and highly desirable in this market.
Current rents trail comparable units, allowing a new owner to grow NOI with simple interior updates and lease optimization.
For more information contact:
Isaiah Garman | 319-540-9070 | isaiah@hlandire.com
Trot Carey | 319-743-5663 | trot@hlandire.com
Data Room Click Here to Access
- Operating and Financials
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $705,000 | Building Class | C |
| Price Per Unit | $58,750 | Lot Size | 0.66 AC |
| Sale Type | Investment | Building Size | 11,616 SF |
| Cap Rate | 6.97% | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1956 |
| Property Subtype | Apartment | Parking Ratio | 1.03/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | Multi-Family | ||
| Price | $705,000 |
| Price Per Unit | $58,750 |
| Sale Type | Investment |
| Cap Rate | 6.97% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.66 AC |
| Building Size | 11,616 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1956 |
| Parking Ratio | 1.03/1,000 SF |
| Zoning | Multi-Family |
Amenities
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Refrigerator
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | - |
| 2+1 | 9 | - | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 14113-80001-00000 | Improvements Assessment | $529,600 |
| Land Assessment | $74,600 | Total Assessment | $604,200 |
Property Taxes
Parcel Number
14113-80001-00000
Land Assessment
$74,600
Improvements Assessment
$529,600
Total Assessment
$604,200
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Presented by
Heartland Investment Partners
361 30th Street Dr SE
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