802-816 15th Ave SW
Cedar Rapids, IA 52404
Westgate Apartments · Multifamily Property For Sale
·
30 Units
EXECUTIVE SUMMARY
Stanbrough Realty Company is pleased to present the Westgate Apartments, a 30-unit multifamily property located on the southwest side of Cedar Rapids.
Situated just minutes from the 1st Avenue retail corridor, the property offers convenient access to amenities including grocery stores, pharmacies, health and
fitness centers, and fast casual dining.
The property consists of four buildings with a total of 16 two-bedroom, one-bath units and 14 one-bedroom, one-bath units. The current average in-place rents are $657 per month for the one-bedroom units and $764 per month for the two-bedroom units. Recent upgrades include new roofs, siding, and soffits in 2021, new boilers in 2024, and ongoing installation of new laundry machines in each building under current ownership.
Westgate Apartments primarily serves a blue-collar workforce, with high demand for affordable housing options and nearby employment opportunities.
Major employers in Cedar Rapids include Collins Aerospace, Google, and General Mills, as well as numerous educational institutions and healthcare centers.
The property’s in-house management team has invested in minimizing operational costs while enhancing curb appeal. There is strong potential for value-add improvements through implementing utility reimbursement programs (RUBS) and adjusting rents to better align with the market. Additional opportunities include cosmetic updates to unit interiors and common areas to further increase appeal and the overall bottom line.
Situated just minutes from the 1st Avenue retail corridor, the property offers convenient access to amenities including grocery stores, pharmacies, health and
fitness centers, and fast casual dining.
The property consists of four buildings with a total of 16 two-bedroom, one-bath units and 14 one-bedroom, one-bath units. The current average in-place rents are $657 per month for the one-bedroom units and $764 per month for the two-bedroom units. Recent upgrades include new roofs, siding, and soffits in 2021, new boilers in 2024, and ongoing installation of new laundry machines in each building under current ownership.
Westgate Apartments primarily serves a blue-collar workforce, with high demand for affordable housing options and nearby employment opportunities.
Major employers in Cedar Rapids include Collins Aerospace, Google, and General Mills, as well as numerous educational institutions and healthcare centers.
The property’s in-house management team has invested in minimizing operational costs while enhancing curb appeal. There is strong potential for value-add improvements through implementing utility reimbursement programs (RUBS) and adjusting rents to better align with the market. Additional opportunities include cosmetic updates to unit interiors and common areas to further increase appeal and the overall bottom line.
PROPERTY FACTS
| Price Per Unit | $50,000 |
| Sale Type | Investment |
| Cap Rate | 8.57% |
| Gross Rent Multiplier | 5.74 |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.67 AC |
| Building Size | 20,440 SF |
| No. Stories | 2 |
| Year Built | 1967 |
| Zoning | MF |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Microwave
- Heating
- Refrigerator
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Recycling
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 18 | $725.00 | 500 |
| 2+1 | 12 | $900.00 | 700 |
PROPERTY TAXES
| Parcel Number | 14321-02007-00000 | Improvements Assessment | $1,243,800 |
| Land Assessment | $73,900 | Total Assessment | $1,317,700 |
