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1261 1st Ave SE 40 Unit Dormitory $2,670,934 CAD ($66,773 CAD/Unit) Cedar Rapids, IA 52402
Investment Highlights
- Prime 1st Avenue location
- Close proximity to St. Lukes Hospital and Downtown Cedar Rapids
- Directly across from Coe College
Executive Summary
Prime 1st Avenue location directly across from Coe College and in close proximity to St. Lukes Hospital presents an exceptional opportunity for investors and developers. This highly visible property, currently improved with two apartment buildings featuring a total of 40 units, offers immediate income potential. Coe College is willing to master lease the apartments for $100K per building for up to 12 months post-closing. The site's strategic positioning, coupled with the potential to combine with the adjacent property for a total of 1.289 acres with significant frontage on 1st Avenue, creates an opportunity for various development possibilities that would likely qualify for development incentives. The adjacent property is also income-producing, offering further cash flow and flexibility. This is a rare chance to acquire a high-profile site in a dynamic location with substantial upside.
Financial Summary (Actual - 2024) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$273,942
|
$24.14
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$273,942
|
$24.14
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $273,942 |
| Annual Per SF | $24.14 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $273,942 |
| Annual Per SF | $24.14 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $2,670,934 CAD | Building Class | C |
| Price Per Unit | $66,773 CAD | Lot Size | 0.38 AC |
| Sale Type | Investment | Building Size | 11,346 SF |
| Sale Condition | Sale Leaseback | Average Occupancy | 100% |
| No. Units | 40 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1914/2012 |
| Property Subtype | Dormitory | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | Urban - Urban Form District | ||
| Price | $2,670,934 CAD |
| Price Per Unit | $66,773 CAD |
| Sale Type | Investment |
| Sale Condition | Sale Leaseback |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Dormitory |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.38 AC |
| Building Size | 11,346 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1914/2012 |
| Opportunity Zone |
Yes |
| Zoning | Urban - Urban Form District |
Amenities
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Sprinkler System
- Range
- Basement
- Wet Bar
Site Amenities
- Laundry Facilities
- Furnished Units Available
- Wi-Fi
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
| 2+1 | 24 | - | - |
| 3+1 | 12 | - | - |
1 1
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
50/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 14222-57003-00000 | Improvements Assessment | $2,062,098 CAD (2025) |
| Land Assessment | $230,111 CAD (2025) | Total Assessment | $2,292,210 CAD (2025) |
Property Taxes
Parcel Number
14222-57003-00000
Land Assessment
$230,111 CAD (2025)
Improvements Assessment
$2,062,098 CAD (2025)
Total Assessment
$2,292,210 CAD (2025)
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1261 1st Ave SE
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