Rare 4-Plex Investment Opportunity – $150,000 Total ($37,500 per Unit).
This fully rented property generates $34,740 gross annual income, offering a projected 20% cap rate at the current price point. The unit mix includes two 1-bedroom and two 2-bedroom apartments, appealing to a broad tenant base. Recent updates include a new roof and interior improvements, supporting long-term stability. Tenants are on month-to-month leases, providing flexibility for future rent adjustments. Located in Cedar Rapids’ MedQuarter district near major employers and downtown amenities, this asset combines affordability, strong returns, and long-term potential. Firm at $150,000 – priced to sell.
For sale
Price cut: $15K (9/26)
$150,000
1416/1418 3rd Ave SE, Cedar Rapids, IA 52403
--beds
--baths
2,748sqft
Est.:
Multi Family
Built in 1898
-- sqft lot
$-- Zestimate®
$55/sqft
$-- HOA
What's special
- 268 days |
- 181 |
- 9 |
Zillow last checked: 8 hours ago
Listing updated: November 07, 2025 at 11:08am
Listed by:
Cindy Guckenberger 319-210-3533,
Key Realty
Source: CRAAR, CDRMLS,MLS#: 2501792
Originating MLS: Cedar Rapids Area Association Of Realtors
Originating MLS: Cedar Rapids Area Association Of RealtorsTour with a local agent
Facts & features
Interior
Heating
- Forced Air, Gas
Cooling
- Wall/Window Unit(s)
Appliances
- Laundry: Common Area
Features
- Storage
- Basement: Crawl Space
Interior area
- Total interior livable area: 2,748 sqft
Video & virtual tour
Property
Parking
- Parking features: Garage
- Has garage: Yes
Lot
- Size: 5,619.24 Square Feet
- Dimensions: 5600
Details
- Additional structures: Shed(s)
- Parcel number: 142228301600000
- Zoning: Res
- Zoning description: Res
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Materials
- Frame, Wood Siding
Condition
- Year built: 1898
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Separate Meters
Community & HOA
Location
- Region: Cedar Rapids
Financial & listing details
- Price per square foot: $55/sqft
- Annual tax amount: $1,994
- Date on market: 3/17/2025
- Listing terms: Cash,Conventional
- Tenant pays: Electricity
Estimated market value
Not available
Estimated sales range
Not available
Not available
Price history
Price history
| Date | Event | Price |
|---|---|---|
| 11/7/2025 | Listed for sale | $150,000$55/sqft |
Source:  CRAAR, CDRMLS #2501792 Report a problem | ||
| 11/5/2025 | Pending sale | $150,000$55/sqft |
Source: CRAAR, CDRMLS #2501792 Report a problem | ||
| 9/26/2025 | Price change | $150,000-9.1%$55/sqft |
Source: CRAAR, CDRMLS #2501792 Report a problem | ||
| 3/17/2025 | Listed for sale | $165,000$60/sqft |
Source: CRAAR, CDRMLS #2501792 Report a problem | ||
Public tax history
Public tax history
Tax history is unavailable.BuyAbility℠ payment
Est. payment
$833/mo
Principal & interest
$582
Property taxes
$198
Home insurance
$53
Climate risks
Neighborhood: Wellington Heights
Nearby schools
GreatSchools rating
- 1/10Johnson STEAM Academy SchoolGrades: K-5Distance: 0.4 mi
- 4/10Mckinley Middle SchoolGrades: 6-8Distance: 0.4 mi
- 3/10George Washington High SchoolGrades: 9-12Distance: 1.4 mi
Schools provided by the listing agent
- Elementary: Grant
- Middle: McKinley
- High: Washington
Source: CRAAR, CDRMLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
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