514 16th St NE Cedar Rapids, IA 52402 • Multi Unit - Multiple • Active $130,000

Description

This duplex is being offered at an estimated 12% cap rate based on current income and expenses, supported by city averages and signed leases. The property is currently configured as one year-leased 4-bedroom unit (leased at $1575 non subsidized) and one efficiency unit (leased at $525), which has been there for 10+ years, but could easily be converted into one 2-bedroom unit and one 2?3 bedroom unit. The unfinished attic also provides additional potential for future living space. The property sits well with excellent natural water drainage. Conveniently located close to downtown, two colleges, and highway access, making tenant demand strong and vacancy concerns minimal. Total gross income totals $25,200, with expenses totalling $9258. Currently, all utilities are in the owner's name, but could be split up to reduce expenses.

Property Highlights