REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 1,900,000
Est. payment /mo
New
806 15th AVE SW Cedar Rapids, IA 52404
23,590 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 23,590 sqft
Price per Sqft $80
MLS Listing ID 12681768
Year Built 1968
Annual Tax Amount $17,520
Tax Year 2025
Lot Size 0.660 Acres
Lot Dimensions 140 x 205
Property Sub-Type Multi Family 5+
Property Description
Blue Jay Apartments offers the opportunity to acquire a 30-unit multifamily investment property in southwest Cedar Rapids, IA. The four-building complex features a desirable mix of 14 one-bedroom and 16 two-bedroom apartments, ample off-street parking, and common area laundry facilities. Conveniently located near the 1st Avenue retail corridor, the Property provides easy access to shopping, healthcare, restaurants, major employers, and transportation routes throughout the Cedar Rapids metro area. Current ownership has completed significant capital improvements, including new roofs, gutters, soffits, and vinyl siding since 2021, along with replacement of all four boilers in 2024. Approximately 90% of the units feature updated luxury vinyl plank flooring, and laundry equipment continues to be upgraded, reducing future capital needs for the next owner. The Property benefits from Cedar Rapids' diverse employment base and ongoing economic growth, including major data center developments currently under construction nearby. Current rents provide the opportunity for future revenue growth through continued interior updates, strategic rent increases, and potential implementation of RUBS. Offered at $1,900,000, Blue Jay Apartments presents an attractive opportunity to acquire a well-cared-for workforce housing asset with stable occupancy, recent capital improvements, and value-add potential.
Location
State IA
Area Out Of Area South
Zoning MULTI
Interior
Fireplace N
Building
Dwelling Type Multi Family 5+
© 2026 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Jon Fisher of MR. LANDMAN
Quick Search