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.
Sold for $150,000
$150,000
1416/1418 3rd Ave SE, Cedar Rapids, IA 52403
--beds
--baths
2,748sqft
Multi Family
Built in 1898
-- sqft lot
$152,100 Zestimate®
$55/sqft
$965 Estimated rent
Home value
$152,100
$143,000 - $163,000
$965/mo
Zestimate® history
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Zillow last checked:
Listing updated:
Listed by:
Cindy Guckenberger 319-210-3533,
Key Realty
Bought with:
Rossi Babington
Pinnacle Realty LLC
Source: CRAAR, CDRMLS,MLS#: 2501792
Originating MLS: Cedar Rapids Area Association Of Realtors
Originating MLS: Cedar Rapids Area Association Of RealtorsFacts & 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
Property
Parking
- Parking features: Garage
- Has garage: Yes
Lot
- Size: 5,619 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
Price history
| Date | Event | Price |
|---|---|---|
| 2/27/2026 | Sold | $150,000$55/sqft |
Source:  CRAAR, CDRMLS #2501792 Report a problem | ||
| 12/19/2025 | Pending sale | $150,000$55/sqft |
Source: CRAAR, CDRMLS #2501792 Report a problem | ||
| 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
Tax history is unavailable.
Neighborhood: Wellington Heights
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Nearby schools
GreatSchools rating
- 2/10Johnson STEAM Academy SchoolGrades: K-5Distance: 0.4 mi
- 3/10McKinley STEAM AcademyGrades: 6-8Distance: 0.4 mi
- 4/10George 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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$152,100
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$155,142
- Iowa
- Linn County
- Cedar Rapids
- 52403
- Wellington Heights
- 1416/1418 3rd Ave SE
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