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1119 3rd St Sw, Cedar Rapids, IA 52404

Local realty services provided by:CENTURY 21 Signature Real Estate
1119 3rd St Sw,Cedar Rapids, IA 52404
$490,000
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  • - Beds
  • - Baths
  • 5,400 sq. ft.
  • Multi-family
  • Active
Listed by: jack brundell
Office: intrepid real estate
MLS#:2509850
Source:IA_CRAAR

Price summary

  • Price:$490,000
  • Price per sq. ft.:$90.74

About this home

Excellent income-producing multifamily property offering a current 9% cap rate, with a proven path to a pro forma valuation of $535,000 with minimal renovations. All units are spacious 2-bedroom, 1-bath layouts featuring open-concept designs and oversized kitchens. Each unit includes a dishwasher, a full appliance package, central air, and central heat, with many units recently updated. Very close to downtown, NewBo, Kirkwood, and major highway access. Electric and gas are separately metered, with the owner responsible only for common-area lighting and gas for the common-area water heater. The building features a metal roof, vinyl windows, security cameras, and both on- and off-street parking. Units are also well-suited for furnished rentals for traveling nurses or data center professionals—one unit is already furnished and rented at $1,400 per month.

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Home facts

  • Year built:1975
  • Listing ID #:2509850
  • Added:46 day(s) ago
  • Updated:January 07, 2026 at 02:05 AM

Rooms and interior

  • Living area:5,400 sq. ft.

Heating and cooling

  • Heating:Gas

Structure and exterior

  • Year built:1975
  • Building area:5,400 sq. ft.
  • Lot area:0.22 Acres

Schools

  • High school:Jefferson
  • Middle school:Wilson
  • Elementary school:Taylor

Utilities

  • Water:Public

Finances and disclosures

  • Price:$490,000
  • Price per sq. ft.:$90.74
  • Tax amount:$6,574

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