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Pineview Apartments… Sold…640 16th Ave SW Cedar Rapids IA 52404

Sold: Pineview Apartments

Located at 640 16th Ave SW Cedar Rapids IA 52404

18 One Bedroom units, fully rented

$360,000 over 9% CAP rate and 4.35 GRM

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More photos and details below

PROPERTY DESCRIPTION

 

BUILDING:

This is a 2½ story brick building, with 18 one bedroom units. Each unit is approximately 425 SF with hot water heat and window air.

RENTS:

Rents are the same as they were a year ago and are due for an increase. At $375/month they are only 88.2/SF.

TENANTS:

All leases are month to month, damage deposits are $150 each.

PROPERTY CONDITION:

The building is in pretty good condition. All units have ceiling fans. Ten have new doors and 5 new AC’s. In the last 2 years there have been 4 new stoves, 5 new refrigerators, 12 new garbage disposals, new tub faucets, and 11 new sink faucets. Painting and carpeting has been done as needed.

HEATING SYSTEM:

The system is hot water heat with one central boiler, 2 hot water heaters, and 2 sets of zone valves: one serves 12 units on the west end of the building and the other serves 6 units on the east end.

CERTIFICATE OF OCCUPANCY:

Last issued February 3, 2014.

FIRE INSPECTION:

Passed inspection May 29, 2015.

MAJOR REPAIRS:

In April of 2014 it was noticed there was a settlement of the foundation. The property was taken off of the market and MidAmerica Basement Systems was contracted to stabilize the building. The work was performed October, 2014 at a cost of $16,640. Records are available.