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
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 are the same as they were a year ago and are due for an increase. At $375/month they are only 88.2/SF.
All leases are month to month, damage deposits are $150 each.
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.
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.
Passed inspection May 29, 2015.
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.