1416 3rd Ave SE Cedar Rapids, IA 52403
Wellington Heights NeighborhoodEstimated payment $955/month
Highlights
- Cooling System Mounted To A Wall/Window
- Shed
- Garage
- Storage
- Forced Air Heating System
- 4-minute walk to Redmond Park
About This Home
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.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $1,994
Year Built
- Built in 1898
Parking
- Garage
Home Design
- Frame Construction
- Wood Siding
Interior Spaces
- 2,748 Sq Ft Home
- Storage
Schools
- Grant Elementary School
- Mckinley Middle School
- Washington High School
Utilities
- Cooling System Mounted To A Wall/Window
- Forced Air Heating System
- Heating System Uses Gas
Additional Features
- Shed
- 5,619 Sq Ft Lot
Community Details
- 4 Units
Listing and Financial Details
- The owner pays for gas, water
- Assessor Parcel Number 142228301600000
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $1,896 | $117,100 | $25,000 | $92,100 |
| 2024 | $1,840 | $110,100 | $22,000 | $88,100 |
| 2023 | $1,840 | $107,100 | $19,000 | $88,100 |
| 2022 | $1,228 | $87,200 | $19,000 | $68,200 |
| 2021 | $1,234 | $59,300 | $14,000 | $45,300 |
| 2020 | $1,234 | $55,900 | $14,000 | $41,900 |
| 2019 | $1,204 | $55,900 | $14,000 | $41,900 |
| 2018 | $1,172 | $55,900 | $14,000 | $41,900 |
| 2017 | $1,172 | $61,200 | $14,000 | $47,200 |
| 2016 | $1,300 | $61,200 | $14,000 | $47,200 |
| 2015 | $1,550 | $72,864 | $14,000 | $58,864 |
| 2014 | $1,550 | $73,046 | $9,072 | $63,974 |
| 2013 | $2,656 | $73,046 | $9,072 | $63,974 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 12/18/2025 12/18/25 | Pending | -- | -- | -- |
| 11/07/2025 11/07/25 | For Sale | $150,000 | 0.0% | $55 / Sq Ft |
| 11/05/2025 11/05/25 | Pending | -- | -- | -- |
| 09/26/2025 09/26/25 | Price Changed | $150,000 | -9.1% | $55 / Sq Ft |
| 03/17/2025 03/17/25 | For Sale | $165,000 | -- | $60 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $160,000 | None Listed On Document | |
| Warranty Deed | $160,000 | None Listed On Document | |
| Warranty Deed | -- | None Available | |
| Corporate Deed | $65,500 | None Available |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $128,000 | New Conventional | |
| Closed | $128,000 | New Conventional | |
| Previous Owner | $55,955 | Commercial |
Source: Cedar Rapids Area Association of REALTORS®
MLS Number: 2501792
APN: 14222-83016-00000
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