$150,000
$15K PRICE DROP

1416 3rd Ave SE Cedar Rapids, IA 52403

Wellington Heights Neighborhood

Estimated payment $952/month

Total Views 12,744
-- Bed
-- Bath
2,748 Sq Ft
$55 Price per Sq Ft

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.

Listing Agent

Cindy Guckenberger

Key Realty Listed on: 03/17/2025

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

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$1,994

Year Built

Built in 1898

Lot Details

0

Listing Details

  • Property Type: Residential
  • Zoning: Res
  • Property Sub-Type: Multi Family
  • ResoLaundryFeatures: Common Area
  • Lot Size Acres: 0.129
  • Co List Office Phone: 319-210-3533
  • MLS Status: Active
  • Directions: From 1st Ave NE, turn E on 14th St SE, turn Lt on 3rd Ave SE, house on the Lt
  • Reso Interior Features: Storage
  • Year Built: 1898
  • Property Sub Type Additional: Multi Family
  • Special Features: VirtualTour
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: Crawl Space

Exterior Features

  • Construction Type: Frame, Wood Siding
  • Other Structures: Shed(s)

Garage/Parking

  • Attached Garage: Yes

Utilities

  • Utilities: Separate Meters
  • Sewer: Public Sewer
  • Cooling: Wall/Window Unit(s)
  • Cooling Y N: Yes
  • Heating: Forced Air, Gas
  • HeatingYN: Yes
  • Water Source: Public

Schools

  • Elementary School: Grant
  • High School: Washington
  • Middle Or Junior School: McKinley

Lot Info

  • Lot Dimensions: 5600
  • ResoLotSizeUnits: Acres
  • Parcel Number: 142228301600000
  • Zoning Description: Res

Rental Info

  • Owner Pays: Gas, Water

Multi Family

  • Number Of Units Total: 4
  • Tenant Pays: Electricity

Tax Info

  • Tax Annual Amount: 1994.0

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

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
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
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
Source: Cedar Rapids Area Association of REALTORS®

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
Source: Public Records

Mortgage History

Date Status Loan Amount Loan Type
Open $128,000 New Conventional
Closed $128,000 New Conventional
Previous Owner $55,955 Commercial
Source: Public Records

Source: Cedar Rapids Area Association of REALTORS®

MLS Number: 2501792

Cedar Rapids Area Association of REALTORS®

APN: 14222-83016-00000

Iowa Linn County Cedar Rapids 52403 Wellington Heights

1416 3rd Ave SE, Cedar Rapids, IA

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Cedar Rapids Area Association of REALTORS® IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Information is deemed reliable but not guaranteed.

Nearby Homes
Listing Agent
Cindy Guckenberger
Section Image
Key Realty
(319) 456-4882