NOT LISTED FOR SALE

1503 2nd Ave SE Cedar Rapids, IA 52403

Wellington Heights Neighborhood

Estimated Value: $127,000 - $140,000

4 Beds
4 Baths
2,473 Sq Ft
$54/Sq Ft Est. Value

Last Sold January 05, 2024

Last sale price $125,000 $51 Per Sq Ft

Est. 7% increase in value since last sale

Current estimated payment $890/month

47 Days on Market

About This Home

As of January 2024

There has been so many updates. This owner has updated 2 out of the 4 units completely. Just passed city inspection for the next 3 years. This property has a detached garage and off the street parking. Very well maintained building.

Last Agent to Sell the Property

Lucas Burrington

Burrington Real Estate Listed on: 10/16/2023

Last Buyer's Agent

Aaron Webber

Keller Williams Legacy Group

Keller Williams Legacy Group

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $1,982

Year Built

  • 1900

Lot Details

  • 8,276 Sq Ft Lot

Parking

  • 2 Car Garage

Home Design

  • Frame Construction

Interior Spaces

  • 2,473 Sq Ft Home
  • Basement Fills Entire Space Under The House

Utilities

  • Forced Air Cooling System
  • Heating System Uses Gas
  • Separate Meters

Community Details

  • Gross Income $28,080
  • Net Operating Income $24,324

Listing and Financial Details

  • Tenant pays for electricity
  • The owner pays for water, gas

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$1,982

Year Built

1900

Lot Details

0

Listing Details

  • Acres: 0.1900
  • City Name: Cedar Rapids
  • Expense Info: Owner Provided
  • Gross Tax: 1982
  • Last City Inspection: 05.05.23
  • List User Cell Phone: 515-402-3687
  • Miscellaneous: Garage, Sep. Meter – Electric
  • Net Tax: 1982
  • Noof Units One Bedroom: 4
  • Property Sub Types: 1-4 Units
  • Property Type: Multi-Family
  • Ratio Close Price By List Price: 0.86207
  • Ratio Close Price By Original Li: 0.83333
  • Ratio Current Price By Sq Ft: 50.55
  • Total Sq Ft: 2473
  • Style St: Flat/Apartment
  • Tenants Responsibilities Include: Electricity
  • Water Sewer Roads: City Sewer, City Water
  • Zoning: Res 3+
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Year Built: 1900

Interior Features

  • Basement: Full

Exterior Features

  • Construction Methods: Frame
  • Exterior: Wood

Garage/Parking

  • Number Of Parking Spaces: 2

Utilities

  • Heating Cooling: Forced Air, Gas Heat

Schools

  • Elementary School: Johnson
  • Middle School: McKinley
  • High School: Washington

Lot Info

  • Lot Size: 8400

Rental Info

  • Owner Pays: Water, Gas
  • Total Expenses: 3756

Multi Family

  • Gross Income: 28080
  • Net Operating Income: 24324.00

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Oct 16, 2023
Closed on
Jan 3, 2024
Sold by
Bowdish Nathaniel Arthur and Bowdish Unyime
Bought by
Freund Rentals Two Llc
Seller's Agent
Lucas Burrington
Burrington Real Estate
Buyer's Agent
Aaron Webber
Keller Williams Legacy Group
List Price
$150,000
Sold Price
$125,000
Premium/Discount to List
-$25,000
-16.67%
Views
114
Current Estimated Value
$133,343

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$8,343
Avg. Annual Appreciation
3.94%

Purchase Details

Listed on
Aug 16, 2021
Closed on
Feb 15, 2022
Sold by
Hoth Properties Llc
Bought by
Bowdish Nathaniel Arthur
Seller's Agent
Judi Mccoy
IOWA REALTY CORRIDOR
Buyer's Agent
Judi Mccoy
IOWA REALTY CORRIDOR
List Price
$116,950
Sold Price
$108,000
Premium/Discount to List
-$8,950
-7.65%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
8.09%
Original Mortgage
$81,000
Interest Rate
3.69%
Mortgage Type
New Conventional

Purchase Details

Listed on
Mar 26, 2014
Closed on
Apr 7, 2015
Sold by
Malfese Robert W
Bought by
Hoth Properties Llc
Seller's Agent
Josie Ashmore
Fathom Realty
Buyer's Agent
Judi Mccoy
IOWA REALTY CORRIDOR
List Price
$90,000
Sold Price
$49,000
Premium/Discount to List
-$41,000
-45.56%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
12.21%
Original Mortgage
$60,000
Interest Rate
3.85%
Mortgage Type
Future Advance Clause Open End Mortgage

Purchase Details

Closed on
Jun 19, 2012
Sold by
Janss Elana J and Malfese Elana J
Bought by
Malfese Robert W

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$53,750
Interest Rate
3.83%
Mortgage Type
New Conventional

Purchase Details

Closed on
Feb 28, 2002
Sold by
Ramstead Gregory D and Ramstead Karen L
Bought by
Malfese Robert W and Malfese Elana J

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$66,600
Interest Rate
6.92%
Source: Public Records

Range of Values:

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Freund Rentals Two Llc $125,000 River Ridge Escrow
Bowdish Nathaniel Arthur $108,000 River Ridge Escrow
Hoth Properties Llc $49,000 None Available
Malfese Robert W -- None Available
Malfese Robert W $83,000 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Bowdish Nathaniel Arthur $81,000
Previous Owner Hoth Properties Llc $60,000
Previous Owner Malfese Robert W $53,750
Previous Owner Malfese Robert W $66,600
Closed Freund Rentals Two Llc $0
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
01/05/2024 01/05/24 Sold $125,000 -13.8% $51 / Sq Ft
12/02/2023 12/02/23 Pending -- -- --
11/13/2023 11/13/23 Price Changed $145,000 -3.3% $59 / Sq Ft
10/16/2023 10/16/23 For Sale $150,000 +38.9% $61 / Sq Ft
02/16/2022 02/16/22 Sold $108,000 -1.8% $44 / Sq Ft
12/23/2021 12/23/21 Pending -- -- --
10/13/2021 10/13/21 Price Changed $109,950 -6.0% $44 / Sq Ft
08/16/2021 08/16/21 For Sale $116,950 +138.7% $47 / Sq Ft
04/10/2015 04/10/15 Sold $49,000 -45.6% $20 / Sq Ft
01/13/2015 01/13/15 Pending -- -- --
03/26/2014 03/26/14 For Sale $90,000 -- $36 / Sq Ft
Source: Cedar Rapids Area Association of REALTORS®

Tax History Compared to Growth

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
2024 $1,982 $118,200 $28,100 $90,100
2023 $1,982 $114,300 $24,200 $90,100
2022 $2,200 $94,000 $24,200 $69,800
2021 $2,180 $90,200 $20,400 $69,800
2020 $2,180 $82,600 $17,900 $64,700
2019 $1,948 $68,600 $17,900 $50,700
2018 $2,036 $68,600 $17,900 $50,700
2017 $2,036 $70,200 $17,900 $52,300
2016 $2,314 $70,200 $17,900 $52,300
2015 $3,060 $89,066 $17,850 $71,216
2014 $3,060 $87,253 $13,608 $73,645
2013 $3,172 $87,253 $13,608 $73,645
Source: Public Records

Agents Affiliated with this Home

  • L

    Seller's Agent in 2024

    Lucas Burrington

    Burrington Real Estate

    (515) 402-3687

    4 in this area

    79 Total Sales

    Lucas Burrington
    Section Image
  • Aaron Webber

    Buyer's Agent in 2024

    Aaron Webber

    Keller Williams Legacy Group

    (319) 560-0169

    4 in this area

    78 Total Sales

    Aaron Webber
    Section Image

  • J

    Seller's Agent in 2022

    Judi Mccoy

    IOWA REALTY CORRIDOR

    Section Image

  • J

    Seller's Agent in 2015

    Josie Ashmore

    Fathom Realty

    Section Image
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Map

Source: Cedar Rapids Area Association of REALTORS®

MLS Number: 2306826

Cedar Rapids Area Association of REALTORS®

APN: 14222-79015-00000

Iowa Linn County Cedar Rapids 52403 Wellington Heights

1503 2nd Ave SE, Cedar Rapids, IA

This home is located at 1503 2nd Ave SE, Cedar Rapids, IA 52403 since 16 October 2023 and is currently estimated at $133,343, approximately $53 per square foot. This property was built in 1900. 1503 2nd Ave SE is a home located in Linn County with nearby schools including Johnson STEAM Academy, McKinley STEAM Academy, and George Washington High School.

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.

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