$175,000

1517 2nd Ave SE Cedar Rapids, IA 52403

Wellington Heights Neighborhood

Estimated payment $1,084/month

Total Views 1,548
-- Bed
-- Bath
1,934 Sq Ft
$90 Price per Sq Ft

About This Home

Historic charm meets modern investment opportunity in this well-maintained three-unit multifamily property located in the heart of Cedar Rapids. Listed on the Historical Registry, this beautifully preserved home features one efficiency apartment, one two-bedroom unit, and one spacious three-bedroom unit with one and a half baths—offering flexibility for a variety of tenant needs.
Recent updates include new exterior paint in 2024, modernized electrical and plumbing systems, and thoughtful renovations throughout. Each unit has a strong rental history and long-term tenant stability. The property also offers a two-car detached garage with one heated bay, a fenced yard, and a convenient central location near downtown amenities, shopping, and public transit.
Whether you’re looking to expand your investment portfolio or live in one unit while generating income from the others, this turn-key triplex combines historic character with reliable performance and modern updates.

Listing Agent

Courtney Blair

SKOGMAN REALTY CORRIDOR Listed on: 10/20/2025

SKOGMAN REALTY CORRIDOR

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $2,012

Year Built

  • Built in 1910

Lot Details

  • 4,182 Sq Ft Lot
  • Lot Dimensions are 30x140

Home Design

  • 1,934 Sq Ft Home

Schools

  • Johnson Elementary School
  • Mckinley Middle School
  • Washington High School

Listing and Financial Details

  • Assessor Parcel Number 14222-79012-00000

Community Details

Overview

  • No Home Owners Association
  • 3 Units

Building Details

  • Operating Expense $14,616
  • Gross Income $27,600
  • Net Operating Income $12,984

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$2,012

Year Built

Built in 1910

Lot Details

0

Listing Details

  • Property Type: Residential
  • Property Sub-Type: Multi Family
  • Lot Size Acres: 0.096
  • Co List Office Phone: 319-366-5559
  • MLS Status: Active
  • Directions: 1st Avenue to 15th St to 2nd Avenue
  • Year Built: 1910
  • Property Sub Type Additional: Multi Family
  • Special Features: VirtualTour
  • Property Sub Type: MultiFamily

Condo/Co-op/Association

  • Association: No

Schools

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

Lot Info

  • Lot Dimensions: 30x140
  • ResoLotSizeUnits: Acres
  • Parcel Number: 14222-79012-00000

Multi Family

  • Gross Income: 27600.0
  • Net Operating Income: 12984.0
  • Number Of Units Total: 3
  • Annual Operating Expense: 14616.0

Tax Info

  • Tax Annual Amount: 2012.0

Map

Range of Values:

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Average Value
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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

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 $1,774 $130,700 $18,800 $111,900
2024 $1,724 $111,100 $16,500 $94,600
2023 $1,724 $100,300 $14,300 $86,000
2022 $1,938 $81,700 $14,300 $67,400
2021 $1,996 $79,400 $12,000 $67,400
2020 $1,996 $75,600 $10,500 $65,100
2019 $1,752 $75,600 $10,500 $65,100
2018 $2,238 $61,700 $10,500 $51,200
2017 $1,802 $57,100 $10,500 $46,600
2016 $1,882 $57,100 $10,500 $46,600
2015 $2,279 $65,826 $10,500 $55,326
2014 $2,262 $47,034 $6,300 $40,734
2013 $1,710 $47,034 $6,300 $40,734
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
10/20/2025 10/20/25 For Sale $175,000 -- $90 / Sq Ft
Source: Cedar Rapids Area Association of REALTORS®

Purchase History

Date Type Sale Price Title Company
Interfamily Deed Transfer -- None Available
Warranty Deed $65,500 None Available
Warranty Deed $65,500 --
Source: Public Records

Mortgage History

Date Status Loan Amount Loan Type
Open $52,800 Purchase Money Mortgage
Previous Owner $49,500 Unknown
Source: Public Records

Source: Cedar Rapids Area Association of REALTORS®

MLS Number: 2508686

Cedar Rapids Area Association of REALTORS®

APN: 14222-79012-00000

Iowa Linn County Cedar Rapids 52403 Wellington Heights

1517 2nd Ave SE, Cedar Rapids, IA

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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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Courtney Blair
Listing Agent
Courtney Blair
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SKOGMAN REALTY CORRIDOR
(319) 258-5734