1630 1st Ave NE Cedar Rapids, IA 52402
Mound View NeighborhoodEstimated payment $2,633/month
Highlights
- Popular Property
- Heat Pump System
- 5-minute walk to Central Park
- Cooling System Mounted To A Wall/Window
About This Home
A truly unique value-add investment opportunity with clear paths to achieving a valuation exceeding $700,000. The property features six residential rental units and two commercial spaces. All six residential units are currently leased, with significant potential for rent increases, while the lower level remains vacant—offering a new owner flexibility in determining the best renovation strategy. Potential uses include additional residential units, tenant storage, a shared washer/dryer facility, commercial leased space, or a combination of these options. Electrical fuse panels have been upgraded to modern breaker panels, improving safety and insurability. Additionally, the flat roof provides ample space for the installation of solar panels, offering an opportunity to reduce long-term electrical costs. Seller would give a discount price if sold with 514 16th St NE or 1119 3rd St SW.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $5,115
Year Built
- Built in 1922
Lot Details
- 7,492 Sq Ft Lot
- Lot Dimensions are 150x50
Home Design
- Brick Exterior Construction
- Frame Construction
- Masonry
Interior Spaces
- 8,364 Sq Ft Home
- Basement Fills Entire Space Under The House
Schools
- Trailside Elementary School
- Franklin Middle School
- Washington High School
Utilities
- Cooling System Mounted To A Wall/Window
- Heat Pump System
Listing and Financial Details
- Assessor Parcel Number 142220701400000
Community Details
Overview
- 8 Units
Building Details
- Operating Expense $27,115
- Gross Income $56,940
- Net Operating Income $29,825
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 12/15/2025 12/15/25 | For Sale | $420,000 | +37.7% | $50 / Sq Ft | |
| 09/30/2024 09/30/24 | Sold | $305,000 | -6.2% | $55 / Sq Ft | View Prior Sale |
| 08/14/2024 08/14/24 | Pending | -- | -- | -- | |
| 08/14/2024 08/14/24 | For Sale | $325,000 | -- | $58 / Sq Ft |
Source: Cedar Rapids Area Association of REALTORS®
MLS Number: 2509849
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