512 Mckinley St SE Cedar Rapids, IA 52403
Wellington Heights NeighborhoodEstimated payment $1,117/month
Highlights
- Cooling System Mounted To A Wall/Window
- Forced Air Heating System
- 4-minute walk to Wellington Park
About This Home
Investor Alert! High-CAP Multi-Family Opportunity in the Heart of the MedQuarter. Fully leased with month to month leases. Welcome to 512/514 McKinley Street SE—an exceptional multi-family investment opportunity located in Cedar Rapids’ sought-after MedQuarter district. This four-unit property offers a strong 17%+ CAP Rate, making it ideal for both seasoned and first-time investors. The property includes a mix of unit sizes to appeal to a wide tenant base, with three units currently rented. Tenants handle their own electric, while the landlord covers gas, water, garbage, and seasonal maintenance—simplifying management and increasing net returns. Situated in the MedQuarter, tenants enjoy unparalleled access to healthcare employers, downtown amenities, public transit, and the rapidly growing medical district—one of Cedar Rapids’ most dynamic and stable rental zones. The strategic location ensures strong rental demand and consistent occupancy. Make more property enhancement and increase your return even more! Property is being sold AS IS. Don’t miss your chance to add this high-performing asset to your portfolio!
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $2,458
Year Built
- Built in 1900
Lot Details
- 4,792 Sq Ft Lot
Home Design
- 3,670 Sq Ft Home
- Frame Construction
- Vinyl Siding
Schools
- Johnson Elementary School
- Mckinley Middle School
- Washington High School
Utilities
- Cooling System Mounted To A Wall/Window
- Forced Air Heating System
- Heating System Uses Gas
Listing and Financial Details
- The owner pays for gas, water
- Assessor Parcel Number 142235202800000
Community Details
Overview
- 4 Units
Pet Policy
- No Pets Allowed
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 07/28/2025 07/28/25 | Pending | -- | -- | -- |
| 05/05/2025 05/05/25 | For Sale | $165,000 | 0.0% | $45 / Sq Ft |
| 04/18/2025 04/18/25 | Pending | -- | -- | -- |
| 03/16/2025 03/16/25 | For Sale | $165,000 | +35.2% | $45 / Sq Ft |
| 01/26/2024 01/26/24 | Sold | $122,000 | -18.7% | $24 / Sq Ft |
| 12/18/2023 12/18/23 | Pending | -- | -- | -- |
| 09/27/2023 09/27/23 | For Sale | $150,000 | -- | $29 / Sq Ft |
Source: Cedar Rapids Area Association of REALTORS®
MLS Number: 2501784
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