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0 Beds
23,590 sqft

$1,900,000

806 15th Avenue SW, Cedar Rapids IA, 52404

Price per sqft$80.54
Built in1968
Property size23,590 sqft
Property typeMulti-family
Listed by Jon Fisher with MR. LANDMAN 217-202-0924

Overview

Active

Listed Jun 18, 2026

Updated 13h ago

Blue Jay Apartments offers the opportunity to acquire a 30-unit multifamily investment property in southwest Cedar Rapids, IA. The four-building complex features a desirable mix of 14 one-bedroom and 16 two-bedroom apartments, ample off-street parking, and common area laundry facilities. Conveniently located near the 1st Avenue retail corridor, the Property provides easy access to shopping, healthcare, restaurants, major employers, and transportation routes throughout the Cedar Rapids metro area. Current ownership has completed significant capital improvements, including new roofs, gutters, soffits, and vinyl siding since 2021, along with replacement of all four boilers in 2024. Approximately 90% of the units feature updated luxury vinyl plank flooring, and laundry equipment continues to be upgraded, reducing future capital needs for the next owner. The Property benefits from Cedar Rapids' diverse employment base and ongoing economic growth, including major data center developments currently under construction nearby. Current rents provide the opportunity for future revenue growth through continued interior updates, strategic rent increases, and potential implementation of RUBS. Offered at $1,900,000, Blue Jay Apartments presents an attractive opportunity to acquire a well-cared-for workforce housing asset with stable occupancy, recent capital improvements, and value-add potential.

$12,641/mo

Est. mortgage payment based on a $1,900,000 home price.

All estimates are provided by Luxury Presence for informational purposes only. Actual amounts may vary.

Additional information

MLS® ID
12681768

Interior Features

Bedrooms
0
Basement
No

Exterior Features

Lot Size
0.66 Acres

Other Property Details

Taxes
$17,520
Tax Frequency
Annually
MLS provider logo

Listed by Jon Fisher with MR. LANDMAN 217-202-0924

The data relating to real estate for sale on this website comes in part from the Broker ReciprocitySM Program of Midwest Real Estate Data. Real estate listings held by brokerage firms other than The Tamara OConnor Team are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.

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Data is refreshed every 3 hours. Listing last updated 6:35 AM UTC on 10/10/2026. 

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