Westgate Apartments 802-816 15th Ave SW Immeuble residentiel 30 lots 1 206 086 € (40 203 €/Lot) Taux de capitalisation 9,18 % Cedar Rapids, IA 52404

Stanbrough Realty Company is pleased to present the Westgate Apartments, a 30-unit multifamily property located on the southwest side of Cedar Rapids.
Situated just minutes from the 1st Avenue retail corridor, the property offers convenient access to amenities including grocery stores, pharmacies, health and
fitness centers, and fast casual dining.
The property consists of four buildings with a total of 16 two-bedroom, one-bath units and 14 one-bedroom, one-bath units. The current average in-place rents are $657 per month for the one-bedroom units and $764 per month for the two-bedroom units. Recent upgrades include new roofs, siding, and soffits in 2021, new boilers in 2024, and ongoing installation of new laundry machines in each building under current ownership.
Westgate Apartments primarily serves a blue-collar workforce, with high demand for affordable housing options and nearby employment opportunities.
Major employers in Cedar Rapids include Collins Aerospace, Google, and General Mills, as well as numerous educational institutions and healthcare centers.
The property’s in-house management team has invested in minimizing operational costs while enhancing curb appeal. There is strong potential for value-add improvements through implementing utility reimbursement programs (RUBS) and adjusting rents to better align with the market. Additional opportunities include cosmetic updates to unit interiors and common areas to further increase appeal and the overall bottom line.