806 15th Avenue SW, Cedar Rapids, IA 52404
Linn County
Key Facts
Description
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.
Property Information
Property Type
Commercial Sale
Sub-Type
Multi Family
Year Built
1968
Stories
2
Living Area
23,590 sq ft
Lot Size
0.66 acres
Lot Dimensions
140 x 205
Zoning
MULTI
Days on Market
7
MLS® Listing#
12681768
Property Features
Financial Details
Annual Taxes
$17,520
Tax year 2025
Parcel Number
143210200200000
Directions
Take 6th street south to 15th Avenue SW. Turn west and property will be on the north side of the road.
Affordability Calculator
$380,000
Estimated monthly payment
$10,113/mo
Principal $1,520,000 · Est. interest $2,120,535 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Cedar Rapids, IA
- $308,808
- Median Listing Price
- 69
- Median Days on Market
- 1,674
- Median Sq Ft
- $164
- Median Price / Sq Ft
- 412
- Active Listings
- This home’s price is 515% above the area median.
- Its price per sq ft is 51% below the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Cedar Rapids, IA.
Location
Points of Interest in Cedar Rapids, IA
Showing the Cedar Rapids area map.
Nearby Schools
Taylor Elementary School
Elementary · 0.5 mi away
Trinity Lutheran School
Elementary · 0.7 mi away
Xavier Catholic Schools
School · 0.8 mi away
Holy Family School System
School · 0.9 mi away
Wilson Middle School
Secondary · 0.9 mi away
Jefferson High School
Secondary · 1.0 mi away
Roosevelt Middle School
Secondary · 1.0 mi away
Champions at Grant Elementary School
Elementary · 1.1 mi away
Grant Elementary School
Elementary · 1.1 mi away
Cedar Valley Montessori School
Elementary · 1.1 mi away
Hacap
School · 1.3 mi away
Cleveland Elementary School
Elementary · 1.3 mi away
Cedar Rapids Day School
School · 1.5 mi away
Metro High School
Secondary · 1.6 mi away
Harrison Elementary School
Elementary · 1.6 mi away
Van Buren Elementary School
Elementary · 1.7 mi away
Champions at van Buren Elementary School
Elementary · 1.7 mi away
McKinley Middle School
Elementary · 1.8 mi away
Holy Family School System
School · 2.0 mi away
St Jude Elementary School
Elementary · 2.0 mi away
Commute Calculator
Nearby Homes
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Similar Home Values
Comparable nearby listings and their asking prices.
| Address | Price | Beds | Baths | Sq Ft |
|---|---|---|---|---|
| 2501 Williams Boulevard SW, Cedar Rapids, IA | $1,419,838 | — | — | — |
| 4820 Armar Drive SE, Cedar Rapids, IA | $1,460,000/mo | — | — | 10,258 |
| 420 12th Avenue SE Floors 2 & 3, Cedar Rapids, IA | $1,500,000 | — | — | 19,233 |
| 41 Kirkwood Court SW, Cedar Rapids, IA | $1,500,000 | — | — | 8,391 |
| 3418 Apollo Street, Cedar Falls, IA | $1,520,000 | 4 | 4 | 4,739 |
| 2710 6th Street SW, Cedar Rapids, IA | $1,550,000/mo | — | — | 16,755 |
Moving Cost Estimate
EXIT Agents in Cedar Rapids
Listing Courtesy: MR. LANDMAN - 2172020924
Last Updated: 2026-06-18