This brand-new multifamily property in Hiawatha offers investors a rare opportunity to acquire a newly constructed, income-producing asset with immediate stabilization and limited near-term capital needs. With a current rent roll of $6,500 per month and approximately $78,000 in gross annual income, the property is already producing reliable cash flow from day one. Based on a purchase price of $850,000 and NOI of $65,600, the property is positioned at an approximately 7.72% cap rate, offering a compelling yield in a high-demand market. For investors focused on income, this is a clean, modern asset with built-in efficiency and strong long-term hold potential. The property consists of three two-story units, each offering approximately 1,750 finished square feet with 3 bedrooms and 2.5 bathrooms. Units feature open-concept main levels, spacious living areas, modern kitchens, and dining spaces, along with white cabinetry, quartz countertops, stainless steel appliances, and durable LVP flooring. Each unit also includes a main-level half bath and sliding patio doors that add livability and tenant appeal. Upstairs, each residence includes a private primary suite with a walk-in closet and ensuite bath, two additional bedrooms, a full hallway bathroom, and upper-level laundry. These functional layouts support strong tenant demand and help position the property for stable occupancy over time. From an operational standpoint, this asset is designed for efficiency. With a brand-new roof, furnaces, air conditioning systems, appliances, and finishes throughout, investors should benefit from reduced maintenance exposure and lower near-term capital expenditure risk. All utilities are separately metered, creating better expense control and the ability to pass costs through to tenants, which helps preserve NOI. The off-street parking lot offers ample parking flexibility, and with no HOA or restrictive covenants, the property provides the owner with broad management discretion, subject to local regulations and permitting. For investors seeking a low-maintenance, newly built asset with current income, predictable expenses, and a strong cap rate, this property stands out as an attractive addition to any portfolio.

Source: Cedar Rapids Area MLS, MLS#: 2600753