THE DEAL FLOW

Episode Summary

Host Spencer Schelp welcomes back Josh Kirby of Stanbrough Realty to discuss a 56-unit multifamily portfolio in Cedar Rapids, Iowa — located less than two miles from downtown in a workforce housing corridor.

Built between 1983 and 1991, the property consists of seven 8-plex buildings totaling 56 units: 40 two-bed units (~900 SF) and 16 one-bed units. The owner, a local operator with roughly 1,000 units in the area, holds the asset free and clear and is asking $3.65 million. He’s open to creative deal structures or even trades for Florida residential assets as part of his relocation plan.

Occupancy is just over 90% with below-market rents. Units are in classic condition, offering a $100–125 per-unit rent upside through renovations and a RUBS (utility bill-back) program. The property features boiler systems for heat and hot water, currently paid by ownership.

Cedar Rapids continues to grow, with major economic drivers including a $500M Google data center and a $275M casino project under development — reinforcing strong job growth and housing demand in this affordable Midwest market.