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 and across the Cedar River in a strong workforce housing corridor.

Built between 1983 and 1991, the asset includes seven 8-plex buildings totaling 56 units — 40 two-bedroom (~900 SF) and 16 one-bedroom apartments. The owner, a local operator with about 1,000 units in the area, owns the property free and clear and is asking $3.65 million.

He’s open to creative deal structures or trades for Florida residential assets as part of his relocation.
Occupancy is just over 90 %, with below-market rents and opportunity to increase income through light renovations and a RUBS (utility bill-back) program. Boiler systems supply heat and water, currently paid by ownership.

Cedar Rapids remains one of the Midwest’s most affordable and stable multifamily markets — recently ranked #2 Most Affordable City in the U.S. (CNBC) — and is seeing major new investments including:

• $500 million Google data center expansion
• $275 million casino and entertainment development

Together, these projects are expected to drive strong job growth and housing demand across the region.

Deal Snapshot
💰 Ask: $3.65M · Free & Clear
📊 Occupancy: ~90 %
📈 Rent Upside: +$100–125 / unit
🔧 Boiler Systems: Owner pays heat & water
🤝 Structure: Creative financing / Florida home trade considered

Guest: Josh Kirby — Stanbrough Realty
✉️ josh.kirby@stanbroughrealty.com · 515-402-7941

Listen on Spotify:
https://open.spotify.com/episode/6Jmo2bDIaON2rzTyosUZLQ

Explore more at: TheDealFlow.us
Follow @thedealflow_us for new episodes and market updates.

Host Spencer Schelp talks with Josh Kirby of Stanbrough Realty about a rare small-market portfolio in Ottumwa, Iowa — a three-building mixed-use property held by the same owner for over 30 years.

💰 $1.8M ask · NOI ≈ $166K · Free & Clear
🤝 Seller Financing: 15–20% down · 5-year term · interest-only possible

🏢 Includes:
• 4,500 SF Nucara Pharmacy (2005)
• 12,000 SF 6-unit strip center (1968)
• 2-story mixed-use with 4 new apartments (2020 conversion)

🌆 Ottumwa, IA — a stable, blue-collar corridor with long-term tenants and steady cash flow.
Ownership is retiring and prefers a qualified buyer ready to continue the property’s success.

📞 Guest: Josh Kirby — Stanbrough Realty
✉️ josh.kirby@stanbroughrealty.com · 515-402-7941

🎧 Full episode on Spotify:
https://open.spotify.com/episode/1UwnPBDu11zH1hTHw9Iw01

Explore more at TheDealFlow.us
Follow @thedealflow_us for future episodes.