Mixed-Use Building with Vacant
For Sale
$249,900
1569 First ave SE, Cedar Rapids, IA 52402
COMMERCIAL - Cedar Rapids, IA
Property Size2,666 SF
Lot Size0.13 Acres
Price / SF$93.74
Days on Market47
Property Features for 1569 First ave SE
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
mixed
Rooms
Basement
Directions
Property is on the south side of the street on 1st Ave
Subdivision
SE Quadrant
Standard status
Active
APN
14222-11004-00000
Size
2,666 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
As per abstract
Tax Annual Amount
3120
Legal Description
As per abstract
Building Details
Year built
1905
Roof type
Shingle, Membrane
Listing Agency:
Pinnacle Realty LLC
(319) 393-0900
Listed By:
Tina Wing
(319) 350-9476
Added: Jun 16
Last Checked: Aug 1 at 8:06AM
MLS# 2604289
Copyright © 2026 Cedar Rapids Area Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property totals 2,666 square feet and combines a commercial storefront with four residential apartments. The commercial space is currently vacant, allowing a new tenant to customize the layout to their needs. On the residential side, two units are currently occupied and two additional apartments are ready for leasing. Recent updates include fresh paint and updated flooring, aimed at reducing upfront costs for both commercial and residential tenants.
The building is located at 1569 First Ave SE in Cedar Rapids, Iowa, within mixed-use zoning. It includes off-street parking, which can support both retail/office visitors and apartment residents. The commercial storefront sits along First Ave SE, providing visibility for passersby.
For tenants and owner-occupants, the flexible ground-floor commercial space can support a range of service and office-oriented uses, while the apartment component provides an on-site residential rental stream. For investors, the current mix of occupied and ready-to-lease units may help provide near-term and future occupancy options within a single property. With updates already completed and parking included, this asset is positioned for a straightforward transition to new management or new tenants.
The building is located at 1569 First Ave SE in Cedar Rapids, Iowa, within mixed-use zoning. It includes off-street parking, which can support both retail/office visitors and apartment residents. The commercial storefront sits along First Ave SE, providing visibility for passersby.
For tenants and owner-occupants, the flexible ground-floor commercial space can support a range of service and office-oriented uses, while the apartment component provides an on-site residential rental stream. For investors, the current mix of occupied and ready-to-lease units may help provide near-term and future occupancy options within a single property. With updates already completed and parking included, this asset is positioned for a straightforward transition to new management or new tenants.
Key Highlights
- 2,666 sq. ft. mixed‑use property built in 1905 with a vacant commercial storefront and four residential apartments
- Residential unit mix: two currently occupied and two ready for leasing
- Commercial space on 1st Ave SE with off‑street parking included
Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $39.0k | $14.64 |
| − Vacancy | −$2.9k | −$1.10 |
| EGI | $36.1k | $13.54 |
| − OpEx | −$13.5k | −$5.08 |
| NOI | $22.6k | $8.46 |
2,666 SF · lease $14.64/SF/yr · vacancy 7.50% · expense 37.50%
Alternative Uses
Best Use
Retail
$360.1K
$315.1K – $420.2K
NOI $25,209 @ 7.0% cap · market cap 10.09%
Second Best
Multifamily LT 5
$332.8K
$291.2K – $388.3K
NOI $23,296 @ 7.0% cap · market cap 9.32%
Theoretical Best
Specialty Retail
$385.9K
$337.6K – $450.2K
NOI $27,010 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,896
Businesses Nearby
Explore this area
Business Placement
Demographics for 52402, IA
42,072
Population
19,848
Households
2.1
Avg Household Size
36
Median Age
41%
College-Educated
95%
High-School Grad
13.7 sq mi
ZIP Area
3,071
Density / Sq Mi
$71,319
Median Household Income
$41,753
Median Earnings
$992
Median Rent
$188,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building with a vacant commercial storefront and four apartments, two occupied and two ready to lease.
Where is this mixed-use property located?
The property is located at 1569 First ave SE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 2,666 sq. ft. mixed‑use property built in 1905 with a vacant commercial storefront and four residential apartments; Residential unit mix: two currently occupied and two ready for leasing; Commercial space on 1st Ave SE with off‑street parking included
