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    Downtown Cedar Rapids Office Building Title is generated by Realmo AI

    320 3rd Street SE, Cedar Rapids, IA 52401

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    COMMERCIAL - Cedar Rapids, IA

    Type:Office
    Property size:
    19,200 SF
    Lot size:
    0.46 Acres
    Added:
    Jan 23, 2026
    Days on Market:
    109
    Last Refresh:
    May 12 at 6:06 am

    Property Features for 320 3rd Street SE

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    Comm
    Rooms
    Basement
    Standard status
    Active
    APN
    142812700500000
    Size
    19,200 SF
    Lot size
    0.46 Acres

    Taxes and HOA fees

    Tax Description
    O T SW 54' LOT 8 & (LESS SW 27' SE 52') LOT 9 & (LESS SE 52') STR/LB 10 26
    Tax Annual Amount
    34350

    Building Details

    Year built
    1940
    Flooring type
    Carpet
    Building materials
    Pre Eng Steel

    We can help!

    Listing Contact
    Kevin Heinbuch
    Kevin Heinbuch

    Listing agent Kevin Heinbuch

    Listing office PRK Williams Realty 139 40th St NE, Cedar Rapids, IA

    Listing date Jan 23, 2026

    MLS# 2600632

    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.

    HighLights

    • Rare downtown location with drive‑thru and on‑site parking.
    • Turnkey, fully furnished office building.
    • Ideal for financial institution or professional office user.
    • Benefit from a basement with approximately 4,800 sf of storage and refinished conference room.
    • Multiple private offices, conference rooms, and breakrooms on both floors.
    • Option to lease the entire building or individual floors.

    Overview

    This turnkey, fully furnished office building is located in downtown Cedar Rapids. The high-visibility property is suitable for a financial institution or professional office user, offering a drive-thru and on-site parking. The first floor includes a drive-up window, teller counters, vaults, and a safety deposit box vault, along with 10 private offices, a large conference room, open workspace, a breakroom with a kitchen, and two suite restrooms. The second floor features 12 private offices, an additional conference room, open work areas, a breakroom with a kitchen, and two suite restrooms, ideal for administrative or executive use. The basement provides approximately 4,800 square feet of additional value with storage space, two restrooms, a large vault, and a recently refinished oversized conference room. The building has a lot size of 0.456 acres and a property size of 19200 square feet. Up to 37 on-site parking spaces are available. The property is zoned Comm and is located in Linn County, Iowa.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    320 3rd St ... Parking Lot & Garage Dubuque Bank & Trust, ... Bank Cedar Rapids Psychic Spiritual Center Jennessey Group Business Broker Liberty Bank Bank

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Law Firm Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cedar Rapids
    County
    Linn
    State
    Iowa
    Longitude
    -91.6650246
    Latitude
    41.977248

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    FAQs

    What type of property is this?
    Office building - Turnkey office building with drive-thru and on-site parking.
    Where is this office building located?
    The property is located at 320 3rd Street SE Cedar Rapids, IA.
    What are key features of this property?
    This property features: Rare downtown location with drive‑thru and on‑site parking.; Turnkey, fully furnished office building.; Ideal for financial institution or professional office user.
    (319) 892-3344
    We can help!
    Listing Contact
    Kevin Heinbuch
    Kevin Heinbuch
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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