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    3403 1st Avenue Cedar Rapids, IA 52403

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    For Sale
    $750,000

    MULTI_FAMILY - Cedar Rapids, IA

    Property size:
    9,154 SF
    Lot size:
    0.73 Acres
    Price / SF:
    $81/SF
    Added:
    Mar 11, 2025
    Days on Market:
    424
    Last Refresh:
    May 7 at 11:06 pm

    Property Features for 3403 1st Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    See Rema
    Bedrooms
    20
    Rooms
    Bedroom 13, Bedroom 20, Bedroom 16, Bedroom 17, Bedroom 9, Bedroom 4, Bedroom 11, Bedroom 18, Bedroom 5, Bedroom 3, Bedroom 7, Bedroom 8, Bedroom 12, Bedroom 10, Bedroom 14, Bedroom 6, Bedroom 19, Bedroom 15, Bedroom 2, Bedroom 1
    Standard status
    Active
    APN
    14113-26007-00000, 14113-26006-00000, 14113-26008
    Size
    9,154 SF
    Lot size
    0.73 Acres

    Taxes and HOA fees

    Tax Description
    EAST KENWOOD PARK STR/LB 4 1, EAST KENWOOD PARK STR/LB 3 1
    Tax Annual Amount
    9382

    Building Details

    Year built
    1930
    Number of units
    13
    Building materials
    Frame

    We can help!

    Listing Contact
    Travis Burke

    Listing agent Travis Burke

    Listing office Keller Williams Legacy Group 4850 Armar Dr SE Ste B, Cedar Rapids, IA

    Listing date Mar 11, 2025

    MLS# 2502261 Listing URL

    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

    • Redevelopment or investment income opportunity
    • Includes 3 parcels of land
    • High visibility location off a lighted intersection with great traffic counts
    • Current rental income from 10 of 12 units
    • Off‑street parking available
    • Zoning allows for mixed‑use and residential flexibility

    Overview

    Mixed-Use Investment Opportunity

    This offering comprises three parcels, presenting a redevelopment or investment income opportunity with high visibility and traffic counts near a lighted intersection. The properties, located in Cedar Rapids, Iowa, include addresses 3403 1st Avenue, 3409 1st Avenue, and 114th 34th St Dr SE. The combined square footage of all three buildings is 9154 square feet, situated on a 0.728-acre lot. Ten of the twelve units in the red and white buildings are currently rented, while the 34th Street Drive SE property is vacant. Zoning for 3403 and 3409 1st Avenue is traditional mixed-use center, while 114th 34th St Dr. SE is zoned Suburban Residential Flex. The legal description for the house is EAST KENWOOD PARK W 40' STR/LB 16 1. Off-street parking is available. The parcel numbers for all three properties are 14113-26007-00000, 14113-26006-00000, and 14113-26008-00000.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mixed-use properties

    Suggested Use

    Restaurant Real Estate Agency Building Supply Dental Office Spa & Massage Center Law Firm Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Cedar Rapids
    County
    Linn
    State
    Iowa
    Longitude
    -91.716338
    Latitude
    41.967144

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    FAQs

    What type of property is this?
    Mixed-use property - Three parcels with redevelopment or income potential in Cedar Rapids.
    Where is this mixed-use property located?
    The property is located at 3403 1st Avenue Cedar Rapids, IA.
    What is the asking price?
    The asking price for this property is $750,000.
    What are key features of this property?
    This property features: Redevelopment or investment income opportunity; Includes **3 parcels of land**; **High visibility location** off a lighted intersection with great traffic counts
    (319) 423-4139
    We can help!
    Listing Contact
    Travis Burke
    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.

    More about this property
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