Remodeled Retail
For Sale
$249,900
812 Ellis Boulevard NW, Cedar Rapids, IA 52405
Commercial, Cedar Rapids, IA
Property Size800 SF
Lot Size0.03 Acres
Price / SF$312.38
Days on Market119
Property Features for 812 Ellis Boulevard NW
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
Comm
Rooms
Basement
Directions
Continue on 3rd St SW. Drive to Ellis Blvd NW
Subdivision
NW Quadrant
Standard status
Active
APN
142045501900000
Size
800 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Description
BROWN'S 4TH S 37' N 58' E 38' STR/LB 8 14
Tax Annual Amount
868
Legal Description
BROWN'S 4TH S 37' N 58' E 38' STR/LB 8 14
Amenities
outdoor seating space
custom outdoor kitchen/lounge area
Building Details
Year built
1947
Flooring type
Wood
Building materials
Frame
Roof type
Metal
Listing Agency:
Pinnacle Realty LLC
(319) 393-0900
Listed By:
Jaime Hymer
(319) 350-9476
Added: May 12
Changed: Aug 29
Last Checked: Sep 7 at 1:06PM
MLS# 2603245
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 commercial retail property includes approximately 800 square feet of remodeled space within a frame building constructed in 1947. The interior has wood flooring and a basement, while the exterior features a metal roof, modern storefront presentation, private side parking, and outdoor seating. A custom outdoor kitchen and lounge area extends the usable setting beyond the interior.
The property is located at 812 Ellis Boulevard NW in Cedar Rapids, within minutes of downtown and within walking distance of the new casino development. Commercial zoning is identified as Comm. The compact layout and combination of indoor and outdoor areas provide a distinct physical setting for retail, service, food, or creative commercial use, subject to applicable approvals.
The property is located at 812 Ellis Boulevard NW in Cedar Rapids, within minutes of downtown and within walking distance of the new casino development. Commercial zoning is identified as Comm. The compact layout and combination of indoor and outdoor areas provide a distinct physical setting for retail, service, food, or creative commercial use, subject to applicable approvals.
Key Highlights
- Approximately 800 square feet of remodeled retail space
- Private side parking, outdoor seating, and a custom outdoor kitchen and lounge area
- Located at 812 Ellis Boulevard NW, Cedar Rapids, IA 52405
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$7,565
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.03%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$151,300
$151.3K
Cap Rate 7%
$108,071
$108.1K
Cap Rate 9%
$84,056
$84.1K
Market Conditions
NOI Build-Up for 800 SF
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.
Gross rent
$11.7K $14.64/SF
− Vacancy
−$905 −$1.13/SF
EGI
$10.8K $13.51/SF
− OpEx
−$3.2K −$4.05/SF
NOI
$7.6K $9.46/SF
Area
Cedar Rapids, IA
Vacancy
7.73%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$151,300
Cap Rate 7%
$108,071
Cap Rate 9%
$84,056
Alternative Uses
Best Use
Retail
$108.1K
$94.6K – $126.1K
NOI $7,565 @ 7.0% cap · market cap 3.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$115.8K
$101.3K – $135.1K
NOI $8,105 @ 7.0% cap · market cap 3.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
543
Businesses Nearby
Explore this area
Business Placement
Demographics for 52405, IA
26,382
Population
12,283
Households
2.1
Avg Household Size
39
Median Age
25%
College-Educated
93%
High-School Grad
15.0 sq mi
ZIP Area
1,759
Density / Sq Mi
$65,352
Median Household Income
$44,711
Median Earnings
$1,043
Median Rent
$173,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Compact commercial storefront with private side parking and outdoor seating and lounge areas.
Where is this retail space located?
The property is located at 812 Ellis Boulevard NW 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: Approximately 800 square feet of remodeled retail space; Private side parking, outdoor seating, and a custom outdoor kitchen and lounge area; Located at 812 Ellis Boulevard NW, Cedar Rapids, IA 52405
