Mixed-Use Office and Warehouse
1010 3rd Ave SW, Cedar Rapids, IA 52404
For Sale
New
Contact for pricing
Two buildings across a parking lot combine office space with a warehouse that includes an occupied suite.
Property Size5,964 SF
Lot Size1.08 Acres
Price / SF$142.52
Days on Market5
Property Features for 1010 3rd Ave SW
General Information
Standard status
Size
Lot size
Property subtype
Additional Details
Warehouse Space
Tenant in Place
Property Use
Building Details
Buildings
Stories
Listing Agency:
GLD Commercial Real Estate Advisors
Listed By:
Michael Gibbs · License IA S66802000
(563) 542-8574
Source:
Crexi
Added: Nov 5
Changed: Nov 8
Last Checked: Nov 8 at 5:15PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of GLD Commercial Real Estate Advisors
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Investment Insights
Based on property information with market context.
This Cedar Rapids offering consists of a two-story office building at 1011 2nd Ave SW and a separate warehouse at 1010 3rd Ave SW. The office building contains 5,964 square feet and is vacant. The warehouse totals 17,537 square feet, including an 8,000-square-foot suite occupied by a nonprofit; the balance may be available for occupancy. The properties sit across a parking lot from one another and are included in a six-parcel assemblage totaling 1.079 acres.
Key Highlights
- 17,537‑square‑foot warehouse with an 8,000‑square‑foot nonprofit‑occupied suite
- Vacant, two‑story office building containing 5,964 square feet
- Six parcels totaling 1.079 acres
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,478
Cap Rate
5.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,009,560
$1.0M
Cap Rate 7%
$721,114
$721.1K
Cap Rate 9%
$560,867
$560.9K
Market Conditions
NOI Build-Up for 5,964 SF
Gross rent
$87.3K $14.64/SF
− Vacancy
−$6.5K −$1.10/SF
EGI
$80.8K $13.54/SF
− OpEx
−$30.3K −$5.08/SF
NOI
$50.5K $8.46/SF
Area
Cedar Rapids, IA
Vacancy
7.50%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,009,560
Cap Rate 7%
$721,114
Cap Rate 9%
$560,867
Alternative Uses
Best Use
Mixed Use
$721.1K
$631.0K – $841.3K
NOI $50,478 @ 7.0% cap · market cap 5.94%
Second Best
Warehouse
$542.5K
$474.7K – $632.9K
NOI $37,972 @ 7.0% cap · market cap 4.47%
Theoretical Best
Specialty Retail
$863.2K
$755.3K – $1.01M
NOI $60,423 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
684
Businesses Nearby
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Business Placement
Demographics for 52404, IA
43,385
Population
19,923
Households
2.2
Avg Household Size
35
Median Age
22%
College-Educated
94%
High-School Grad
56.6 sq mi
ZIP Area
767
Density / Sq Mi
$62,304
Median Household Income
$38,865
Median Earnings
$885
Median Rent
$159,700
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two buildings across a parking lot combine office space with a warehouse that includes an occupied suite.
Where is this mixed-use property located?
The property is located at 1010 3rd Ave SW Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 17,537‑square‑foot warehouse with an 8,000‑square‑foot nonprofit‑occupied suite; Vacant, two‑story office building containing 5,964 square feet; Six parcels totaling 1.079 acres
