Mixed-Use Building with
For Sale
$699,950
122 2nd Street SE, Swisher, IA 52338
Commercial, Swisher, IA
Property Size4,800 SF
Lot Size0.39 Acres
Price / SF$145.82
Days on Market47
Property Features for 122 2nd Street SE
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
Comm
Rooms
Basement
Directions
120th St to Summit Ave to 2nd St SE
Subdivision
Corridor Area
Standard status
Active
APN
0308232006
Size
4,800 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Description
As per abstract
Tax Annual Amount
6578
Legal Description
As per abstract
Building Details
Year built
1914
Flooring type
Wood
Building materials
Frame
Roof type
Shingle
Listing Agency:
GRAF REAL ESTATE, ERA POWERED · ERA Real Estate
(319) 826-1861
Listed By:
Mike Graf-Graf Home Selling Team
(319) 981-3702
Added: Sep 3
Changed: Oct 17
Last Checked: Oct 19 at 3:06AM
MLS# 2606206
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.
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Investment Insights
Based on property information with market context.
Located at 122 2nd Street SE in Swisher, Iowa, this 4,800-square-foot mixed-use building combines commercial space with residential units. The main level is configured for commercial occupancy, while the upper floor contains four one-bedroom apartments. The property sits on 0.39 acres and carries Comm zoning.
Built in 1914, the frame structure includes wood flooring, a shingle roof, and a basement. Updated mechanical systems are also identified among the property improvements. The sale covers the real estate and building only; the business operating in the commercial area is not included.
Built in 1914, the frame structure includes wood flooring, a shingle roof, and a basement. Updated mechanical systems are also identified among the property improvements. The sale covers the real estate and building only; the business operating in the commercial area is not included.
Key Highlights
- 4,800‑square‑foot mixed‑use building on 0.39 acres
- Four one‑bedroom apartments located on the upper floor
- Commercial space occupies the main level
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,481
Cap Rate
6.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$909,620
$909.6K
Cap Rate 7%
$649,729
$649.7K
Cap Rate 9%
$505,344
$505.3K
Market Conditions
NOI Build-Up for 4,800 SF
Gross rent
$69.1K $14.40/SF
− Vacancy
−$4.1K −$0.86/SF
EGI
$65.0K $13.54/SF
− OpEx
−$19.5K −$4.06/SF
NOI
$45.5K $9.48/SF
Area
Johnson County, IA
Vacancy
6.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$909,620
Cap Rate 7%
$649,729
Cap Rate 9%
$505,344
Alternative Uses
Best Use
Retail
$649.7K
$568.5K – $758.0K
NOI $45,481 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$586.5K
$513.2K – $684.3K
NOI $41,057 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$1.04M
$912.4K – $1.22M
NOI $72,991 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
64
Businesses Nearby
Explore this area
Business Placement
Demographics for 52338, IA
3,457
Population
1,380
Households
2.5
Avg Household Size
45
Median Age
44%
College-Educated
98%
High-School Grad
33.4 sq mi
ZIP Area
104
Density / Sq Mi
$124,357
Median Household Income
$58,253
Median Earnings
$1,067
Median Rent
$384,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space anchors the main level, with four one-bedroom apartments on the floor above.
Where is this mixed-use property located?
The property is located at 122 2nd Street SE Swisher, IA.
What is the asking price?
The asking price for this property is $699,950.
What are key features of this property?
This property features: 4,800‑square‑foot mixed‑use building on 0.39 acres; Four one‑bedroom apartments located on the upper floor; Commercial space occupies the main level
