Multi-Tenant Office Building For
For Sale
$850,000
4201 Glass Rd Ne, Cedar Rapids, IA 52402
Multi-tenant office building with leasing potential in a sought-after location.
Property Size7,360 SF
Lot Size1.64 Acres
Price / SF$115.49
Days on Market916
Property Features for 4201 Glass Rd Ne
General Information
Standard status
Active
Size
7,360 SF
Lot size
1.64 Acres
Taxes and HOA fees
Annual Taxes
$24,984
Listing Agency:
GLD COMMERCIAL
(319) 821-0028
Listed By:
Angie Glick
(319) 821-0028
Source:
Exprealty
Added: Feb 9, 2024
Changed: Aug 8
Last Checked: Aug 8 at 6:01AM
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
Investment Insights
Based on property information with market context.
This multi-tenant office building offers future leasing potential and is located in an area with connectivity to Hwy 100 and I-380. Constructed in 1992, the property contains 7,360 square feet and sits on over 1.5 acres. There are 44 parking spaces available on site. Suite A has been recently updated. The building is currently configured for two tenants, allowing for multi-tenant use or conversion to a single-tenant layout. Cedar Rapids Pain Associates occupies 4,106 square feet under a NNN lease at $11.75/SF through January 31, 2025.
Key Highlights
- Priced below market compared to similar properties.
- Strategic location with excellent connectivity to Hwy 100 and I‑380.
- Stable income from existing tenant (Cedar Rapids Pain Associates) under NNN lease through January 31, 2025.
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
$35,346
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
4.16%
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%
$706,920
$706.9K
Cap Rate 7%
$504,943
$504.9K
Cap Rate 9%
$392,733
$392.7K
Market Conditions
NOI Build-Up for 7,360 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
$61.8K $8.40/SF
− Vacancy
−$14.7K −$2.00/SF
EGI
$47.1K $6.40/SF
− OpEx
−$11.8K −$1.60/SF
NOI
$35.3K $4.80/SF
Area
Cedar Rapids, IA
Vacancy
23.77%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
25.00%
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%
$706,920
Cap Rate 7%
$504,943
Cap Rate 9%
$392,733
Alternative Uses
Best Use
Office B
$504.9K
$441.8K – $589.1K
NOI $35,346 @ 7.0% cap · market cap 4.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.07M
$932.1K – $1.24M
NOI $74,566 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
94
Businesses Nearby
Explore this area
Business Placement
Demographics for 52402, IA
42,072
Population
19,848
Households
2.1
Avg Household Size
36
Median Age
41%
College-Educated
95%
High-School Grad
13.7 sq mi
ZIP Area
3,071
Density / Sq Mi
$71,319
Median Household Income
$41,753
Median Earnings
$992
Median Rent
$188,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multi-tenant office building with leasing potential in a sought-after location.
Where is this office building located?
The property is located at 4201 Glass Rd Ne 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: Priced below market compared to similar properties.; Strategic location with excellent connectivity to Hwy 100 and I‑380.; Stable income from existing tenant (Cedar Rapids Pain Associates) under NNN lease through January 31, 2025.
