Multi-Tenant Office
1229-1233 1st Ave SE, Cedar Rapids, IA 52401
For Sale
Contact for pricing
Urban-zoned offices include on-site parking and established tenants, with several prohibited uses under a restrictive covenant.
Property Size7,450 SF
Price / SF$70.47
Days on Market32
Property Features for 1229-1233 1st Ave SE
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Highway Access
Tenant in Place
Property Use
Amenities
on-site management
Building Details
Tenancy
Listing Agency:
WSG CRE
Listed By:
Josh Seamans · License IA B57696000
(319) 343-5542
Source:
Crexi
Added: Oct 9
Changed: Nov 8
Last Checked: Nov 8 at 4:37PM
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 WSG CRE
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 7,450-square-foot office property is configured for multiple tenants and has on-site management, established tenancy, and on-site parking. The building is described as well maintained and carries Urban zoning. A restrictive covenant prohibits tobacco, vape, liquor, and pawn shop uses.
The property is in Cedar Rapids’ MedQuarter, across from Coe College, with proximity to downtown and I-380. It fronts 1st Avenue SE.
The property is in Cedar Rapids’ MedQuarter, across from Coe College, with proximity to downtown and I-380. It fronts 1st Avenue SE.
Key Highlights
- 7,450 SF office property with a multi‑tenant configuration
- Urban zoning
- On‑site parking and management
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,779
Cap Rate
6.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$715,580
$715.6K
Cap Rate 7%
$511,129
$511.1K
Cap Rate 9%
$397,544
$397.5K
Market Conditions
NOI Build-Up for 7,450 SF
Gross rent
$62.6K $8.40/SF
− Vacancy
−$14.9K −$2.00/SF
EGI
$47.7K $6.40/SF
− OpEx
−$11.9K −$1.60/SF
NOI
$35.8K $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 Rate 5%
$715,580
Cap Rate 7%
$511,129
Cap Rate 9%
$397,544
Alternative Uses
Best Use
Office B
$511.1K
$447.2K – $596.3K
NOI $35,779 @ 7.0% cap · market cap 6.82%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.08M
$943.5K – $1.26M
NOI $75,478 @ 7.0% cap · market cap 14.38%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,287
Businesses Nearby
Explore this area
Business Placement
Demographics for 52401, IA
2,320
Population
1,480
Households
1.6
Avg Household Size
35
Median Age
35%
College-Educated
89%
High-School Grad
1.2 sq mi
ZIP Area
1,933
Density / Sq Mi
$40,675
Median Household Income
$38,635
Median Earnings
$783
Median Rent
$143,800
Median Home Value
Market
Average Price Trend$/SF for Office buildings in Cedar Rapids, IA
Properties on Market for Office buildings in Cedar Rapids
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Urban-zoned offices include on-site parking and established tenants, with several prohibited uses under a restrictive covenant.
Where is this office building located?
The property is located at 1229-1233 1st Ave SE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 7,450 SF office property with a multi‑tenant configuration; Urban zoning; On‑site parking and management
