Urban-Zoned Office
1239 1st Avenue Southeast, Cedar Rapids, IA 52402
For Sale
Contact for pricing
The property combines an open interior with off-street parking and access to I-380.
Property Size5,432 SF
Price / SF$91.13
Days on Market32
Property Features for 1239 1st Avenue Southeast
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Highway Access
Road Access
Additional Details
Property Use
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 2:22PM
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 5,432-square-foot office property has an open-concept interior, a modern façade, and off-street parking. Urban zoning is in place, and a restrictive covenant prohibits tobacco, vape, liquor, and pawn shop uses.
The building is on 1st Avenue Southeast in Cedar Rapids’ MedQuarter, across from Coe College. I-380 is accessible from the property, and a Starbucks is nearby.
The building is on 1st Avenue Southeast in Cedar Rapids’ MedQuarter, across from Coe College. I-380 is accessible from the property, and a Starbucks is nearby.
Key Highlights
- 5,432‑square‑foot office property
- Urban zoning
- Open‑concept interior with modern façade
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,087
Cap Rate
5.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$521,740
$521.7K
Cap Rate 7%
$372,671
$372.7K
Cap Rate 9%
$289,856
$289.9K
Market Conditions
NOI Build-Up for 5,432 SF
Gross rent
$45.6K $8.40/SF
− Vacancy
−$10.8K −$2.00/SF
EGI
$34.8K $6.40/SF
− OpEx
−$8.7K −$1.60/SF
NOI
$26.1K $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%
$521,740
Cap Rate 7%
$372,671
Cap Rate 9%
$289,856
Alternative Uses
Best Use
Retail
$733.8K
$642.1K – $856.1K
NOI $51,364 @ 7.0% cap · market cap 10.38%
Second Best
Office B
$372.7K
$326.1K – $434.8K
NOI $26,087 @ 7.0% cap · market cap 5.27%
Theoretical Best
Specialty Retail
$786.2K
$687.9K – $917.2K
NOI $55,033 @ 7.0% cap · market cap 11.12%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,914
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
$188,700
Median Home Value
Market
Average Price Trend$/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 - The property combines an open interior with off-street parking and access to I-380.
Where is this office building located?
The property is located at 1239 1st Avenue Southeast Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 5,432‑square‑foot office property; Urban zoning; Open‑concept interior with modern façade
