Four-Building Retail
1229-1245 1st Avenue SE Cedar Rapids, IA 52403
1229-1245 1st Avenue SE, Cedar Rapids, IA, 52403
$1,685,000
For Sale
$1,685,000
Four renovated retail buildings with on-site parking and street access, positioned directly across from Coe College.
Property Size15,526 SF
Price / SF$108.53
Days on Market582
Property Features for 1229-1245 1st Avenue SE
General Information
- Standard status
- Active
- Size
- 15,526 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1955
Listing agency
Structure Real Estate
(319) 981-2889
Listed by
Nicki Kramer
(319) 981-2889
Source
Pinnaclerealtyia
Added: Dec 17, 2024 Updated: Jul 21 at 10:43PM Checked: Jul 21 at 10:43PM
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 Structure Real Estate
Investment Insights
Based on property information with market context.
This offering includes four contiguously situated retail buildings plus an on-site parking lot. The property was renovated in 2021 and currently features four leased buildings. Parking is provided on-site, with street access for each building.
The buildings are located on 1st Ave SE in Cedar Rapids, directly across 1st Ave from Coe College. The property is also identified as an opportunity zone.
The configuration supports multiple independent tenancies across the four buildings, with access tailored to each unit via street-connected parking.
The buildings are located on 1st Ave SE in Cedar Rapids, directly across 1st Ave from Coe College. The property is also identified as an opportunity zone.
The configuration supports multiple independent tenancies across the four buildings, with access tailored to each unit via street-connected parking.
Key Highlights
- Four renovated retail buildings with on‑site parking and street access directly across 1st Ave from Coe College
- 0.9‑acre lot with four leased buildings for business tenants and an on‑site parking lot with street access
- Renovated in 2021 with updated interior features including storage and building inclusions (building and land)
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $227.3k | $14.64 |
| − Vacancy | −$17.6k | −$1.13 |
| EGI | $209.7k | $13.51 |
| − OpEx | −$62.9k | −$4.05 |
| NOI | $146.8k | $9.46 |
15,526 SF · lease $14.64/SF/yr · vacancy 7.73% · expense 30.00%
Alternative Uses
Best Use
Retail
$2.10M
$1.84M – $2.45M
NOI $146,811 @ 7.0% cap · market cap 8.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.25M
$1.97M – $2.62M
NOI $157,298 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Storefront properties
Similar For Sale Nearby
Similar Off Market Nearby
- St. Luke's Floral & Gifts — 1026 A Ave NE, Cedar Rapids, IA 52402
FAQs
What type of property is this?
Storefront property - Four renovated retail buildings with on-site parking and street access, positioned directly across from Coe College.
Where is this storefront property located?
The property is located at 1229-1245 1st Avenue SE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $1,685,000.
What are key features of this property?
This property features: Four renovated retail buildings with on‑site parking and street access directly across 1st Ave from Coe College; 0.9‑acre lot with four leased buildings for business tenants and an on‑site parking lot with street access; Renovated in 2021 with updated interior features including storage and building inclusions (building and land)
