Four-Building Retail
For Sale
$1,685,000
1229-1245 1st Avenue SE, Cedar Rapids, IA 52403
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 Market629
Property Features for 1229-1245 1st Avenue SE
General Information
Standard status
Active
Size
15,526 SF
Property subtype
Commercial
Zoning
Urban
Additional Details
Opportunity Zone
Yes
Taxes and HOA fees
Annual Taxes
$31,460
Amenities
Carpet,Concrete
Yes
1
Display Window(s)
Storage
Building,Land
Public
0.9
.9 Acres
Off Street
Building Details
Year Built
1955
Year Renovated
2021
Stories
1
Listing Agency:
Century 21 Signature Real Estate-Waverly
(319) 393-0900
Listed By:
Nicki Kramer
(319) 981-2889
Source:
Pinnaclerealtyia
Added: Dec 17, 2024
Changed: Sep 6
Last Checked: Sep 7 at 6:30AM
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 Century 21 Signature Real Estate-Waverly
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)
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
$146,811
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
8.71%
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%
$2,936,220
$2.9M
Cap Rate 7%
$2,097,300
$2.1M
Cap Rate 9%
$1,631,233
$1.6M
Market Conditions
NOI Build-Up for 15,526 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
$227.3K $14.64/SF
− Vacancy
−$17.6K −$1.13/SF
EGI
$209.7K $13.51/SF
− OpEx
−$62.9K −$4.05/SF
NOI
$146.8K $9.46/SF
Area
Cedar Rapids, IA
Vacancy
7.73%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
30.00%
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%
$2,936,220
Cap Rate 7%
$2,097,300
Cap Rate 9%
$1,631,233
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 authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,287
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 52403, IA
23,012
Population
10,759
Households
2.1
Avg Household Size
41
Median Age
40%
College-Educated
95%
High-School Grad
26.3 sq mi
ZIP Area
875
Density / Sq Mi
$73,848
Median Household Income
$46,148
Median Earnings
$857
Median Rent
$190,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- St. Luke's Floral & Gifts — 1026 A Ave NE, Cedar Rapids, IA 52402
Frequently Asked Questions
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)
