Office Unit with Buildout
For Sale
$795,000
5005 Bowling Street SW Unit A-Condo, Cedar Rapids, IA 52404
Shell-condition interior supports a customized office plan with prior restroom and storage areas.
Property Size9,980 SF
Price / SF$79.66
Days on Market481
Property Features for 5005 Bowling Street SW Unit A-Condo
General Information
Standard status
Active
Size
9,980 SF
Property subtype
Commercial
Lease Term
[]
Additional Details
Office Units
1
Building Details
Year Built
1999
Listing Agency:
GLD COMMERCIAL
Listed By:
Angie Glick
(319) 364-8121
Source:
Cbhrealty
Added: May 7, 2025
Changed: Aug 29
Last Checked: Aug 26 at 1:03PM
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 9,980-square-foot office unit is offered in shell condition, with the flooring and drywall removed to create an open starting point for redevelopment. The space can accommodate an owner-user or be configured for leasing, while the seller will establish the condominium regime as part of the closing process.
The former office arrangement included multiple perimeter offices, a conference room, a substantial break area, an in-suite restroom, an open cubicle section, and a large storage room. Those prior components provide a reference point for planning a new interior layout while allowing the next occupant to determine the final configuration.
The former office arrangement included multiple perimeter offices, a conference room, a substantial break area, an in-suite restroom, an open cubicle section, and a large storage room. Those prior components provide a reference point for planning a new interior layout while allowing the next occupant to determine the final configuration.
Key Highlights
- 9,980 SF office unit
- Shell condition with flooring and drywall removed
- Prior layout included perimeter offices and a conference room
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
$47,929
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
6.03%
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%
$958,580
$958.6K
Cap Rate 7%
$684,700
$684.7K
Cap Rate 9%
$532,544
$532.5K
Market Conditions
NOI Build-Up for 9,980 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
$83.8K $8.40/SF
− Vacancy
−$19.9K −$2.00/SF
EGI
$63.9K $6.40/SF
− OpEx
−$16.0K −$1.60/SF
NOI
$47.9K $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%
$958,580
Cap Rate 7%
$684,700
Cap Rate 9%
$532,544
Alternative Uses
Best Use
Office B
$684.7K
$599.1K – $798.8K
NOI $47,929 @ 7.0% cap · market cap 6.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.44M
$1.26M – $1.69M
NOI $101,110 @ 7.0% cap · market cap 12.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
195
Businesses Nearby
Explore this area
Business Placement
Demographics for 52404, IA
43,385
Population
19,923
Households
2.2
Avg Household Size
35
Median Age
22%
College-Educated
94%
High-School Grad
56.6 sq mi
ZIP Area
767
Density / Sq Mi
$62,304
Median Household Income
$38,865
Median Earnings
$885
Median Rent
$159,700
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 units - Shell-condition interior supports a customized office plan with prior restroom and storage areas.
Where is this office units located?
The property is located at 5005 Bowling Street SW Unit A-Condo Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 9,980 SF office unit; Shell condition with flooring and drywall removed; Prior layout included perimeter offices and a conference room
