Multi-Suite Office
For Sale
$3,600,000
200 2nd Avenue SE, Cedar Rapids, IA 52403
Central air, concrete construction, and adaptable layouts support a range of office configurations.
Property Size54,600 SF
Price / SF$65.93
Days on Market2103
Property Features for 200 2nd Avenue SE
General Information
Standard status
Active
Size
54,600 SF
Property subtype
Office
Amenities
skywalk system
large internet pipeline
Central Air
3
Concrete
Membrane
16800
Building Details
Year Built
1900
Listing Agency:
SKOGMAN REALTY COMMERCIAL
(319) 350-8450
Listed By:
Brian Rosteck · License #B59904000
(319) 350-8450
Source:
Xome
Added: Nov 28, 2020
Changed: Aug 30
Last Checked: Aug 31 at 2:20PM
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 SKOGMAN REALTY COMMERCIAL
Investment Insights
Based on property information with market context.
This office building at 200 2nd Avenue SE provides 54,600 SF of total availability across multiple suites and floor plans. Available spaces range from 661 SF to 13,611 SF, offering options for smaller users and larger office requirements. Central air and concrete construction are among the property’s documented features, and suites may be accepted in their current condition.
The property is connected to Cedar Rapids’ downtown skywalk system, with convenient access to downtown amenities. A large internet pipeline serves the building. The landlord is also willing to redevelop space to meet a tenant’s needs, subject to a qualifying lease.
The property is connected to Cedar Rapids’ downtown skywalk system, with convenient access to downtown amenities. A large internet pipeline serves the building. The landlord is also willing to redevelop space to meet a tenant’s needs, subject to a qualifying lease.
Key Highlights
- 54,600 SF of total office availability
- Suite sizes range from 661 SF to 13,611 SF
- Multiple suites and floor plans available
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
$262,216
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
7.28%
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%
$5,244,320
$5.2M
Cap Rate 7%
$3,745,943
$3.7M
Cap Rate 9%
$2,913,511
$2.9M
Market Conditions
NOI Build-Up for 54,600 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
$458.6K $8.40/SF
− Vacancy
−$109.0K −$2.00/SF
EGI
$349.6K $6.40/SF
− OpEx
−$87.4K −$1.60/SF
NOI
$262.2K $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%
$5,244,320
Cap Rate 7%
$3,745,943
Cap Rate 9%
$2,913,511
Alternative Uses
Best Use
Office B
$3.75M
$3.28M – $4.37M
NOI $262,216 @ 7.0% cap · market cap 7.28%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.90M
$6.91M – $9.22M
NOI $553,166 @ 7.0% cap · market cap 15.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,055
Businesses Nearby
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Central air, concrete construction, and adaptable layouts support a range of office configurations.
Where is this office building located?
The property is located at 200 2nd Avenue SE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: 54,600 SF of total office availability; Suite sizes range from 661 SF to 13,611 SF; Multiple suites and floor plans available
