Mixed-Use Building with Retail
New
For Sale
$4,500,000
1420 1st Avenue NE, Cedar Rapids, IA 52402
The property combines market-rate apartments with street-level space occupied by Scooter’s Coffee and Jimmy John’s.
Property Size28,270 SF
Price / SF$159.18
Days on Market3
Property Features for 1420 1st Avenue NE
General Information
Standard status
Active
Size
28,270 SF
Class
Class A
Property subtype
Commercial
Zoning
UNG
Additional Details
Road Access
Yes
Multifamily Units
18
Taxes and HOA fees
Annual Taxes
$100,514
Amenities
Carpet,Concrete
Yes
3
No
Display Window(s)
Building,Land
Public
0.874
38080
Off Street
IrrigationSprinklers
Building Details
Year Built
2019
Stories
3
Tenancy
Multi
Listing Agency:
Skogman Realty Co.
(319) 393-0900
Listed By:
Jerome Edwards
(319) 594-2525
Source:
Pinnaclerealtyia
Added: Oct 11
Changed: Oct 13
Last Checked: Oct 12 at 6:14PM
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 Co.
Investment Insights
Based on property information with market context.
Completed in 2019, this Cedar Rapids property brings together 18 market-rate residential units and 8,460 square feet of ground-floor commercial space. Scooter’s Coffee and Jimmy John’s occupy the commercial component as long-term tenants.
The building is located at 1420 1st Avenue NE in Cedar Rapids’ College District, with Coe College and Mt. Mercy University within walking distance. The property is also described as being minutes from the proposed Cedar Crossing Casino. The 1st Avenue corridor is subject to streetscape and infrastructure improvements and new development initiatives under the city’s revitalization plan.
The building is located at 1420 1st Avenue NE in Cedar Rapids’ College District, with Coe College and Mt. Mercy University within walking distance. The property is also described as being minutes from the proposed Cedar Crossing Casino. The 1st Avenue corridor is subject to streetscape and infrastructure improvements and new development initiatives under the city’s revitalization plan.
Key Highlights
- 18 market‑rate residential units
- 8,460 SF of ground‑level commercial space
- Built in 2019
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$239,270
Cap Rate
5.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,785,400
$4.8M
Cap Rate 7%
$3,418,143
$3.4M
Cap Rate 9%
$2,658,556
$2.7M
Market Conditions
NOI Build-Up for 28,270 SF
Gross rent
$413.9K $14.64/SF
− Vacancy
−$31.0K −$1.10/SF
EGI
$382.8K $13.54/SF
− OpEx
−$143.6K −$5.08/SF
NOI
$239.3K $8.46/SF
Area
Cedar Rapids, IA
Vacancy
7.50%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,785,400
Cap Rate 7%
$3,418,143
Cap Rate 9%
$2,658,556
Alternative Uses
Best Use
Mixed Use
$3.42M
$2.99M – $3.99M
NOI $239,270 @ 7.0% cap · market cap 5.32%
Second Best
Apartment 5plus
$3.25M
$2.85M – $3.80M
NOI $227,817 @ 7.0% cap · market cap 5.06%
Theoretical Best
Specialty Retail
$4.09M
$3.58M – $4.77M
NOI $286,410 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
18
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,243
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines market-rate apartments with street-level space occupied by Scooter’s Coffee and Jimmy John’s.
Where is this mixed-use property located?
The property is located at 1420 1st Avenue NE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 18 market‑rate residential units; 8,460 SF of ground‑level commercial space; Built in 2019
