Unique Commercial Property in Cedar
1847 E Ave Ne Cedar Rapids, IA 52402
1847 E Ave Ne, Cedar Rapids, IA, 52402
$229,900
Pending
For Sale
$229,900
Pending
Versatile commercial space with historical character and modern adaptability.
Property Size2,240 SF
Lot Size0.48 Acres
Days on Market264
Property Features for 1847 E Ave Ne
General Information
- Standard status
- Pending
- Size
- 2,240 SF
- Lot size
- 0.48 Acres
Listing agency
Skogman Realty
(319) 366-6427
Listed by
Spencer Beebe
(319) 366-6427
Source
Exprealty
Added: Oct 31, 2025 Updated: Jul 10 at 12:52PM Checked: Jul 19 at 5:55AM
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
Investment Insights
Based on property information with market context.
This commercial property in Cedar Rapids offers a combination of historical character and versatile space. Originally featuring a vault, the building includes an additional 1,120 square feet added in 2004, bringing the total adaptable commercial space to 2,240 square feet. The main level includes multiple offices, a restroom, storage, and off-street parking. The basement features a recording/podcast studio plus 4 private rooms suitable for creative use, and storage. Located near 1st Avenue E, the property provides easy access to downtown and major corridors. It can be purchased individually or together with 1841 E Ave NE for buyers seeking a multi-building investment or flexible commerce setup.
Key Highlights
- Adaptable commercial space totaling 2,240 sqft.
- Prime location near 1st Avenue E with easy access to downtown and major corridors.
- Unique historical character with original vault.
Local Financial Insights For Office B
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 | $18.8k | $8.40 |
| − Vacancy | −$4.5k | −$2.00 |
| EGI | $14.3k | $6.40 |
| − OpEx | −$3.6k | −$1.60 |
| NOI | $10.8k | $4.80 |
2,240 SF · lease $8.40/SF/yr · vacancy 23.77% · expense 25.00%
Alternative Uses
Best Use
Office B
$153.7K
$134.5K – $179.3K
NOI $10,758 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$324.2K
$283.7K – $378.2K
NOI $22,694 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Eastern Iowa Arts ...
Theater & Performing Art Venue
Similar For Sale Nearby
FAQs
What type of property is this?
Office units - Versatile commercial space with historical character and modern adaptability.
Where is this office units located?
The property is located at 1847 E Ave Ne Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Adaptable commercial space totaling 2,240 sqft.; Prime location near 1st Avenue E with easy access to downtown and major corridors.; Unique historical character with original vault.
