Unique Commercial Property in Cedar
For Sale
$229,900
Pending
1847 E Ave Ne, Cedar Rapids, IA 52402
Versatile commercial space with historical character and modern adaptability.
Property Size2,240 SF
Lot Size0.48 Acres
Days on Market305
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 30, 2025
Changed: Aug 21
Last Checked: Aug 29 at 3:16PM
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.
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
$10,758
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
4.68%
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%
$215,160
$215.2K
Cap Rate 7%
$153,686
$153.7K
Cap Rate 9%
$119,533
$119.5K
Market Conditions
NOI Build-Up for 2,240 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
$18.8K $8.40/SF
− Vacancy
−$4.5K −$2.00/SF
EGI
$14.3K $6.40/SF
− OpEx
−$3.6K −$1.60/SF
NOI
$10.8K $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%
$215,160
Cap Rate 7%
$153,686
Cap Rate 9%
$119,533
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
664
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
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 - 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.
