Historical Lattner Building For
For Sale
Contact for pricing
213 4th Ave SE, Cedar Rapids, IA 52401
Fully leased investment opportunity in downtown Cedar Rapids.
Property Size25,110 SF
Price / SF$99.36
Days on Market177
Property Features for 213 4th Ave SE
General Information
Standard status
Active
Size
25,110 SF
Property subtype
Office
Zoning
U-DC
Building Details
Year Built
1900
Listing Agency:
GLD Commercial Real Estate Advisors
Listed By:
Erica Seelman · License #IA S64720000
Source:
Crexi
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 8 at 2:36PM
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 Real Estate Advisors
Investment Insights
Based on property information with market context.
The Historical Lattner building presents an investor or owner-occupant opportunity within an Opportunity Zone. The 25,110 square-foot property benefits from direct skywalk and parking ramp access. Currently, the building is a fully leased investment opportunity in downtown Cedar Rapids, boasting a going-in cap rate of 9.96%. The remaining lease term includes annual rental increases. The property could also be available for an owner-occupant for the entire building or a portion thereof. The building has been well-maintained, featuring recent updates such as newer roof top units, an upgraded 1st-floor zone system, key card access, security door and cameras, and basement dehumidifiers.
Key Highlights
- High 9.96% Going‑In Cap Rate (for investors)
- Direct Skywalk and Parking Ramp Access
- Fully Leased Investment Opportunity with Rental Increases
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
$120,591
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
4.83%
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%
$2,411,820
$2.4M
Cap Rate 7%
$1,722,729
$1.7M
Cap Rate 9%
$1,339,900
$1.3M
Market Conditions
NOI Build-Up for 25,110 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
$210.9K $8.40/SF
− Vacancy
−$50.1K −$2.00/SF
EGI
$160.8K $6.40/SF
− OpEx
−$40.2K −$1.60/SF
NOI
$120.6K $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%
$2,411,820
Cap Rate 7%
$1,722,729
Cap Rate 9%
$1,339,900
Alternative Uses
Best Use
Office B
$1.72M
$1.51M – $2.01M
NOI $120,591 @ 7.0% cap · market cap 4.83%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.63M
$3.18M – $4.24M
NOI $254,396 @ 7.0% cap · market cap 10.20%
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 52401, IA
2,320
Population
1,480
Households
1.6
Avg Household Size
35
Median Age
35%
College-Educated
89%
High-School Grad
1.2 sq mi
ZIP Area
1,933
Density / Sq Mi
$40,675
Median Household Income
$38,635
Median Earnings
$783
Median Rent
$143,800
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 - Fully leased investment opportunity in downtown Cedar Rapids.
Where is this office building located?
The property is located at 213 4th Ave SE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: High 9.96% Going‑In Cap Rate (for investors); Direct Skywalk and Parking Ramp Access; Fully Leased Investment Opportunity with Rental Increases
