Historic Office Building with Skywalk
New
For Sale
$2,325,000
213 4TH Avenue SE, Cedar Rapids, IA 52403
Direct connections to a city parking ramp support convenient access for occupants and visitors.
Property Size25,110 SF
Price / SF$92.59
Days on Market6
Property Features for 213 4TH Avenue SE
General Information
Standard status
Active
Size
25,110 SF
Property subtype
Commercial
Lease Term
[]
Additional Details
Opportunity Zone
Yes
Amenities
skywalk access
parking ramp access
key card access
security door
security cameras
basement storage
Building Details
Year Built
1900
Buildings
1
Listing Agency:
GLD COMMERCIAL
Listed By:
Erica Seelman
(319) 364-8121
Source:
Cbhrealty
Added: Aug 31
Changed: Sep 4
Last Checked: Sep 4 at 2:15PM
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
Investment Insights
Based on property information with market context.
The historic Lattner Building provides 25,110 square feet of office space in a multi-level commercial property. Built in 1900, the building includes basement area for storage or additional usable space. Recent improvements include newer rooftop units, an upgraded first-floor zone system, key-card entry, a security door, and cameras.
Occupants benefit from direct skywalk connectivity and access to a city parking ramp. The property is positioned in downtown Cedar Rapids within an Opportunity Zone, with restaurants and other amenities available within walking distance. Flexible space options support both ownership and leasing requirements.
Occupants benefit from direct skywalk connectivity and access to a city parking ramp. The property is positioned in downtown Cedar Rapids within an Opportunity Zone, with restaurants and other amenities available within walking distance. Flexible space options support both ownership and leasing requirements.
Key Highlights
- 25,110 square feet of office space
- Built in 1900
- Direct skywalk connection and city parking ramp access
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
5.19%
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 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.63M
$3.18M – $4.24M
NOI $254,396 @ 7.0% cap · market cap 10.94%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Direct connections to a city parking ramp support convenient access for occupants and visitors.
Where is this office building located?
The property is located at 213 4TH Avenue SE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $2,325,000.
What are key features of this property?
This property features: 25,110 square feet of office space; Built in 1900; Direct skywalk connection and city parking ramp access
