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    Downtown Office/Classroom Space Available Title is generated by Realmo AI

    221 2nd Ave SE, Cedar Rapids, IA 52401

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    Office and classroom spaces for lease in downtown area.

    Type:Office
    Property size:
    12,000 SF
    Added:
    Mar 21, 2024
    Days on Market:
    807
    Last Refresh:
    May 12 at 9:22 pm

    Property Features for 221 2nd Ave SE

    General Information

    Standard status
    Active
    Size
    12,000 SF
    Property subtype
    Office

    Building Details

    Year Built
    1880

    Spaces For Lease

    at 221 2nd Ave SE Contact us

    Suite 300 $9/Mo

    Size
    12,000 SF
    Type
    Office
    Former University of Iowa classroom space. 4 large classrooms, 12 private offices/breakout...
    show more
    Contact us

    Suite 210 $9/Mo

    Size
    4,000 SF
    Type
    Office
    Second floor open concept office with two private offices for rent. Large shared...
    show more
    Contact us

    We can help!

    Listing Contact
    Michael Gibbs

    Listing agent Michael Gibbs License #S66802000

    Listing office GLD Commercial Real Estate Advisors

    Listing date Mar 21, 2024

    Source Crexi

    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

    HighLights

    • Suite 210: Utilities included in base rent.
    • Suite 210: Landlord willing to improve space for qualified tenant.
    • Suite 210: 4,000 SF of open concept office space with two private offices.
    • Suite 300: 12,000 SF of former University of Iowa classroom space.
    • Suite 300: Includes 4 large classrooms and 12 private offices/breakout rooms.
    • Large shared break area with restrooms adjacent to Suite 210.

    Overview

    Office and classroom spaces are available for lease in a downtown location. Suite 210 offers 4,000 square feet of second-floor, open-concept office space, including two private offices. A large, shared break area and restrooms are located adjacent to the suite. Utilities are included in the base rent. The landlord is willing to improve the space, subject to a qualified tenant and lease terms. Suite 300 comprises 12,000 square feet of former University of Iowa classroom space, featuring four large classrooms, twelve private offices/breakout rooms, a small open workspace, and private restrooms. For Suite 300, the tenant is responsible for paying utilities directly to the provider.
    Location Intelligence

    Current Use by Public Records

    University of Iowa Tippie ... University Skywalk Group Employment Agency University of Iowa MBA ... University Aspect Inc Architect Izumi Sushi & Hibachi Restaurant

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Law Firm Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cedar Rapids
    County
    Linn
    State
    Iowa
    Longitude
    -91.6670378
    Latitude
    41.9780258

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    FAQs

    What type of property is this?
    Office units - Office and classroom spaces for lease in downtown area.
    Where is this office units located?
    The property is located at 221 2nd Ave SE Cedar Rapids, IA.
    What is the lease rate?
    The lease rate is $9 SF/Yr.
    What are key features of this property?
    This property features: Suite 210: Utilities included in base rent.; Suite 210: Landlord willing to improve space for qualified tenant.; Suite 210: **4,000 SF of open concept office space with two private offices.**
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Michael Gibbs
    Real Estate License ID: S66802000
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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