Downtown Bank Complex with
For Sale
$10,700,000
222 SE 2nd Ave, Cedar Rapids, IA 52401
Historic 1925 bank building with surface lot and large parking garage for downtown redevelopment.
Property Size98,010 SF
Price / SF$109.17
Days on Market64
Property Features for 222 SE 2nd Ave
General Information
Standard status
Active
Size
98,010 SF
Total Parking Spaces
298
Property subtype
Commercial
Zoning
Form
Taxes and HOA fees
Annual Taxes
$105,617
Amenities
Carpet,Other
Irregular
2.25
CountyRoad
Building Details
Year Built
1926
Listing Agency:
PRK Williams Realty
(319) 393-0900
Listed By:
Lisa Coots-Schooley
(641) 781-0867
Source:
Pinnaclerealtyia
Added: Jul 6
Changed: Sep 6
Last Checked: Sep 7 at 6:06AM
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 PRK Williams Realty
Investment Insights
Based on property information with market context.
This downtown bank complex includes an approximately 186,355 square foot building constructed in 1925, with additions completed in 1964 and 1980. The property also features a 42-stall surface parking lot and a 256-stall parking garage, providing dedicated structured and surface parking for tenants, patrons, and future development concepts.
Located in the heart of downtown Cedar Rapids, the site supports a range of redevelopment directions, including office, hospitality, and retail/restaurant uses, subject to applicable approvals. The combination of a long-established historic structure and substantial parking capacity is designed to accommodate a variety of operational needs in a central business setting.
For investors and operators seeking a single, larger footprint with on-site parking, this property offers a consolidated platform for leasing or redevelopment planning. The extensive parking inventory may help support customer-oriented uses and multi-tenant strategies, while the building’s established downtown presence can be evaluated for conversion, modernization, or adaptive reuse where permitted.
Located in the heart of downtown Cedar Rapids, the site supports a range of redevelopment directions, including office, hospitality, and retail/restaurant uses, subject to applicable approvals. The combination of a long-established historic structure and substantial parking capacity is designed to accommodate a variety of operational needs in a central business setting.
For investors and operators seeking a single, larger footprint with on-site parking, this property offers a consolidated platform for leasing or redevelopment planning. The extensive parking inventory may help support customer-oriented uses and multi-tenant strategies, while the building’s established downtown presence can be evaluated for conversion, modernization, or adaptive reuse where permitted.
Key Highlights
- US Bank complex in downtown Cedar Rapids includes an 186,355 SF building
- Historic building originally built in 1925 with additions completed in 1964 and 1980
- 42‑stall surface parking lot on site
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
$926,766
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
8.66%
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%
$18,535,320
$18.5M
Cap Rate 7%
$13,239,514
$13.2M
Cap Rate 9%
$10,297,400
$10.3M
Market Conditions
NOI Build-Up for 98,010 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
$1.43M $14.64/SF
− Vacancy
−$110.9K −$1.13/SF
EGI
$1.32M $13.51/SF
− OpEx
−$397.2K −$4.05/SF
NOI
$926.8K $9.46/SF
Area
Cedar Rapids, IA
Vacancy
7.73%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
30.00%
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%
$18,535,320
Cap Rate 7%
$13,239,514
Cap Rate 9%
$10,297,400
Alternative Uses
Best Use
Specialty Retail
$14.19M
$12.41M – $16.55M
NOI $992,963 @ 7.0% cap · market cap 9.28%
Second Best
Retail
$13.24M
$11.58M – $15.45M
NOI $926,766 @ 7.0% cap · market cap 8.66%
Theoretical Best
—
—
same as Best Use
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Historic 1925 bank building with surface lot and large parking garage for downtown redevelopment.
Where is this bank located?
The property is located at 222 SE 2nd Ave Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $10,700,000.
What are key features of this property?
This property features: US Bank complex in downtown Cedar Rapids includes an 186,355 SF building; Historic building originally built in 1925 with additions completed in 1964 and 1980; 42‑stall surface parking lot on site
