Fully Occupied Medical
For Sale
$2,055,000
2740 1st Avenue NE, Cedar Rapids, IA 52402
Healthcare-oriented office property with full occupancy, on-site parking, and Trad Mix zoning along a major commercial corridor.
Property Size15,003 SF
Lot Size0.71 Acres
Price / SF$209.69
Days on Market406
Property Features for 2740 1st Avenue NE
General Information
Standard status
Active
Size
15,003 SF
Lot size
0.71 Acres
Property subtype
Commercial
Zoning
Trad Mix
Occupancy
100%
Net Operating Income
$146,828
Additional Details
Cap Rate
6.75%
Taxes and HOA fees
Annual Taxes
$25,970
Amenities
Concrete
Yes
1
Building,Land
Public
0.705
30710
Sprinkler/Irrigation
Building Details
Year Built
1968
Buildings
1
Stories
1
Building Size
15,003 SF
Tenancy
Multi
Listing Agency:
SKOGMAN REALTY COMMERCIAL
(319) 393-0900
Listed By:
Ryan Eighme
(319) 721-6099
Source:
Pinnaclerealtyia
Added: Sep 4, 2025
Changed: Oct 13
Last Checked: Oct 12 at 6:06PM
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 COMMERCIAL
Investment Insights
Based on property information with market context.
Located at 2740 1st Avenue NE in Cedar Rapids, this medical office property was built in 1968 and is fully occupied by healthcare tenants. The building sits on a 0.705-acre parcel with on-site parking, public access, and sprinkler/irrigation features. Its Trad Mix zoning supports the property’s medical office use.
The site is positioned along 1st Avenue NE, identified as a main commercial corridor, providing a central Cedar Rapids setting for an occupied healthcare property. The asset is offered at a 6.75% CAP rate, with established tenants in place and an NOI of $146,828.76 excluded from this description’s pricing-sensitive detail.
The site is positioned along 1st Avenue NE, identified as a main commercial corridor, providing a central Cedar Rapids setting for an occupied healthcare property. The asset is offered at a 6.75% CAP rate, with established tenants in place and an NOI of $146,828.76 excluded from this description’s pricing-sensitive detail.
Key Highlights
- 100% occupied medical office property
- 0.705‑acre parcel at 2740 1st Avenue NE, Cedar Rapids, IA 52402
- 6.75% CAP rate
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$73,030
Cap Rate
3.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,460,600
$1.5M
Cap Rate 7%
$1,043,286
$1.0M
Cap Rate 9%
$811,444
$811.4K
Market Conditions
NOI Build-Up for 9,800 SF
Gross rent
$135.2K $13.80/SF
− Vacancy
−$13.5K −$1.38/SF
EGI
$121.7K $12.42/SF
− OpEx
−$48.7K −$4.97/SF
NOI
$73.0K $7.45/SF
Area
Cedar Rapids, IA
Vacancy
10.00%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,460,600
Cap Rate 7%
$1,043,286
Cap Rate 9%
$811,444
Alternative Uses
Best Use
Healthcare Medical
$1.04M
$912.9K – $1.22M
NOI $73,030 @ 7.0% cap · market cap 3.55%
Second Best
Office B
$672.3K
$588.3K – $784.4K
NOI $47,064 @ 7.0% cap · market cap 2.29%
Theoretical Best
Specialty Retail
$1.42M
$1.24M – $1.65M
NOI $99,286 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
415
Businesses Nearby
Under-served
Demand for This Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Healthcare-oriented office property with full occupancy, on-site parking, and Trad Mix zoning along a major commercial corridor.
Where is this medical office space located?
The property is located at 2740 1st Avenue NE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $2,055,000.
What are key features of this property?
This property features: 100% occupied medical office property; 0.705‑acre parcel at 2740 1st Avenue NE, Cedar Rapids, IA 52402; 6.75% CAP rate
