Two-Parcel Commercial Land
For Sale
$575,000
2821 & 2829 SE Mt Vernon Road, Cedar Rapids, IA 52401
Commercial zoning accompanies two parcels with an existing house and store requiring separate property evaluations.
Property Size1,812 SF
Price / SF$250.87
Days on Market173
Property Features for 2821 & 2829 SE Mt Vernon Road
General Information
Standard status
Active
Size
1,812 SF
Property subtype
Commercial
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$6,967
Amenities
0.944
1812
Building Details
Building Size
1,812 SF
Year Built
1924
Listing Agency:
Urban Acres Real Estate Corridor
(319) 981-2378
Listed By:
Kyle Steele
(319) 981-2378
Source:
Pinnaclerealtyia
Added: Mar 12
Changed: Aug 30
Last Checked: Aug 30 at 1:52PM
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 Urban Acres Real Estate Corridor
Investment Insights
Based on property information with market context.
This commercial land offering includes two parcels at 2821 and 2829 SE Mt Vernon Road in Cedar Rapids, Iowa. The properties are being offered together and in their existing condition, with value centered primarily on the land. Commercial zoning applies to the package.
The existing house at 2829 is identified as restorable or capable of relocation to another site. The store at 2821 may require demolition to comply with City Code. These conditions make the existing improvements separate considerations from the underlying land and its future use or development.
The existing house at 2829 is identified as restorable or capable of relocation to another site. The store at 2821 may require demolition to comply with City Code. These conditions make the existing improvements separate considerations from the underlying land and its future use or development.
Key Highlights
- Two parcels offered together as one package
- Commercial zoning
- Properties conveyed in their existing condition
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
$21,673
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
3.77%
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%
$433,460
$433.5K
Cap Rate 7%
$309,614
$309.6K
Cap Rate 9%
$240,811
$240.8K
Market Conditions
NOI Build-Up for 2,292 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
$33.6K $14.64/SF
− Vacancy
−$2.6K −$1.13/SF
EGI
$31.0K $13.51/SF
− OpEx
−$9.3K −$4.05/SF
NOI
$21.7K $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%
$433,460
Cap Rate 7%
$309,614
Cap Rate 9%
$240,811
Alternative Uses
Best Use
Retail
$309.6K
$270.9K – $361.2K
NOI $21,673 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$331.7K
$290.3K – $387.0K
NOI $23,221 @ 7.0% cap · market cap 4.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
286
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - Commercial zoning accompanies two parcels with an existing house and store requiring separate property evaluations.
Where is this commercial land located?
The property is located at 2821 & 2829 SE Mt Vernon Road Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two parcels offered together as one package; Commercial zoning; Properties conveyed in their existing condition
