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Building Details

Building Size 1,812 SF

Year Built 1924

Listing Agency: Urban Acres Real Estate Show Phone

Listed By: Kyle Steele Show Phone

Source: Pinnaclerealtyia

Added: Mar 12 Changed: Oct 15 Last Checked: Oct 14 at 9:16PM

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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

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.

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 / Yr

$21,673

Cap Rate

3.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$433,460 $433.5K

Cap Rate 7%

$309,614 $309.6K

Cap Rate 9%

$240,811 $240.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,292 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $23,221 @ 7.0% cap · market cap 4.04%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

O So Beautiful ... Hair Salon

Suggested Use

Top Pick Real Estate Agency Law Firm Restaurant Building Supply Spa & Massage Center Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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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