Architecturally Unique Office Building

2875 Mt Vernon Rd SE, Cedar Rapids, IA 52403

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For Sale

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Unique office building with covered parking and open floor plan.

Type:Office

Property size:

5,061 SF

Price / SF:

$74/SF

HighLights

Significant price reduction allows for customized upgrades and renovations.
Architecturally unique design by Leo Pieffer on a prominent corner lot.
Covered parking for 18 vehicles, a rare and valuable amenity.
Spacious, open plan area with a gas fireplace, ideal for collaborative work.
Multiple entry points, including covered lower‑level access.
Includes 4 private offices, a large conference room, and a breakroom/kitchen.

We can help!

Listing Contact

Mike Esker

For Sale

Contact for pricing

Unique office building with covered parking and open floor plan.

Type:Office

Property size:

5,061 SF

Price / SF:

$74/SF

Added:: Feb 2, 2024
Days on Market:: 868
Last Refresh:: May 12 at 10:50 pm

Property Features for 2875 Mt Vernon Rd SE

General Information

Standard status: Active
Size: 5,061 SF
Property subtype: Office

Building Details

Year Built: 1988

We can help!

Listing Contact

Mike Esker

Listing agent Mike Esker License #IA B41939000

Listing office Realty87

Listing date Feb 2, 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 Realty87

HighLights

Significant price reduction allows for customized upgrades and renovations.
Architecturally unique design by Leo Pieffer on a prominent corner lot.
Covered parking for 18 vehicles, a rare and valuable amenity.
Spacious, open plan area with a gas fireplace, ideal for collaborative work.
Multiple entry points, including covered lower‑level access.
Includes 4 private offices, a large conference room, and a breakroom/kitchen.

Overview

This architecturally unique office building, the visionary work of architect Leo Pieffer, is positioned on a prominent corner lot. The design merges contemporary aesthetics with smart functionality. The property features covered parking for 18 vehicles on the ground floor, a rare and valuable amenity. Multiple entry points include a covered lower-level entrance and a ground level entrance. Inside, a spacious, open plan area is centered around a gas fireplace, ideal for collaborative workspaces or a reception area. The layout includes 4 private offices, a large conference room, and a breakroom/kitchen, as well as 2 restrooms. The building offers 5061 square feet of space and has been thoughtfully maintained. It is being sold as is, with inspections for information only. This property offers a blend of style, space, and affordability, presenting an opportunity to create a custom office space.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$42.5k	$8.40
− Vacancy	−$10.1k	−$2.00
EGI	$32.4k	$6.40
− OpEx	−$8.1k	−$1.60
NOI	$24.3k	$4.80

5,061 SF · lease $8.40/SF/yr · vacancy 23.77% · expense 25.00%

Alternative Uses

Best Use

Office B

$347.2K

$303.8K – $405.1K (±1% cap)

NOI $24,305 @ 7.0% cap · market cap 6.41%

Second Best

—

no second resolved use

Theoretical Best

Specialty Retail

$732.5K

$640.9K – $854.6K (±1% cap)

NOI $51,274 @ 7.0% cap · market cap 13.53%

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

Property Profile Location Intelligence

Current Use by Public Records

NRG Media | Great ... Radio Station

Suggested Use

Location Insight

Map
Local Demand

City: Cedar Rapids
County: Linn
State: Iowa
Longitude: -91.6236852
Latitude: 41.9766432

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For sale
Office buildings
IA
Cedar Rapids
52403
2875 Mt Vernon Rd SE

What type of property is this?

Office building - Unique office building with covered parking and open floor plan.

Where is this office building located?

The property is located at 2875 Mt Vernon Rd SE Cedar Rapids, IA.

What is the asking price?

The asking price for this property is $379,000.

What are key features of this property?

This property features: Significant price reduction allows for customized upgrades and renovations.; Architecturally unique design by Leo Pieffer on a prominent corner lot.; Covered parking for 18 vehicles, a rare and valuable amenity.