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    Architecturally Unique Office Building Title is generated by Realmo AI

    2875 Mt Vernon Rd SE, Cedar Rapids, IA 52403

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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
    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

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    Listing Contact
    Mike Esker
    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
    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.

    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

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Cedar Rapids
    County
    Linn
    State
    Iowa
    Longitude
    -91.6236852
    Latitude
    41.9766432

    FAQs

    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.
    (319) 367-8760 Call to check price and availability
    More about this property
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