Mixed-Use Retail and
For Sale
$625,000
2900/2912 1st Avenue NE, Cedar Rapids, IA 52402
Five restored spaces combine leased commercial businesses with two apartments and parking improvements.
Property Size6,884 SF
Price / SF$90.79
Days on Market311
Property Features for 2900/2912 1st Avenue NE
General Information
Standard status
Active
Size
6,884 SF
Total Parking Spaces
10
Property subtype
Commercial
Zoning
TMUC
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,471
Amenities
Carpet,Wood
Yes
Display Window(s)
Building,Land
Public
0.44
19200
Off Street
Building Details
Year Built
1926
Listing Agency:
Urban Acres Real Estate
(319) 393-0900
Listed By:
Kyle Steele
(319) 981-2378
Source:
Pinnaclerealtyia
Added: Dec 16, 2025
Changed: Oct 15
Last Checked: Oct 20 at 6:14PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This offering includes two historic properties that have been restored by the seller and arranged into five unique leased spaces. The configuration features three commercial businesses and two apartments, including a 1-bedroom and a 3-bedroom unit. The seller reports numerous improvements to the buildings and exterior parking as part of the restoration.
The property also includes a 10-car overflow parking lot located across 29th Street at 115 29th St NE. The city has installed new streets and sidewalks, and the site benefits from a major trail connection next to 2900 1st Ave NE.
According to the seller, the buildings are 100% leased with annual rent escalations. Gross income is projected to be $67,000 in 2026, and contract sale terms are available for a qualified buyer.
The property also includes a 10-car overflow parking lot located across 29th Street at 115 29th St NE. The city has installed new streets and sidewalks, and the site benefits from a major trail connection next to 2900 1st Ave NE.
According to the seller, the buildings are 100% leased with annual rent escalations. Gross income is projected to be $67,000 in 2026, and contract sale terms are available for a qualified buyer.
Key Highlights
- Restored historic property set up as five unique spaces: 3 commercial businesses plus 2 apartments (1‑bedroom and 3‑bedroom).
- Buildings are 100% leased with annual rent escalations; gross income projected at $67,000 for 2026.
- Includes off‑street parking and a 10‑car overflow parking lot across 29th Street at 115 29th St NE.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,475
Cap Rate
8.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,109,500
$1.1M
Cap Rate 7%
$792,500
$792.5K
Cap Rate 9%
$616,389
$616.4K
Market Conditions
NOI Build-Up for 6,884 SF
Gross rent
$109.0K $15.84/SF
− Vacancy
−$8.2K −$1.19/SF
EGI
$100.9K $14.65/SF
− OpEx
−$45.4K −$6.59/SF
NOI
$55.5K $8.06/SF
Area
Cedar Rapids, IA
Vacancy
7.50%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,109,500
Cap Rate 7%
$792,500
Cap Rate 9%
$616,389
Alternative Uses
Best Use
Multifamily LT 5
$859.3K
$751.9K – $1.00M
NOI $60,153 @ 7.0% cap · market cap 9.62%
Second Best
Apartment 5plus
$792.5K
$693.4K – $924.6K
NOI $55,475 @ 7.0% cap · market cap 8.88%
Theoretical Best
Specialty Retail
$996.3K
$871.8K – $1.16M
NOI $69,743 @ 7.0% cap · market cap 11.16%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
414
Businesses Nearby
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
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Five restored spaces combine leased commercial businesses with two apartments and parking improvements.
Where is this duplex located?
The property is located at 2900/2912 1st Avenue NE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Restored historic property set up as five unique spaces: 3 commercial businesses plus 2 apartments (1‑bedroom and 3‑bedroom).; Buildings are 100% leased with annual rent escalations; gross income projected at $67,000 for 2026.; Includes off‑street parking and a 10‑car overflow parking lot across 29th Street at 115 29th St NE.
