Mixed-Use Retail and
2900/2912 1st Avenue NE Cedar Rapids, IA 52402
For Sale
$625,000
Five restored spaces combine leased commercial businesses with two apartments and parking improvements.
Property Size6,884 SF
Price / SF$90.79
Days on Market219
Property Features for 2900/2912 1st Avenue NE
General Information
- Standard status
- Active
- Size
- 6,884 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1926
Listing Agency:
GLD COMMERCIAL
(319) 981-2378
Listed By:
Kyle Steele
(319) 981-2378
Source:
Pinnaclerealtyia
Added: Dec 16, 2025
Changed: Jul 23
Last Checked: Jul 23 at 3:36AM
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 GLD COMMERCIAL
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 For Apartment 5plus
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 | $109.0k | $15.84 |
| − Vacancy | −$8.2k | −$1.19 |
| EGI | $100.9k | $14.65 |
| − OpEx | −$45.4k | −$6.59 |
| NOI | $55.5k | $8.06 |
6,884 SF · lease $15.84/SF/yr · vacancy 7.50% · expense 45.00%
Alternative Uses
Best Use
Retail
$929.9K
$813.7K – $1.08M
NOI $65,094 @ 7.0% cap · market cap 10.42%
Second Best
Multifamily LT 5
$859.3K
$751.9K – $1.00M
NOI $60,153 @ 7.0% cap · market cap 9.62%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
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.
