Three-Level Live-Work
For Sale
$475,000
2919 1st Ave SE, Cedar Rapids, IA 52403
Commercial, Cedar Rapids, IA
Property Size4,140 SF
Lot Size0.36 Acres
Price / SF$114.73
Days on Market47
Property Features for 2919 1st Ave SE
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Trad MU
Rooms
Basement
Directions
On 1st Avenue SE just east of 29th St
Subdivision
SE Quadrant
Standard status
Active
APN
14113-54011-00000
Size
4,140 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Description
MCGREW'S 1ST N60' W45' LOT 3 & ALL LOT 2 BLK 1
Tax Annual Amount
3151
Legal Description
MCGREW'S 1ST N60' W45' LOT 3 & ALL LOT 2 BLK 1
Amenities
separate entrances
new windows & blinds
private restrooms
Building Details
Year built
1957
Flooring type
Carpet
Building materials
Frame
Roof type
Metal
Listing Agency:
Realty87 · Coldwell Banker Real Estate
(319) 378-8760
Listed By:
Jim Zachar
(319) 367-8760
Added: Jul 10
Changed: Aug 19
Last Checked: Aug 25 at 3:06PM
MLS# 2604926
Copyright © 2026 Cedar Rapids Area Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-level live-work property contains 4,140 square feet with distinct commercial and residential components. The main floor is configured as office space, while the upper level includes partially renovated residential living with new flooring, lighting, and paint. The lower level provides office, education, conference, and meeting areas. Each level has a separate entrance and private restroom, and the building also features new windows and blinds.
The property includes 16 off-street parking spaces, with 12 spaces on the south side and four spaces near 1st Avenue. A 72' x 180' buildable lot fronting 1st Avenue SE is included. The building was constructed in 1957, has a metal roof installed in 2020, newer HVAC, and Trad MU zoning.
The property includes 16 off-street parking spaces, with 12 spaces on the south side and four spaces near 1st Avenue. A 72' x 180' buildable lot fronting 1st Avenue SE is included. The building was constructed in 1957, has a metal roof installed in 2020, newer HVAC, and Trad MU zoning.
Key Highlights
- 4,140‑square‑foot, three‑level live‑work property
- Separate entrances and private restrooms on all 3 levels
- Upper level includes partially renovated residential living
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$35,040
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.38%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$700,800
$700.8K
Cap Rate 7%
$500,571
$500.6K
Cap Rate 9%
$389,333
$389.3K
Market Conditions
NOI Build-Up for 4,140 SF
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.
Gross rent
$60.6K $14.64/SF
− Vacancy
−$4.5K −$1.10/SF
EGI
$56.1K $13.54/SF
− OpEx
−$21.0K −$5.08/SF
NOI
$35.0K $8.46/SF
Area
Cedar Rapids, IA
Vacancy
7.50%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$700,800
Cap Rate 7%
$500,571
Cap Rate 9%
$389,333
Alternative Uses
Best Use
Mixed Use
$500.6K
$438.0K – $584.0K
NOI $35,040 @ 7.0% cap · market cap 7.38%
Second Best
Office B
$284.0K
$248.5K – $331.4K
NOI $19,882 @ 7.0% cap · market cap 4.19%
Theoretical Best
Specialty Retail
$599.2K
$524.3K – $699.1K
NOI $41,943 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
414
Businesses Nearby
Explore this area
Business Placement
Demographics for 52403, IA
23,012
Population
10,759
Households
2.1
Avg Household Size
41
Median Age
40%
College-Educated
95%
High-School Grad
26.3 sq mi
ZIP Area
875
Density / Sq Mi
$73,848
Median Household Income
$46,148
Median Earnings
$857
Median Rent
$190,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Flexible three-level layout combines office, residential, and meeting space with separate entrances and private restrooms.
Where is this live-work space located?
The property is located at 2919 1st Ave SE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 4,140‑square‑foot, three‑level live‑work property; Separate entrances and private restrooms on all 3 levels; Upper level includes partially renovated residential living
