Multi-Level Live-Work Office
For Sale
$475,000
2919 1ST Avenue SE, Cedar Rapids, IA 52403
Three separate entrances serve office, education, and meeting space, plus partially renovated upper-level residential living.
Property Size4,140 SF
Price / SF$114.73
Days on Market78
Property Features for 2919 1ST Avenue SE
General Information
Standard status
Active
Size
4,140 SF
Class
A
Total Parking Spaces
16
Property subtype
Commercial
Lease Term
[]
Building Details
Year Built
1957
Stories
3
Listing Agency:
Realty87
Listed By:
SoldBy JZ
(319) 389-0008
Source:
Cbhrealty
Added: Jun 28
Changed: Sep 12
Last Checked: Sep 13 at 9:47AM
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
Investment Insights
Based on property information with market context.
This multi-level live-work building includes distinct spaces across three levels with separate entrances. The main level is Class A office space, while the lower level is configured for office, education, conference, and meeting use. The upper level offers partially renovated residential living with new flooring, lighting, and paint. New windows and blinds are provided throughout, and each level has a private restroom. Off-street parking is available with 12 spaces on the south side of the building and an additional four spaces directly off 1st Avenue.
The property also includes a vacant lot at 2925 1st Ave SE. A new roof was installed in 2020, and the building has newer HVAC.
The combination of separate entrances and dedicated restroom facilities supports flexible occupancy across levels for office and education uses and residential living space within the same structure.
The property also includes a vacant lot at 2925 1st Ave SE. A new roof was installed in 2020, and the building has newer HVAC.
The combination of separate entrances and dedicated restroom facilities supports flexible occupancy across levels for office and education uses and residential living space within the same structure.
Key Highlights
- 1957 building with public water and 0.36‑acre lot (15,660 lot dimensions) with off‑street parking
- All 3 levels have separate entrances, including dedicated office/education/meeting space and upper‑level residential living
- Main level offers Class A office space; lower level includes office, education, and conference/meeting areas with private restrooms
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
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Open Analytics
Current Use
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
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Live-work space - Three separate entrances serve office, education, and meeting space, plus partially renovated upper-level residential living.
Where is this live-work space located?
The property is located at 2919 1ST Avenue 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: 1957 building with public water and 0.36‑acre lot (15,660 lot dimensions) with off‑street parking; All 3 levels have separate entrances, including dedicated office/education/meeting space and upper‑level residential living; Main level offers Class A office space; lower level includes office, education, and conference/meeting areas with private restrooms
