Two-Building Office
For Sale
$2,659,000
3165/3205 Williams Boulevard SW, Cedar Rapids, IA 52404
Two occupied office buildings offer brick construction, concrete parking, and government-backed lease commitments.
Property Size17,528 SF
Price / SF$151.70
Days on Market283
Property Features for 3165/3205 Williams Boulevard SW
General Information
Standard status
Active
Size
17,528 SF
Property subtype
Commercial
Zoning
SMUCC
Taxes and HOA fees
Annual Taxes
$73,049
Amenities
Concrete
Yes
1
No
Building,Land
Public
1.72
74924
Off Street
Building Details
Year Built
2007
Buildings
2
Stories
1
Construction
brick facade
Tenancy
Single
Listing Agency:
GLD Commercial Real Estate Advisors
(319) 538-7671
Listed By:
Star Horak
(319) 538-7671
Source:
Pinnaclerealtyia
Added: Nov 20, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:59PM
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 Real Estate Advisors
Investment Insights
Based on property information with market context.
This office property comprises two occupied buildings at 3165 and 3205 Williams Boulevard SW in Cedar Rapids. The combined building area is 17,528 square feet, with a 10,028-square-foot office building at 3165 Williams Boulevard and a 7,500-square-foot office building at 3205 Williams Boulevard. Both improvements were built in 2007 and feature low-maintenance brick facades with concrete parking areas.
The leases provide government-related tenancy across both buildings. The 3165 Williams Boulevard building is leased through July 2029 and September 2029, while the 3205 Williams Boulevard building is occupied by the IRS through November 2026. Lumens, Mediacom, and ImOn services are available in the surrounding vicinity.
The leases provide government-related tenancy across both buildings. The 3165 Williams Boulevard building is leased through July 2029 and September 2029, while the 3205 Williams Boulevard building is occupied by the IRS through November 2026. Lumens, Mediacom, and ImOn services are available in the surrounding vicinity.
Key Highlights
- 17,528 SF combined office area across two buildings
- 10,028 SF office building at 3165 Williams Boulevard
- 7,500 SF office building at 3205 Williams Boulevard
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
$84,178
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
3.17%
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%
$1,683,560
$1.7M
Cap Rate 7%
$1,202,543
$1.2M
Cap Rate 9%
$935,311
$935.3K
Market Conditions
NOI Build-Up for 17,528 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
$147.2K $8.40/SF
− Vacancy
−$35.0K −$2.00/SF
EGI
$112.2K $6.40/SF
− OpEx
−$28.1K −$1.60/SF
NOI
$84.2K $4.80/SF
Area
Cedar Rapids, IA
Vacancy
23.77%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,683,560
Cap Rate 7%
$1,202,543
Cap Rate 9%
$935,311
Alternative Uses
Best Use
Office B
$1.20M
$1.05M – $1.40M
NOI $84,178 @ 7.0% cap · market cap 3.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.54M
$2.22M – $2.96M
NOI $177,580 @ 7.0% cap · market cap 6.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
611
Businesses Nearby
Explore this area
Business Placement
Demographics for 52404, IA
43,385
Population
19,923
Households
2.2
Avg Household Size
35
Median Age
22%
College-Educated
94%
High-School Grad
56.6 sq mi
ZIP Area
767
Density / Sq Mi
$62,304
Median Household Income
$38,865
Median Earnings
$885
Median Rent
$159,700
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?
Office building - Two occupied office buildings offer brick construction, concrete parking, and government-backed lease commitments.
Where is this office building located?
The property is located at 3165/3205 Williams Boulevard SW Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $2,659,000.
What are key features of this property?
This property features: 17,528 SF combined office area across two buildings; 10,028 SF office building at 3165 Williams Boulevard; 7,500 SF office building at 3205 Williams Boulevard
