Multi-Tenant Office
For Sale
$2,250,000
4211 Glass Rd NE, Cedar Rapids, IA 52402
Well-maintained multi-tenant office campus on a wooded site with convenient access to Cedar Rapids amenities.
Property Size28,472 SF
Lot Size5.66 Acres
Price / SF$79.03
Days on Market48
Property Features for 4211 Glass Rd NE
General Information
Standard status
Active
Size
28,472 SF
Lot size
5.66 Acres
Additional Details
Highway Access
Yes
Building Details
Year Built
1976
Tenancy
Multi
Listing Agency:
Pinnacle Realty
Listed By:
Trev Adair · License #322502720
(319) 350-9476
Source:
Kwlegacyrealty
Added: Jul 20
Changed: Aug 14
Last Checked: Sep 4 at 10:32AM
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 Pinnacle Realty
Investment Insights
Based on property information with market context.
Offered for sale is a multi-tenant office campus in NE Cedar Rapids featuring a well-maintained office building. The property is set on a 5.66-acre wooded site, providing a private, natural setting while remaining accessible for business operations. It is positioned for convenience to everyday needs while maintaining a quiet, professional environment.
According to the provided remarks, the campus is less than 5 minutes from restaurants and shopping and about 10 minutes to Downtown Cedar Rapids. Nearby amenities include Twin Pines Golf Course and multiple retail centers, along with easy access to major roadways.
This offering presents a flexible office configuration within a maintained, multi-tenant setting, suitable for a buyer seeking immediate income potential and long-term adaptability based on the owner-user or investor approach.
According to the provided remarks, the campus is less than 5 minutes from restaurants and shopping and about 10 minutes to Downtown Cedar Rapids. Nearby amenities include Twin Pines Golf Course and multiple retail centers, along with easy access to major roadways.
This offering presents a flexible office configuration within a maintained, multi-tenant setting, suitable for a buyer seeking immediate income potential and long-term adaptability based on the owner-user or investor approach.
Key Highlights
- 1976‑built, well‑maintained multi‑tenant office campus in NE Cedar Rapids
- 5.66‑acre wooded site
- Multi‑tenant office building designed for owner‑users or investors
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
$136,736
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
6.08%
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%
$2,734,720
$2.7M
Cap Rate 7%
$1,953,371
$2.0M
Cap Rate 9%
$1,519,289
$1.5M
Market Conditions
NOI Build-Up for 28,472 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
$239.2K $8.40/SF
− Vacancy
−$56.8K −$2.00/SF
EGI
$182.3K $6.40/SF
− OpEx
−$45.6K −$1.60/SF
NOI
$136.7K $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%
$2,734,720
Cap Rate 7%
$1,953,371
Cap Rate 9%
$1,519,289
Alternative Uses
Best Use
Office B
$1.95M
$1.71M – $2.28M
NOI $136,736 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.12M
$3.61M – $4.81M
NOI $288,457 @ 7.0% cap · market cap 12.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
296
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained multi-tenant office campus on a wooded site with convenient access to Cedar Rapids amenities.
Where is this office building located?
The property is located at 4211 Glass Rd NE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 1976‑built, well‑maintained multi‑tenant office campus in NE Cedar Rapids; 5.66‑acre wooded site; Multi‑tenant office building designed for owner‑users or investors
