Three-Tenant Healthcare-Occupied Office
5005 Bowling St SW Cedar Rapids, IA 52404
5005 Bowling St SW, Cedar Rapids, IA, 52404
$1,995,000
For Sale
$1,995,000
Three-tenant office building with two healthcare tenants in place and additional space available for an owner occupant.
Property Size17,285 SF
Price / SF$115.42
Days on Market343
Property Features for 5005 Bowling St SW
General Information
- Standard status
- Active
- Size
- 17,285 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1999
Listing agency
SKOGMAN REALTY
(319) 721-6099
Listed by
Ryan Eighme
(319) 721-6099
Source
Pinnaclerealtyia
Added: Aug 13, 2025 Updated: Jul 20 at 8:26PM Checked: Jul 21 at 3:17AM
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 SKOGMAN REALTY
Investment Insights
Based on property information with market context.
This three-tenant office building is configured to support both existing income and owner use. Two established healthcare tenants currently occupy 58% of the building, with the remaining 9,980 SF available for an owner occupant.
The property is located at 5005 Bowling St SW in Cedar Rapids, Iowa. Both in-place tenants are regional healthcare providers with multiple locations across the Midwest.
The current setup offers a straightforward leasing-and-occupancy arrangement for buyers looking to combine supplemental income with room to expand their own operations within the same building.
The property is located at 5005 Bowling St SW in Cedar Rapids, Iowa. Both in-place tenants are regional healthcare providers with multiple locations across the Midwest.
The current setup offers a straightforward leasing-and-occupancy arrangement for buyers looking to combine supplemental income with room to expand their own operations within the same building.
Key Highlights
- Three‑tenant office building currently configured with two established healthcare tenants in place.
- Healthcare tenants occupy 58% of the space; 9,980 SF is available for an owner occupant.
- Built in 1999 office building with concrete slab‑on‑grade and carpet flooring.
Local Financial Insights For Healthcare Medical
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 | $238.5k | $13.80 |
| − Vacancy | −$23.9k | −$1.38 |
| EGI | $214.7k | $12.42 |
| − OpEx | −$85.9k | −$4.97 |
| NOI | $128.8k | $7.45 |
17,285 SF · lease $13.80/SF/yr · vacancy 10.00% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$1.84M
$1.61M – $2.15M
NOI $128,808 @ 7.0% cap · market cap 6.46%
Second Best
Office B
$1.19M
$1.04M – $1.38M
NOI $83,011 @ 7.0% cap · market cap 4.16%
Theoretical Best
Specialty Retail
$2.50M
$2.19M – $2.92M
NOI $175,119 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Cedar Rapids Recovery ...
Medical Clinic
Cedar Rapids Comprehensive ...
Medical Clinic
Compassus
Home Health Care Service
Arleen Zahn-Houser
Pediatrician
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FAQs
What type of property is this?
Office building - Three-tenant office building with two healthcare tenants in place and additional space available for an owner occupant.
Where is this office building located?
The property is located at 5005 Bowling St SW Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Three‑tenant office building currently configured with two established healthcare tenants in place.; Healthcare tenants occupy 58% of the space; 9,980 SF is available for an owner occupant.; Built in 1999 office building with concrete slab‑on‑grade and carpet flooring.
