Three-Tenant Healthcare-Occupied Office
For Sale
$1,995,000
5005 Bowling Street SW, Cedar Rapids, IA 52404
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 Market428
Property Features for 5005 Bowling Street SW
General Information
Standard status
Active
Size
17,285 SF
Property subtype
Commercial
Zoning
SMC
Occupancy
58%
Taxes and HOA fees
Annual Taxes
$64,504
Amenities
Carpet,Concrete
Yes
1
No
Storage
Building,Land
Public
2.84
2.84 Ac
Off Street
Sprinkler/Irrigation
Building Details
Year Built
1999
Stories
1
Tenancy
Multi
Listing Agency:
IOWA REALTY
(319) 393-0900
Listed By:
Ali Rashid
(319) 333-2886
Source:
Pinnaclerealtyia
Added: Aug 13, 2025
Changed: Oct 13
Last Checked: Oct 12 at 6:28PM
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 IOWA 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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$128,808
Cap Rate
6.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,576,160
$2.6M
Cap Rate 7%
$1,840,114
$1.8M
Cap Rate 9%
$1,431,200
$1.4M
Market Conditions
NOI Build-Up for 17,285 SF
Gross rent
$238.5K $13.80/SF
− Vacancy
−$23.9K −$1.38/SF
EGI
$214.7K $12.42/SF
− OpEx
−$85.9K −$4.97/SF
NOI
$128.8K $7.45/SF
Area
Cedar Rapids, IA
Vacancy
10.00%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,576,160
Cap Rate 7%
$1,840,114
Cap Rate 9%
$1,431,200
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 authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
58%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
195
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
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 Street 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.
