Class A Multi-Tenant Office
600 3rd Avenue SE Cedar Rapids, IA 52401
600 3rd Avenue SE, Cedar Rapids, IA, 52401
$3,850,000
For Sale
$3,850,000
Three-story, 2012-built multi-tenant office with masonry/concrete exterior and granite lobby flooring.
Property Size42,837 SF
Price / SF$89.88
Days on Market325
Property Features for 600 3rd Avenue SE
General Information
- Standard status
- Active
- Size
- 42,837 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 2012
Listing agency
Friest & Associates
(641) 990-7932
Listed by
Katie Sisson
(641) 990-7932
Source
Pinnaclerealtyia
Added: Sep 2, 2025 Updated: Jul 22 at 1:35PM Checked: Jul 22 at 1:35PM
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 Friest & Associates
Investment Insights
Based on property information with market context.
Built in 2012, this Class-A, three-story multi-tenant office building features a masonry/concrete exterior and a wood/steel structure. Interior finishes include commercial carpet and painted sheetrock, complemented by granite flooring in the lobby.
Located in downtown Cedar Rapids at 600 3rd Avenue SE, the property offers direct I-380 access and is positioned near the Medical District, as well as shopping, dining, and entertainment.
The building is currently occupied by Morgan Stanley and Clifton Larson Allen LLP.
Located in downtown Cedar Rapids at 600 3rd Avenue SE, the property offers direct I-380 access and is positioned near the Medical District, as well as shopping, dining, and entertainment.
The building is currently occupied by Morgan Stanley and Clifton Larson Allen LLP.
Key Highlights
- Class‑A, three‑story multi‑tenant office building built in 2012
- Masonry/concrete exterior with wood/steel structure
- Granite lobby flooring plus commercial carpet and painted sheetrock
Local Financial Insights For Office B
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 | $359.8k | $8.40 |
| − Vacancy | −$85.5k | −$2.00 |
| EGI | $274.3k | $6.40 |
| − OpEx | −$68.6k | −$1.60 |
| NOI | $205.7k | $4.80 |
42,837 SF · lease $8.40/SF/yr · vacancy 23.77% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.94M
$2.57M – $3.43M
NOI $205,724 @ 7.0% cap · market cap 5.34%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.20M
$5.42M – $7.23M
NOI $433,992 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Julie K Vogt ...
Financial Advisor
Corridor Motors - Cedar ...
Car Dealership
Lisa Tesar - Morgan ...
Financial Advisor
Wellmark Inc
Corporate Office
The Corridor Wealth Management ...
Financial Advisor
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Three-story, 2012-built multi-tenant office with masonry/concrete exterior and granite lobby flooring.
Where is this office building located?
The property is located at 600 3rd Avenue SE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: Class‑A, three‑story multi‑tenant office building built in 2012; Masonry/concrete exterior with wood/steel structure; Granite lobby flooring plus commercial carpet and painted sheetrock
