All-Brick Live-Work Building with
For Sale
$950,000
Pending
608 2nd Avenue SE, Cedar Rapids, IA 52401
Almost 10,000 finished live-work space includes a yoga studio, woodworking shop, multiple massage services, Airbnb studio, and a 4BR apartment.
Property Size9,660 SF
Days on Market64
Property Features for 608 2nd Avenue SE
General Information
Standard status
Pending
Size
9,660 SF
Total Parking Spaces
3
Property subtype
Commercial
Zoning
MIX USE
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,729
Amenities
Concrete,Wood
Yes
2
No
Display Window(s)
Storage
Building,Business
Public
0.163
irregular
Building Details
Year Built
1910
Stories
2
Tenancy
Multi
Listing Agency:
GLD Commercial Real Estate Advisors
(319) 393-0900
Listed By:
Z Maryland
(319) 431-0382
Source:
Pinnaclerealtyia
Added: Jul 3
Changed: Sep 4
Last Checked: Sep 4 at 4:02AM
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 all-brick property is approximately 9,660 square feet of finished space offering multiple options in one building. The current setup includes a yoga studio, two massage therapists, and a woodworking shop, along with two garage spaces plus covered parking. The building also features a thriving Airbnb studio and a 4-bedroom, 2-bath apartment with access to a rooftop patio and hangout area.
Located at 608 2nd Avenue SE in Cedar Rapids, the property’s layout supports different ways to live and operate under one roof, including space for business use and residential living.
The combination of studio/workspace components, on-site parking, and rooftop outdoor access makes this a distinctive live-work configuration designed around flexibility for a buyer looking for a single property that can serve more than one purpose.
Located at 608 2nd Avenue SE in Cedar Rapids, the property’s layout supports different ways to live and operate under one roof, including space for business use and residential living.
The combination of studio/workspace components, on-site parking, and rooftop outdoor access makes this a distinctive live-work configuration designed around flexibility for a buyer looking for a single property that can serve more than one purpose.
Key Highlights
- Almost 10,000 finished live‑work space in an all‑brick 2‑story building
- Includes a yoga studio, woodworking shop, and services for 2 massage therapists
- Features an Airbnb studio plus a 4‑bedroom, 2 full‑bath apartment with rooftop patio/hangout area access
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
$81,760
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
8.61%
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%
$1,635,200
$1.6M
Cap Rate 7%
$1,168,000
$1.2M
Cap Rate 9%
$908,444
$908.4K
Market Conditions
NOI Build-Up for 9,660 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
$141.4K $14.64/SF
− Vacancy
−$10.6K −$1.10/SF
EGI
$130.8K $13.54/SF
− OpEx
−$49.1K −$5.08/SF
NOI
$81.8K $8.46/SF
Area
Cedar Rapids, IA
Vacancy
7.50%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
37.50%
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%
$1,635,200
Cap Rate 7%
$1,168,000
Cap Rate 9%
$908,444
Alternative Uses
Best Use
Mixed Use
$1.17M
$1.02M – $1.36M
NOI $81,760 @ 7.0% cap · market cap 8.61%
Second Best
Office B
$662.7K
$579.9K – $773.2K
NOI $46,392 @ 7.0% cap · market cap 4.88%
Theoretical Best
Specialty Retail
$1.40M
$1.22M – $1.63M
NOI $97,868 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,909
Businesses Nearby
Explore this area
Business Placement
Demographics for 52401, IA
2,320
Population
1,480
Households
1.6
Avg Household Size
35
Median Age
35%
College-Educated
89%
High-School Grad
1.2 sq mi
ZIP Area
1,933
Density / Sq Mi
$40,675
Median Household Income
$38,635
Median Earnings
$783
Median Rent
$143,800
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?
Live-work space - Almost 10,000 finished live-work space includes a yoga studio, woodworking shop, multiple massage services, Airbnb studio, and a 4BR apartment.
Where is this live-work space located?
The property is located at 608 2nd Avenue SE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Almost 10,000 finished live‑work space in an all‑brick 2‑story building; Includes a yoga studio, woodworking shop, and services for 2 massage therapists; Features an Airbnb studio plus a 4‑bedroom, 2 full‑bath apartment with rooftop patio/hangout area access
