Warehouse and Distribution
For Sale
Contact for pricing
640 29th Ave SW, Cedar Rapids, IA 52404
Industrial warehouse-distribution building with office areas and loading capabilities near major Cedar Rapids routes.
Property Size29,332 SF
Price / SF$68.01
Days on Market538
Property Features for 640 29th Ave SW
General Information
Standard status
Active
Size
29,332 SF
Property subtype
INDUSTRIAL
Additional Details
Highway Access
Yes
Dock-High Doors
2
Listing Agency:
GLD Commercial
(319) 731-3400
Listed By:
Angie Glick
(319) 731-3409
Source:
Moodyscre
Added: Mar 21, 2025
Changed: Aug 16
Last Checked: Aug 14 at 8:04AM
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
Investment Insights
Based on property information with market context.
A well-located industrial facility currently used as a warehouse and distribution center, offering a mix of warehouse space, office areas, and loading capabilities. The property includes a 7,940 SF addition added in 2015, 2 dock doors, and 2 overhead doors. A new roof was installed in 2020.
Situated in SW Cedar Rapids, the facility is within 1 mile of I-380 and 1.5 miles of Highway 30, providing convenient access to major transportation routes.
The building totals 29,332 SF and is configured to support both warehousing and distribution activity, with office space included on site.
Situated in SW Cedar Rapids, the facility is within 1 mile of I-380 and 1.5 miles of Highway 30, providing convenient access to major transportation routes.
The building totals 29,332 SF and is configured to support both warehousing and distribution activity, with office space included on site.
Key Highlights
- 29,332 SF industrial warehouse and distribution building with office areas and loading capabilities
- 7,940 SF addition added in 2015
- New roof completed in 2020
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
$153,795
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
7.71%
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%
$3,075,900
$3.1M
Cap Rate 7%
$2,197,071
$2.2M
Cap Rate 9%
$1,708,833
$1.7M
Market Conditions
NOI Build-Up for 29,332 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
$228.8K $7.80/SF
− Vacancy
−$9.1K −$0.31/SF
EGI
$219.7K $7.49/SF
− OpEx
−$65.9K −$2.25/SF
NOI
$153.8K $5.24/SF
Area
Cedar Rapids, IA
Vacancy
3.97%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
30.00%
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%
$3,075,900
Cap Rate 7%
$2,197,071
Cap Rate 9%
$1,708,833
Alternative Uses
Best Use
Warehouse
$2.67M
$2.33M – $3.11M
NOI $186,751 @ 7.0% cap · market cap 9.36%
Second Best
Industrial
$2.20M
$1.92M – $2.56M
NOI $153,795 @ 7.0% cap · market cap 7.71%
Theoretical Best
Specialty Retail
$4.25M
$3.71M – $4.95M
NOI $297,170 @ 7.0% cap · market cap 14.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Dock-high doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
491
Businesses Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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- Advantage Companies — 1035 33rd Ave SW, Cedar Rapids, IA 52402
- Possibilities Unlimited Self Storage — 707 31st Ave SW, Cedar Rapids, IA 52404
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial warehouse-distribution building with office areas and loading capabilities near major Cedar Rapids routes.
Where is this warehouse located?
The property is located at 640 29th Ave 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: 29,332 SF industrial warehouse and distribution building with office areas and loading capabilities; 7,940 SF addition added in 2015; New roof completed in 2020
