Downtown Flex Building with
724 3rd Avenue SE Cedar Rapids, IA 52401
724 3rd Avenue SE, Cedar Rapids, IA, 52401
$1,122,000
For Sale
$1,122,000
Two-story facility with showroom, office, warehouse, and basement storage plus ceiling heights from 11 to 25 feet.
Property Size16,800 SF
Price / SF$66.79
Days on Market37
Property Features for 724 3rd Avenue SE
General Information
- Standard status
- Active
- Size
- 16,800 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1905
Listing agency
EXECUTIVE REALTY
(319) 551-6448
Listed by
Cole Breitbach
(319) 551-6448
Source
Pinnaclerealtyia
Added: Jun 16 Updated: Jul 22 at 6:07AM Checked: Jul 22 at 6:07AM
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 EXECUTIVE REALTY
Investment Insights
Based on property information with market context.
Located at 724 & 725 3rd Avenue SE in Downtown Cedar Rapids, this 16,800 SF two-story commercial property includes both the main building and the adjacent lot at 725 3rd Avenue SE. The space is designed for flexible use, featuring a large showroom and warehouse area, five private offices, elevator access, and basement storage. Ceiling heights range from 11 to 25 feet, supporting a range of operational needs.
The property includes ample parking on the adjacent lot, along with additional street parking. A new digital billboard is installed, and the location provides convenient access to Interstate 380.
Overall, the building combines showroom, office, warehouse, and storage components in a centralized downtown setting.
The property includes ample parking on the adjacent lot, along with additional street parking. A new digital billboard is installed, and the location provides convenient access to Interstate 380.
Overall, the building combines showroom, office, warehouse, and storage components in a centralized downtown setting.
Key Highlights
- 16,800 SF two‑story commercial property at 724 & 725 3rd Avenue SE, including a main building plus the adjacent lot at 725 3rd Avenue SE
- Versatile interior with showroom, warehouse, five private offices, and basement storage
- Ceiling heights range from 11 to 25 feet across showroom and warehouse areas
Local Financial Insights For Industrial
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 | $131.0k | $7.80 |
| − Vacancy | −$5.2k | −$0.31 |
| EGI | $125.8k | $7.49 |
| − OpEx | −$37.8k | −$2.25 |
| NOI | $88.1k | $5.24 |
16,800 SF · lease $7.80/SF/yr · vacancy 3.97% · expense 30.00%
Alternative Uses
Best Use
Retail
$2.27M
$1.99M – $2.65M
NOI $158,858 @ 7.0% cap · market cap 14.16%
Second Best
Flex RnD
$1.67M
$1.46M – $1.95M
NOI $117,019 @ 7.0% cap · market cap 10.43%
Theoretical Best
Specialty Retail
$2.43M
$2.13M – $2.84M
NOI $170,205 @ 7.0% cap · market cap 15.17%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Flex space
Similar For Sale Nearby
Similar Off Market Nearby
- Katering Kitchen — 426 1st Ave NW, Cedar Rapids, IA 52405
- The Street Food Fighter LLC — 52405, cedar rapids, ia 52405
- Peppercorn Food Company — 426 1st Ave NW, Cedar Rapids, IA 52405
FAQs
What type of property is this?
Flex space - Two-story facility with showroom, office, warehouse, and basement storage plus ceiling heights from 11 to 25 feet.
Where is this flex space located?
The property is located at 724 3rd Avenue SE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $1,122,000.
What are key features of this property?
This property features: 16,800 SF two‑story commercial property at 724 & 725 3rd Avenue SE, including a main building plus the adjacent lot at 725 3rd Avenue SE; Versatile interior with showroom, warehouse, five private offices, and basement storage; Ceiling heights range from 11 to 25 feet across showroom and warehouse areas
