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    Historic Cedar Rapids Commercial Building Title is generated by Realmo AI

    724 3rd Avenue SE, Cedar Rapids, IA 52401

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    Claim this Listing
    For Sale
    $1,700,000

    COMMERCIAL - Cedar Rapids, IA

    Type:Office
    Property size:
    16,800 SF
    Lot size:
    0.19 Acres
    Price / SF:
    $101/SF
    Added:
    Nov 10, 2025
    Days on Market:
    193
    Last Refresh:
    May 22 at 9:06 am

    Property Features for 724 3rd Avenue SE

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    UFD
    Rooms
    Basement
    Standard status
    Active
    APN
    14214-78001-00000
    Size
    16,800 SF
    Lot size
    0.19 Acres

    Taxes and HOA fees

    Tax Description
    O T STR/LB 6 59
    Tax Annual Amount
    30970

    Building Details

    Year built
    1905
    Flooring type
    Carpet
    Roof type
    Membrane

    We can help!

    Listing Contact
    Jim Angstman
    Jim Angstman

    Listing agent Jim Angstman

    Listing office Realty87 5408 BLAIRS FOREST WAY NE, Cedar Rapids, IA

    Listing date Nov 10, 2025

    MLS# 2509237

    Copyright © 2026 Cedar Rapids Area Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Landmark 120‑year‑old building with historical charm and modern updates.
    • Potential for multiple revenue streams under one roof.
    • Located steps from MedQ and minutes from I‑380.
    • 12 off‑street parking spaces plus free street parking.
    • Layout supports single or multi‑tenant use.
    • Fully functional basement for extra storage.

    Overview

    This beautifully maintained 120-year-old landmark building offers a blend of timeless charm and modern updates. The two-story concrete frame building has unique character and endless potential, suitable for housing multiple revenue lines under one roof. The property is located steps from the MedQ and minutes from I-380, providing easy access. It features 12 off-street parking spaces, plus free parking along 8th Street SE. With multiple entrances and exits, the layout easily supports single or multi-tenant use, making it ideal for offices, studios, or professional services. The fully functional basement provides extra storage and flexible space. The property is situated on a 0.19-acre lot and offers 16,800 square feet of space. This commercial real estate is located in Cedar Rapids, Linn County, Iowa. The zoning is UFD.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cedar Rapids
    County
    Linn
    State
    Iowa
    Longitude
    -91.680627
    Latitude
    41.9717902

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    FAQs

    What type of property is this?
    Office building - Landmark building with modern updates, suitable for various businesses.
    Where is this office building 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 $1,700,000.
    What are key features of this property?
    This property features: Landmark 120‑year‑old building with historical charm and modern updates.; Potential for multiple revenue streams under one roof.; Located steps from MedQ and minutes from I‑380.
    (319) 367-8760
    We can help!
    Listing Contact
    Jim Angstman
    Jim Angstman
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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