1100 Cimmie NE Ave Cedar Rapids, IA 52402-1278

Property Details for 1100 Cimmie NE Ave

Year built

2005

Lot size

10.90 lot acres

Property size

100,329 SF

Property type

Office buildings

APN

11-34-3-76-006-0-0000

APU

113437600600000

Description

This exceptional investment opportunity presents a 100,329 square foot Class A creative office building located at 1100 Cimmie Ave NE, Cedar Rapids, IA 52402. The property boasts a stabilized investment profile with a 4.54% cap rate and a strong net operating income (NOI) of $907,327. Currently 100% occupied by Collins Aerospace, a subsidiary of Raytheon Technologies (NYSE: RTX), under an absolute NNN lease with a corporate guarantee, providing significant tenant credit strength. The lease has a remaining term of approximately 2.9 years, expiring September 30, 2027, following a recent 3-year renewal option exercise. The single-story building, constructed in 2005 on a 10.91-acre lot, benefits from recent capital improvements including a roof replacement (2020) and HVAC upgrades (2024). Collins Aerospace is the largest employer in Cedar Rapids, employing 9,000 people across its local facilities. The asking price is $20,000,000, translating to a price per square foot of $199.34. This presents a compelling opportunity to acquire a high-quality, single-tenant office building with a secure lease and significant upside potential in a thriving Iowa market. The property's location in Linn County offers excellent access to major transportation routes and amenities.

Location Insight

City

Cedar Rapids

County

Linn

State

Iowa

Longitude

-91.6508

Latitude

42.0395

CBSA code

16300

CBSA name

CEDAR RAPIDS, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments