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Property profile & analytics
FOR SALE
Office buildings
123 5Th St SE Cedar Rapids, IA 52401
Individually Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US25-0431041
For Sale
1 / 8
$3,200,000
123 5Th St SE, Cedar Rapids, IA 52401
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Property summary
AI-generated overview
This exceptional office building, located at 123 5th St SE in Cedar Rapids, Iowa, presents a unique investment opportunity. Originally constructed in 1903 by the Palmer School of Handwriting and extensively renovated in 2010, this property seamlessly blends historic charm with modern functionality. The building encompasses 32,256 square feet, offering approximately 8,000 square feet per floor, spread across one building situated on a 0.193-acre lot. The asking price is $3,200,000, translating to $99.21 per square foot. The property is zoned for Urban Form District and features abundant natural light, open floor plans, and state-of-the-art facilities designed to maximize productivity and comfort. Its prominent downtown location provides excellent visibility and accessibility, with convenient access to nearby restaurants. This NNN lease property offers a premier leasing opportunity in the heart of Cedar Rapids, providing an ideal setting for businesses seeking a vibrant and engaging office environment. The building's rich history and modern amenities combine to create a truly exceptional workspace.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1903
Total area
24,192 SF
Lot
0.19 ac (8,276 SF)
APN
14-21-4-57-001-0-0000
UPID
US25-0431041
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
ITC Midwest Electric Utility Company
-
Linn County Administrative Government Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.91M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.39M
Owner & transaction history
2nd & 2nd Lc · 4 yrs held
2nd & 2nd Lc
since 2022
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$2.0M
+5.4%
Neighborhood: shopping center
$2.0M
+4.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Cedar Rapids submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Cedar Rapids submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$2,065,000
6.5%
$1,905,000
7%
$1,770,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,890,000
Current use
RETAIL STORES
$1,990,000
Change: +5% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$1,985,000
Change: +5% · Conversion: Difficult
Blend value · Realmo final
$1.39M
Range $1.25M – $1.52M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$57 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$67,222
Tax year 2022
Assessed value
$1,652,000
Assessed 2023
Previous assessed
$1,652,000
+0.0% YoY
Effective rate
4.07%
On assessed value
Assessed land
$100,800
Assessed improvement
$1,551,200
Land market value
$100,800
Improvement market value
$1,551,200
Total market value
$1,652,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Sale
Year built
1903
Heating
NONE
Stories
3
Total area
24,192 SF
Lot
0.19 ac (8,276 SF)
APN
14-21-4-57-001-0-0000
UPID
US25-0431041
Jurisdiction
LINN
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.9M
RETAIL STORES
Est. value
$2.0M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.0M
OFFICE BUILDING Current
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1903
Heating
NONE
Stories
3
Lot
0.19 ac
Current owner
From public records · entity-resolved
2nd & 2nd Lc
Individual
Mailing address
221 2ND AVE SE STE #400, CEDAR RAPIDS, IA 52401-1232
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 11, 2022
—
2nd & 2nd Lc
The Palmer Building Lc
Warranty Deed
$2,078,887 · Dupaco Community Cu
Nov 28, 2018
—
Palmer Bldg Lc
—
Deed
related
$2,200,000 · Dupaco Cmnty Cu
Apr 21, 2006
$855,000
Palmer Building Lc
Teleconnect Long Distance Svcs
Grant Deed
$1,500,000 · Cedar Rapids Bank & Trust Co
—
—
Palmer Building Lc
—
Deed Of Trust
related
$1,350,000 · Bank Of The West
—
—
Palmer Bldg Lc
—
Deed Of Trust
related
$2,200,000 · Dupaco Cmnty Cu
—
—
Palmer Building Lc
—
Deed Of Trust
related
$1,232,264 · Farmers State Bank
—
—
Palmer Building Lc
—
Deed Of Trust
related
$1,010,000 · Us Small Business Admn
—
—
Palmer Building Lc
—
Deed Of Trust
related
$400,000 · Community State Bank
—
—
Palmer Building Lc
—
Deed Of Trust
related
$990,000 · Us Small Business Admn
—
—
Palmer Building Lc
—
Deed Of Trust
related
$3,280,000 · Bank Of The West
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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