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    123 5Th St Cedar Rapids, IA 52401

    For Sale
    $3,200,000

    Iconic Office Building, Prime Location

    Property size:
    32,256 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    368
    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 Features for 123 5Th St

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    32,256 SF
    Lot Size
    8,407 SF

    Building Details

    Year Built/Renovated
    1903/2010
    Buildings
    1

    HighLights

    • Downtown office building available for sale or lease.
    • High visibility and excellent accessibility.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    ITC Midwest Electric Utility Company Linn County Administrative Government Office

    Suggested Use

    Restaurant Realty agency Building Supply Dental Office Spa & Massage Wholesale Shop Law Firm Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Cedar Rapids
    County
    Linn
    State
    Iowa
    Longitude
    -91.664738380918
    Latitude
    41.979983257336

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    FAQs

    What type of property is this?
    Office Property / Space - Iconic Office Building, Prime Location
    Where is this office property / space located?
    The property is located at 123 5Th St Cedar Rapids, IA.
    What is the asking price?
    The asking price for this property is $3,200,000.
    What are key features of this property?
    This property features: Downtown office building available for sale or lease.; High visibility and excellent accessibility.;
    (319) 731-3415
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    123 5Th St Cedar Rapids, IA 52401
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    Cedar Rapids, IA 52401
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    Realmo Value Estimation

    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.

    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.

    Alternative use

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

    More about this property
    123 5Th St Cedar Rapids, IA 52401
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