Community Office Building with
For Sale
$890,000
943 14th Avenue SE, Cedar Rapids, IA 52403
The property includes meeting, classroom, kitchen, and recreation areas.
Property Size16,490 SF
Price / SF$53.97
Days on Market26
Property Features for 943 14th Avenue SE
General Information
Standard status
Active
Size
16,490 SF
Property subtype
Commercial
Zoning
T-RF
Amenities
meeting rooms
offices
classrooms
kitchen
outdoor play area
full-sized gymnasium
Concrete
Yes
No
Building,Land
Public
0.774
33715
Building Details
Year Built
1964
Listing Agency:
Lockard Realty Company
(319) 393-0900
Listed By:
Alex Miller · License #B59904000
Source:
Pinnaclerealtyia
Added: Jul 30
Changed: Aug 23
Last Checked: Aug 23 at 3:59AM
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 Lockard Realty Company
Investment Insights
Based on property information with market context.
The Jane Boyd Community House is an office-oriented property with meeting rooms, private offices, classrooms, a kitchen, an outdoor play area, and a full-sized gymnasium. The building was constructed in 1964 and has been well maintained, with updated mechanical systems supporting continued use.
Located at 943 14th Avenue in Cedar Rapids, Iowa, the property is suited to a community-focused use incorporating administrative, educational, meeting, and recreational functions. The Community Free Health Clinic occupies a separate facility under a long-term land lease; that facility is excluded from the sale. The transaction is subject to the clinic’s right of refusal and a restricted buyer-type list.
Located at 943 14th Avenue in Cedar Rapids, Iowa, the property is suited to a community-focused use incorporating administrative, educational, meeting, and recreational functions. The Community Free Health Clinic occupies a separate facility under a long-term land lease; that facility is excluded from the sale. The transaction is subject to the clinic’s right of refusal and a restricted buyer-type list.
Key Highlights
- Full‑sized gymnasium included
- Meeting rooms, offices, and classrooms
- Kitchen and outdoor play area
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$79,193
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.90%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,583,860
$1.6M
Cap Rate 7%
$1,131,329
$1.1M
Cap Rate 9%
$879,922
$879.9K
Market Conditions
NOI Build-Up for 16,490 SF
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.
Gross rent
$138.5K $8.40/SF
− Vacancy
−$32.9K −$2.00/SF
EGI
$105.6K $6.40/SF
− OpEx
−$26.4K −$1.60/SF
NOI
$79.2K $4.80/SF
Area
Cedar Rapids, IA
Vacancy
23.77%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,583,860
Cap Rate 7%
$1,131,329
Cap Rate 9%
$879,922
Alternative Uses
Best Use
Office B
$1.13M
$989.9K – $1.32M
NOI $79,193 @ 7.0% cap · market cap 8.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.39M
$2.09M – $2.78M
NOI $167,064 @ 7.0% cap · market cap 18.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,494
Businesses Nearby
Explore this area
Business Placement
Demographics for 52403, IA
23,012
Population
10,759
Households
2.1
Avg Household Size
41
Median Age
40%
College-Educated
95%
High-School Grad
26.3 sq mi
ZIP Area
875
Density / Sq Mi
$73,848
Median Household Income
$46,148
Median Earnings
$857
Median Rent
$190,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - The property includes meeting, classroom, kitchen, and recreation areas.
Where is this office building located?
The property is located at 943 14th Avenue SE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $890,000.
What are key features of this property?
This property features: Full‑sized gymnasium included; Meeting rooms, offices, and classrooms; Kitchen and outdoor play area
