5264 Council St Cedar Rapids, IA 52402
Sponsored
High-yield medical office investment. Strong tenant, long lease.
Property size:
70,326 SFDescription
- Added:
- Dec 11, 2024
- Days on Market:
- 391
Property Features for 5264 Council St
General Information
- Property type
- Medical offices
- Square Feet
- 70,326 SF
- Class
- B
- Lot Size
- 255,697 SF
Building Details
- Year Built
- 2003
- Buildings
- 1
- Stories
- 1
HighLights
- 70,326 SF Class B medical office building on 5.87 acres in Cedar Rapids, IA.
- 100% occupied by credit‑rated Mercy Medical under a sale‑leaseback agreement.
- NNN lease with 11.7 years remaining (expires 7/31/2036), 2% annual rent increases, and four 5‑year extension options with 2% escalations.
- Asking price: $9,200,000 ($130.82/SF), 6.84% cap rate, $629,418 NOI.
- Below‑replacement‑cost opportunity in a prime location.
Property Profile
Location Intelligence
Current Use by Public Records
Debra J. Kucera, ...
Nurse Practitioner
MercyCare Diabetes Center
Diabetes Center
MercyCare Business Health ...
Wellness Program
Diane Norton, ARNP
Family Practice Physician
Neil Wickham, MD
Family Practice Physician
Location Insight
- Map
- Local Demand
- City
- Cedar Rapids
- County
- Linn
- State
- Iowa
- Longitude
- -91.65763984721
- Latitude
- 42.030990442262
Nearby Similar for Sale
FAQs
What type of property is this?
Medical office - High-yield medical office investment. Strong tenant, long lease.
Where is this medical office located?
The property is located at 5264 Council St Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $9,200,000.
What are key features of this property?
This property features: 70,326 SF Class B medical office building on 5.87 acres in Cedar Rapids, IA.; 100% occupied by credit-rated Mercy Medical under a sale-leaseback agreement.; NNN lease with 11.7 years remaining (expires 7/31/2036), 2% annual rent increases, and four 5-year extension options with 2% escalations.
