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    Property profile & analytics

    1 Parsons Dr Hiawatha, IA 52233

    • Office Properties & Spaces
    • 58,849 SF
    • 5.74 lot acres
    For Sale
    View listing
    $7,950,000
    Value Estimation
    Last Sale
    Jan 24, 2024
    $3,100,000
    Location Intelligence
    Property ID
    US25-0269632
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • ATM / Atm / Convenience Store
    • GoDaddy- Hiawatha / Web Hosting Company / E-Commerce Service

    Property Details for 1 Parsons Dr

    Year built
    1991
    Lot size
    5.74 lot acres
    Property size
    58,849 SF
    Property type
    Office Properties & Spaces
    APN
    11-33-3-27-005-0-0000
    APU
    113332700500000

    Description

    This exceptional 73,674 square foot Class B office building, located at 1 Parsons Drive in Hiawatha, IA (a northern suburb of Cedar Rapids), presents a unique owner/user opportunity. The property, built in 1991 and extensively renovated in 2017, features four units across two stories within a single building situated on a 5.74-acre lot. The building boasts high-end amenities including a kitchenette (speakeasy bar), training rooms, a fitness facility, entertainment areas, and a full-service cafeteria. With ample parking (400+ spaces) and convenient access to I-380, this property is ideally suited for a variety of office uses, including executive, medical, and traditional office spaces. The asking price is $7,950,000, translating to $107.91 per square foot. The property is currently vacant and zoned for commercial use. The Net Net Net (NNN) lease structure offers flexibility for the new owner. The property's features and location make it an attractive investment opportunity. The Linn County location and 52233 zip code provide easy access to a strong workforce and regional amenities.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $3,100,000

    • CAP approach

      CAP return
      Estimation
      6%
      $3,235,000
      6.5%
      $2,875,000
      7%
      $2,950,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $2,730,000
      Geo Method
      $3,220,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $2,940,000
      Retail
      $2,965,000
      Mixed-Use
      $2,565,000
      Hospitality
      $2,850,000
      Educational
      $3,395,000
      Residential Income
      $2,975,000
      Energy
      $3,250,000
      Income-Based Land
      $3,055,000
      Food Service
      $2,855,000

    Location Insight

    • Map
    • Local Demand
    City
    Hiawatha
    County
    Linn
    State
    Iowa
    Longitude
    -91.6744
    Latitude
    42.0411
    CBSA code
    16300
    CBSA name
    CEDAR RAPIDS, IA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $197,786
    $893,100
    $5,046,400
    $5,939,500
    -
    $893,100
    $5,046,400
    $5,939,500

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    • $7,950,000
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      Prime Hiawatha Office Complex

      73,674 SF Office Building, Vacant, $108/SF
      1 Parsons Dr, Hiawatha, IA 52233
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    1 Parsons Dr
    Hiawatha, IA 52233
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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
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