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Property profile & analytics
FOR SALE
Turn key restaurants
1202 3Rd St SE 200 Cedar Rapids, IA 52403
Entity Owned
11-yr Hold
Free & Clear
Property ID
US25-0411906
For Sale
1 / 35
$2,475,000
1202 3Rd St SE 200, Cedar Rapids, IA 52403
View Listing →
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1908
Total area
15,144 SF
Lot
0.58 ac (25,265 SF)
APN
14-28-4-01-001-0-0000
UPID
US25-0411906
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
-
The Olympic South Side Theater Music Venue Bar & Pub
-
Brewhemia Cafe & Coffee Shop
-
HBK Engineering Engineer
-
Lacayo Restaurant Restaurant
-
Watts Group Construction Company General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.46M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.27M
Blend (final)
Blend
$2.48M
Owner & transaction history
2025 Dev Group LLC · 11 yrs held
2025 Dev Group LLC
since 2015
Last sale
$3.3M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$2,370,000
ML approach
$2,460,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$2.48M
Range $2.23M – $2.72M · ±10% · vs last sale $3.31M (Apr 4 2022)
Last sale anchor
$3.31M
Apr 4 2022
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
$163 / 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
$18,514
Tax year 2022
Assessed value
$1,104,000
Assessed 2023
Previous assessed
$1,104,000
+0.0% YoY
Effective rate
1.68%
On assessed value
Assessed land
$115,800
Assessed improvement
$988,200
Land market value
$115,800
Improvement market value
$988,200
Total market value
$1,104,000
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
Turn key restaurants
Use group
RESTAURANT
Status
For Sale
Year built
1908
Heating
NONE
Stories
2
Total area
15,144 SF
Lot
0.58 ac (25,265 SF)
APN
14-28-4-01-001-0-0000
UPID
US25-0411906
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
Building & site characteristics
From public records
Year built
1908
Heating
NONE
Stories
2
Lot
0.58 ac
Current owner
From public records · entity-resolved
2025 Dev Group LLC
Entity
Free & Clear · 11 yrs held
Mailing address
2003 BEVER AVE SE, CEDAR RAPIDS, IA 52403-2716
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
12 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 24, 2019
—
2025 Dev Group LLC
—
Deed
related
$2,492,000 · Greenstate Cu
Nov 1, 2016
—
2025 Dev Group LLC
—
Deed
related
$2,258,663 · Bankers Tr
Sep 14, 2016
—
2025 Dev Group LLC
—
Deed
related
$2,240,500 · Bankers Tr
May 7, 2015
$558,000
2025 Dev Group LLC
Us First Holdings LLC
Warranty Deed
—
Jan 15, 2015
$376,000
Us First Holdings LLC
Bad Boys Holdings Lc
Warranty Deed
related
$426,000 · Farmers & Merchants Svgs Bk
Dec 1, 2014
$226,000
Us First Holdings LLC|bad Boys Holding
Bad Boys Holdings Lc
Dual Purpose Document
related
$226,000 · Bad Boy's Holdings Lc
—
—
2025 Dev Group LLC
—
Deed Of Trust
related
$426,000 · Farmers & Merchants Svgs Bk
—
—
2025 Dev Group LLC
—
Deed Of Trust
related
$2,492,000 · Greenstate Cu
—
—
Bad Boys Holdings Lc
—
Deed Of Trust
related
$676,697 · United Security Savings Bk Fsb
—
—
2025 Dev Group LLC
—
Deed Of Trust
related
$1,968,000 · Bankers Tr
—
—
2025 Dev Group LLC
—
Loan Modification
related
$2,240,500 · Bankers Tr
—
—
2025 Dev Group LLC
—
Loan Modification
related
$2,258,663 · Bankers Tr
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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