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Property profile & analytics
OFF-MARKET
Estimated value
$2,655,000
Investment properties
222 3rd SE Ave Cedar Rapids, IA 52401-1509
Individually Owned
5-yr Hold
Free & Clear
Property ID
US25-0279375
Property summary
AI-generated overview
The Armstrong Centre, located at 222 3rd Ave SE in downtown Cedar Rapids, IA 52401, offers a variety of office spaces to suit diverse business needs. This Class B building, renovated in 2023, features one five-story building with three passenger and freight elevators. Multiple tenancy options are available, with spaces ranging from a minimum of 140 square feet to a maximum contiguous space of 6,000 square feet. The building is situated in the vibrant Downtown Cedar Rapids submarket, providing easy access to local amenities including restaurants, cafes, museums, parks, and walking trails. The Armstrong Centre is ideal for businesses seeking a productive and comfortable work environment, fostering collaboration and connection within a community of professionals. The modern design and included amenities create a professional atmosphere conducive to business growth and success. This property offers traditional office, executive office, coworking, and creative office space options.
Property profile
Verified
Property type
Investment properties
Use group
STORE/OFFICE (MIXED USE)
Year built
1959
Total area
42,000 SF
Lot
0.19 ac (8,276 SF)
APN
14-28-1-28-002-0-0000
UPID
US25-0279375
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
-
Wexford Heights Construction Company General Contractor
-
K Jean's Uniforms & Apparel (Bike/Boat/Book/etc) Store
-
Kieck's (Bike/Boat/Book/etc) Store
-
Pic Your House Photography Service (Bike/Boat/Book/etc) Store
-
Rapid Run Logistics LLC. Trucking Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.11M
Blend (final)
Blend
$2.66M
Owner & transaction history
Mitchel Corcoran · 5 yrs held
Mitchel Corcoran
since 2020
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$4.2M
+128.8%
Retail stores
$3.5M
+88.5%
Neighborhood: shopping center
$3.4M
+87.7%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,835,000
Current use
MEDICAL BUILDING
$4,195,000
Change: +129% · Conversion: Easy
RETAIL STORES
$3,455,000
Change: +89% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$3,440,000
Change: +88% · Conversion: Difficult
OFFICE BUILDING
$3,280,000
Change: +79% · Conversion: Easy
WAREHOUSE, STORAGE
$2,225,000
Change: +21% · Conversion: Difficult
Blend value · Realmo final
$2.66M
Range $2.39M – $2.92M · ±10%
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
$63 / 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
$76,212
Tax year 2022
Assessed value
$1,823,500
Assessed 2023
Previous assessed
$1,823,500
+0.0% YoY
Effective rate
4.18%
On assessed value
Assessed land
$210,000
Assessed improvement
$1,613,500
Land market value
$210,000
Improvement market value
$1,613,500
Total market value
$1,823,500
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
Investment properties
Use group
STORE/OFFICE (MIXED USE)
Status
Off-Market
Year built
1959
Heating
NONE
Stories
5
Total area
42,000 SF
Lot
0.19 ac (8,276 SF)
APN
14-28-1-28-002-0-0000
UPID
US25-0279375
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
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$1.8M
MEDICAL BUILDING
Est. value
$4.2M
RETAIL STORES
Est. value
$3.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.4M
OFFICE BUILDING
Est. value
$3.3M
WAREHOUSE, STORAGE
Est. value
$2.2M
COMMERCIAL (GENERAL) Current
MEDICAL BUILDING
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
OFFICE BUILDING
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1959
Heating
NONE
Stories
5
Lot
0.19 ac
Current owner
From public records · entity-resolved
Mitchel Corcoran
Individual
Free & Clear · 5 yrs held
Mailing address
222 3RD AVE SE STE #299, CEDAR RAPIDS, IA 52401-1542
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 21, 2020
$74,000
Mitchel Corcoran
Bbaj INC
Warranty Deed
—
Jul 27, 2020
—
Bbaj INC
Darr LLC
Warranty Deed
related
—
Jul 8, 2020
—
Wex INC
Dx4 Invs LLC
Warranty Deed
related
—
Mar 30, 2018
—
Wex INC
Dx4 Invs LLC
Warranty Deed
related
—
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.
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