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    3124 1st NE Ave Cedar Rapids, IA 52402
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    Property profile & analytics

    3124 1st NE Ave Cedar Rapids, IA 52402

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    • Grocery and convenience stores
    • 4,957 SF
    • 0.89 lot acres
    Off-Market
    Property ID
    US25-0385125
    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.
    Value Estimations
    $720,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Jarvis Property Restoration / Auto Repair Shop

    Property Details for 3124 1st NE Ave

    Year built
    2011
    Lot size
    0.89 lot acres
    Property size
    4,957 SF
    Property type
    Grocery and convenience stores
    APN
    14-11-3-52-029-0-0000
    APU
    141135202900000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $835,000
      6.5%
      $775,000
      7%
      $715,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $663,000
      Market price range: $349k - $1.01M

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $530,000
      MEDICAL BUILDING
      $495,000
      OFFICE BUILDING
      $455,000

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Cedar Rapids
    County
    Linn
    State
    Iowa
    Longitude
    -91.6359
    Latitude
    42.0092
    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
    $70,500
    $356,000
    $2,028,200
    $2,384,200
    -
    $356,000
    $2,028,200
    $2,384,200

    Comparable in this City

    • Value Estimation
      $5,880,000
      75,877 SF

      3235 Oakland NE Rd

      GROCERY, SUPERMARKET • 75,877 SF
      3235 Oakland NE Rd, Cedar Rapids, IA 52402-4044
      View Details
    • Value Estimation by Request
      3,864 SF

      3434 1st NE Ave

      CONVENIENCE STORE • 3,864 SF
      3434 1st NE Ave, Cedar Rapids, IA 52402-6006
      View Details
    • Value Estimation by Request
      3,619 SF

      1201 1st SE Ave

      CONVENIENCE STORE • 3,619 SF
      1201 1st SE Ave, Cedar Rapids, IA 52402-5007
      View Details
    • Value Estimation by Request
      972 SF

      3326 Ctr Pt NE Rd

      CONVENIENCE STORE • 972 SF
      3326 Ctr Pt NE Rd, Cedar Rapids, IA 52402-5527
      View Details
    • Value Estimation
      $4,120,000
      2,300 SF

      1120 Old Marion NE Rd

      CONVENIENCE STORE • 2,300 SF
      1120 Old Marion NE Rd, Cedar Rapids, IA 52402-5746
      View Details
    • Value Estimation by Request
      14,975 SF

      931 Blairs Fry NE Rd

      GROCERY, SUPERMARKET • 14,975 SF
      931 Blairs Fry NE Rd, Cedar Rapids, IA 52402-1271
      View Details

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      5,847 sq ft commercial space ideal for office or retail.
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      8,580 SF

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      Premier retail/office space with high visibility and traffic.
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      14,861 SF

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      Retail space available in a growing Cedar Rapids location.
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    Similar Nearby for Lease

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      High-Visibility Commercial Property on 1st Avenue

      Prime commercial property on high-traffic 1st Avenue in Cedar Rapids.
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      Retail Investment Opportunity in Cedar Rapids

      Net leased retail investment with national credit tenants.
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      Retail Space Near Super Target

      Prime retail space in high-traffic Cedar Rapids location.
      1115 Blairs Ferry Rd NE, Cedar Rapids, IA 52402
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    • $12 SF/Yr

      Retail/Office Space in Growing Area

      Retail or office space available in a growing Cedar Rapids area.
      576 Boyson Rd NE, Cedar Rapids, IA 52402
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      Retail Space at Lindale Crossing

      2,250 SF retail space in a busy shopping center.
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      Retail Space Near Marcus Theatres

      Retail/office space near Marcus Theatres, suitable for salon/spa.
      5350 Council St NE, Cedar Rapids, IA 52402
      View Details
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    3124 1st NE Ave
    Cedar Rapids, IA 52402
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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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