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Property profile & analytics
OFF-MARKET
Estimated value
$4,395,000
High-rise multifamily apartments
323 3rd SE St Cedar Rapids, IA 52401-1870
Individually Owned
11-yr Hold
~
Est. High Equity
Property ID
US25-0190668
Property profile
Verified
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Year built
1906
Total area
65,418 SF
Lot
0.25 ac (10,890 SF)
APN
14-28-1-30-004-0-0000
UPID
US25-0190668
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
-
Embody Bridal Clothing & Fashion Store
-
n8 fine art Artist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.98M
Blend (final)
Blend
$4.40M
Owner & transaction history
Cornerstone Place Lc · 11 yrs held
Cornerstone Place Lc
since 2015
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$7.0M
+111.5%
Medical building
$6.5M
+98.0%
Retail stores
$5.4M
+63.1%
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
APARTMENT HOUSE (5+ UNITS)
$3,300,000
Current use
AUTO REPAIR, GARAGE
$6,980,000
Change: +112% · Conversion: Difficult
MEDICAL BUILDING
$6,535,000
Change: +98% · Conversion: Moderate
RETAIL STORES
$5,385,000
Change: +63% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$5,360,000
Change: +62% · Conversion: Difficult
OFFICE BUILDING
$5,110,000
Change: +55% · Conversion: Moderate
WAREHOUSE, STORAGE
$3,465,000
Change: +5% · Conversion: Difficult
Blend value · Realmo final
$4.40M
Range $3.96M – $4.83M · ±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
$67 / 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
$63,858
Tax year 2022
Assessed value
$7,459,100
Assessed 2023
Previous assessed
$7,459,100
+0.0% YoY
Effective rate
0.86%
On assessed value
Assessed land
$270,000
Assessed improvement
$7,189,100
Land market value
$270,000
Improvement market value
$7,189,100
Total market value
$7,459,100
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
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Status
Off-Market
Year built
1906
Heating
NONE
Stories
6
Units
32
Total area
65,418 SF
Lot
0.25 ac (10,890 SF)
APN
14-28-1-30-004-0-0000
UPID
US25-0190668
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
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$3.3M
AUTO REPAIR, GARAGE
Est. value
$7.0M
MEDICAL BUILDING
Est. value
$6.5M
RETAIL STORES
Est. value
$5.4M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$5.4M
OFFICE BUILDING
Est. value
$5.1M
WAREHOUSE, STORAGE
Est. value
$3.5M
APARTMENT HOUSE (5+ UNITS) Current
AUTO REPAIR, GARAGE
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
1906
Heating
NONE
Stories
6
Units
32
Lot
0.25 ac
Current owner
From public records · entity-resolved
Cornerstone Place Lc
Individual
Mailing address
333 1ST ST SE STE #101, CEDAR RAPIDS, IA 52401-4708
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
14 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 9, 2025
—
Cornerstone Place Lc
—
Deed
related
$6,060,000 · Hills Bank & Trust Company
Nov 12, 2024
—
Cornerstone Place Lc
—
Deed
related
$1,300,000 · Hills Bank & Trust Company
Dec 9, 2016
—
Cornerstone Place Lc
—
Deed
related
$3,225,188 · Miscellaneous Govt Agcy
Oct 20, 2015
—
Cornerstone Place Lc
—
Grant Deed
related
$8,000,000 · Farmers St Bk
Jul 2, 2015
$2,000,000
Cornerstone Place Lc
Juniper Land 323 LLC
Warranty Deed
$1,600,000 · Cedar Rapids Bk&tr
Nov 28, 2011
—
Juniper Land 323 LLC
—
Deed Of Trust
related
$10,200,000 · Cedar Rapids Bank & Trust Co
Dec 4, 2009
$4,400,000
Succession Lc
Pami Ryan Town Centre LLC
Grant Deed
$3,311,955 · Abm Janitorial Services-north
Sep 16, 2008
—
Pami Ryan Town Centre LLC
Ryan Town Centre LLC
Quit Claim Deed
related
—
Jun 1, 2007
$1,500,000
Juniper Land LLC
323 3rd Street LLC
Quit Claim Deed
related
—
Jun 1, 2007
$1,000,000
323 3rd Street LLC
Teleconnect Long Distance Svcs
Quit Claim Deed
related
—
—
—
Cornerstone Place Lc
—
Deed Of Trust
related
$3,120,000 · Miscellaneous Govt Agcy
—
—
Juniper Land LLC
—
Deed Of Trust
related
$1,200,000 · Liberty Federal Savings Bank
—
—
Juniper Land 323 LLC
—
Deed Of Trust
related
—
—
—
Cornerstone Place Lc
—
Loan Modification
related
$3,225,188 · Miscellaneous Govt Agcy
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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