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Property profile & analytics
OFF-MARKET
Estimated value
$3,055,000
Investment properties
346 2nd SW Ave Cedar Rapids, IA 52404-2069
Individually Owned
12-yr Hold
Free & Clear
Property ID
US25-0179234
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
1930
Total area
53,980 SF
Lot
0.87 ac (37,897 SF)
APN
14-29-1-76-001-0-0000
UPID
US25-0179234
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
-
Nicoli Simmons at Studio 346 Hair Salon Nail Salon
-
Luna Bella Esthetics Spa & Massage Center
-
Rebekah Stewart Photography Photography Service (Bike/Boat/Book/etc) Store
-
NRG Sales Lighting & Controls, LLC (Bike/Boat/Book/etc) Store Hardware & Home Improvement
-
Refresh Your Spirit Aesthetics Spa & Massage Center Alternative Medicine Practice
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.82M
Blend (final)
Blend
$3.06M
Owner & transaction history
Progression Lc · 12 yrs held
Progression Lc
since 2013
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$4.4M
+88.5%
Neighborhood: shopping center
$4.4M
+87.7%
Office building
$4.2M
+78.9%
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)
$2,355,000
Current use
RETAIL STORES
$4,440,000
Change: +89% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$4,425,000
Change: +88% · Conversion: Difficult
OFFICE BUILDING
$4,215,000
Change: +79% · Conversion: Easy
WAREHOUSE, STORAGE
$2,785,000
Change: +18% · Conversion: Difficult
Blend value · Realmo final
$3.06M
Range $2.75M – $3.36M · ±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
$57 / 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
$56,072
Tax year 2022
Assessed value
$2,069,900
Assessed 2023
Previous assessed
$2,069,900
+0.0% YoY
Effective rate
2.71%
On assessed value
Assessed land
$151,200
Assessed improvement
$1,918,700
Land market value
$151,200
Improvement market value
$1,918,700
Total market value
$2,069,900
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
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
1930
Heating
NONE
Stories
3
Total area
53,980 SF
Lot
0.87 ac (37,897 SF)
APN
14-29-1-76-001-0-0000
UPID
US25-0179234
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
$2.4M
RETAIL STORES
Est. value
$4.4M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$4.4M
OFFICE BUILDING
Est. value
$4.2M
WAREHOUSE, STORAGE
Est. value
$2.8M
COMMERCIAL (GENERAL) Current
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
1930
Heating
NONE
Stories
3
Lot
0.87 ac
Current owner
From public records · entity-resolved
Progression Lc
Individual
Free & Clear · 12 yrs held
Mailing address
215 2ND AVE SE #2, CEDAR RAPIDS, IA 52401-1215
Ownership since
2013
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
Sep 9, 2025
—
Mortgagors Progression Lc
—
Deed
related
$6,060,000 · Hills Bank & Trust Company
Aug 16, 2013
—
Progression Lc
Cedar Rpds Cmnty Sch District
Grant Deed
related
—
—
—
Progression Lc
—
Deed Of Trust
related
$500,000 · Ohnward Bk & Tr
—
—
Succession Lc
—
Deed Of Trust
related
$775,000 · Us Bank NA
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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