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Property profile & analytics
OFF-MARKET
Estimated value
$2,870,000
Office buildings
417 1st SE Ave, Cedar Rapids, IA 52401-1309
Entity Owned
4-yr Hold
Free & Clear
Property ID
US25-2507532
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2018
Total area
38,258 SF
Lot
0.45 ac (19,602 SF)
APN
14-21-4-57-011-0-0000
UPID
US25-2507532
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
-
Creative Planning Financial Advisor
-
Skogman Commercial Real Estate Agency
-
Bemus Kelly A Real Estate Agency
-
Cory Barnard Realtor with Skogman Realty Real Estate Agency
-
Steve Emig, Realtor Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$3.02M
Comparable Approach
Comparable
$3.79M
Blend (final)
Blend
$2.87M
Owner & transaction history
Midwest Development Company · 4 yrs held
Midwest Development Company
since 2021
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$4.1M
+36.6%
Medical building
$3.8M
+27.9%
Retail stores
$3.2M
+5.4%
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%
$3,265,000
6.5%
$3,015,000
7%
$2,800,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$2,990,000
Current use
AUTO REPAIR, GARAGE
$4,080,000
Change: +37% · Conversion: Difficult
MEDICAL BUILDING
$3,820,000
Change: +28% · Conversion: Easy
RETAIL STORES
$3,150,000
Change: +5% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$3,135,000
Change: +5% · Conversion: Difficult
Blend value · Realmo final
$2.87M
Range $2.58M – $3.16M · ±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
$75 / 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
$243,648
Tax year 2022
Assessed value
$7,057,500
Assessed 2023
Previous assessed
$7,057,500
+0.0% YoY
Effective rate
3.45%
On assessed value
Assessed land
$588,000
Assessed improvement
$6,469,500
Land market value
$588,000
Improvement market value
$6,469,500
Total market value
$7,057,500
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
2018
Heating
NONE
Stories
3
Total area
38,258 SF
Lot
0.45 ac (19,602 SF)
APN
14-21-4-57-011-0-0000
UPID
US25-2507532
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
OFFICE BUILDING Current
Est. value
$3.0M
AUTO REPAIR, GARAGE
Est. value
$4.1M
MEDICAL BUILDING
Est. value
$3.8M
RETAIL STORES
Est. value
$3.2M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.1M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
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
2018
Heating
NONE
Stories
3
Lot
0.45 ac
Current owner
From public records · entity-resolved
Midwest Development Company
Entity
Free & Clear · 4 yrs held
Mailing address
417 1ST AVE SE, CEDAR RAPIDS, IA 52401-1309
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 18, 2025
—
Stone Ridge LLC
—
Deed
related
$7,456,224 · Us Bank NA
Dec 14, 2021
$70,000
Midwest Development Company
Wex INC
Warranty Deed
—
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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