5264 Council St Cedar Rapids, IA 52402
- Medical offices
- 70,326 SF
- 5.87 lot acres
Current Use by Public Records
- Debra J. Kucera, NP / Nurse Practitioner
- MercyCare Diabetes Center / Diabetes Center
- MercyCare Business Health Solutions / Wellness Program
- Diane Norton, ARNP / Family Practice Physician / General Practitioner
- Neil Wickham, MD / Family Practice Physician / Emergency Care Physician
Property Details for 5264 Council St
- Year built
- 1976
- Lot size
- 5.87 lot acres
- Property size
- 70,326 SF
- Property type
- Medical offices
- Property subtype
- Medical centers
- APN
- 14-03-2-51-007-0-0000
- APU
- 140325100700000
Description
Exceptional investment opportunity: Medical Plaza, a 70,326 square foot Class B medical office building located at 5264 Council St NE, Cedar Rapids, IA 52402, is available for sale. This single-story building, constructed in 2003, sits on a 5.87-acre lot and is zoned S-MC. Currently 100% occupied by a credit-rated Mercy Medical tenant under a sale-leaseback agreement, this property offers a secure and stable income stream. The NNN lease features a 12-year term commencing August 1, 2024, and expiring July 31, 2036, with 11.7 years remaining. Rent includes a 2.0% annual increase. The asking price is $9,200,000, representing a price per square foot of $130.82 and a 6.84% cap rate. The property boasts a Net Operating Income (NOI) of $629,418. The lease includes four options for five-year extensions with 2.0% escalations. This investment provides a below-replacement-cost opportunity with a long-term commitment from a tenant offering a variety of essential medical services. This is a rare opportunity to acquire a high-quality, income-generating medical facility in a prime location with a strong, credit-rated tenant. APN: 14214-81004-00000.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $665,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $710,000
- 6.5%
- $685,000
- 7%
- $790,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $785,000
- Geo Method
- $675,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $760,000
- Retail
- $590,000
- Mixed-Use
- $600,000
- Hospitality
- $630,000
- Educational
- $760,000
- Residential Income
- $615,000
- Energy
- $665,000
- Income-Based Land
- $605,000
- Food Service
- $795,000
Location Insight
- Map
- Local Demand
- City
- Cedar Rapids
- County
- Linn
- State
- Iowa
- Longitude
- -91.6566
- Latitude
- 42.031
- CBSA code
- 16300
- CBSA name
- CEDAR RAPIDS, IA METROPOLITAN STATISTICAL AREA
