5264 Council St NE, Cedar Rapids, IA 52402
- Medical Office Space
- 70,326 SF
- 5.87 lot acres
Current Use by Public Records
- Debra J. Kucera, NP / Physician
- MercyCare Diabetes Center / Medical Clinic
- MercyCare Business Health Solutions / Wellness Program
- Diane Norton, ARNP / Pediatrician / Physician
- Neil Wickham, MD / Pediatrician / Physician
Property Details for 5264 Council St NE
- Year built
- 1976
- Lot size
- 5.87 lot acres
- Property type
- Medical Office Space
- Property subtype
- Medical centers
- APN
- 14-03-2-51-007-0-0000
- APU
- 140325100700000
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Dec 29, 2025 | $9,095,000 | Cpi Cedar Rapids I LLC | Mercy Medical Center Cedar Rapids | Warranty Deed | $6M · Wintrust Bank NA |
| Feb 22, 2022 | — | Pbi Sbiz LLC | Pbi Properties | Warranty Deed | — |
| Nov 22, 2021 | $750,000 | Pbi Properties | Larry Kane Investments Lc | Warranty Deed | — |
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 Estimations
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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
