5264 Council St NE Cedar Rapids, IA 52402

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.