Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    600 3rd SE Ave Cedar Rapids, IA 52401-1600

    • Office buildings
    • 42,837 SF
    • 0.96 lot acres
    OFF-MARKET
    Last Sale
    Jan 24, 2024
    $2,266,000
    Value Estimations
    $2,265,000
    Show details
    Cap Rate Potential
    9.7%
    Office buildings
    Location Intelligence
    Property ID
    US25-1248363
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Julie K Vogt - Morgan Stanley / Financial Advisor
    • Corridor Motors - Cedar Rapids / Car Dealership
    • Lisa Tesar - Morgan Stanley / Financial Advisor
    • Wellmark Inc / Corporate Office / Coworking & Hybrid Office
    • The Corridor Wealth Management Group - Morgan Stanley / Financial Advisor

    Property Details for 600 3rd SE Ave

    Year built
    2012
    Lot size
    0.96 lot acres
    Property size
    42,837 SF
    Property type
    Office buildings
    APN
    14-21-4-81-007-0-0000
    APU
    142148100700000

    Description

    The Luxe on 3rd offers 42,837 square feet of prime Class A office space in a desirable downtown location. This three-story building, constructed in 2012, features a single elevator and two stairwells, providing convenient access to multiple suites. The property boasts a total of 57 parking spaces and sits on a 0.96-acre lot. Currently, 25,699 square feet of space is available, with suites ranging from a minimum of 1,628 square feet to a maximum contiguous space of 13,610 square feet. The building is zoned U - DG and its convenient location is adjacent to the Medical District, offering easy access to dining, entertainment, and Interstate 380. The property's tax cost per square foot is $5.36. Flexible lease terms are available, with build-to-suit options to accommodate specific business needs. This exceptional building provides excellent visibility and is an ideal location for a variety of businesses, including traditional office, executive office, coworking, medical office, and creative office uses. The property's address is conveniently located near the intersection of 6th and 7th Streets and 3rd Avenue, with the Assessor's Parcel Number (APN) being 14214-81007-00000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,265,000
      ML approach
      $2,265,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,020,000
      Market price range: $622k - $2.02M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $3,345,000
      Current use
      RETAIL STORES
      $3,525,000
      Change: +5% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $3,510,000
      Change: +5% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Cedar Rapids
    County
    Linn
    State
    Iowa
    Longitude
    -91.6622
    Latitude
    41.9801
    CBSA code
    16300
    CBSA name
    CEDAR RAPIDS, IA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $143,194
    $504,000
    $5,733,900
    $6,237,900
    -
    $504,000
    $5,733,900
    $6,237,900

    Comparable in this City

    • Value Estimation
      $3,150,000
      80,508 SF

      320 11th SE Ave

      OFFICE BUILDING • 80,508 SF
      320 11th SE Ave, Cedar Rapids, IA 52401
      View Details
    • Value Estimation
      $2,175,000
      37,267 SF

      318 5th SE St

      OFFICE BUILDING • 37,267 SF
      318 5th SE St, Cedar Rapids, IA 52401-1601
      View Details
    • Value Estimation
      $5,350,000
      71,344 SF

      317 7th SE Ave

      OFFICE BUILDING • 71,344 SF
      317 7th SE Ave, Cedar Rapids, IA 52401-2007
      View Details
    • Value Estimation
      $560,000
      13,720 SF

      425 2nd SE St, Unit 100

      OFFICE BUILDING • 13,720 SF
      425 2nd SE St, Cedar Rapids, IA 52401-1819
      View Details
    • Value Estimation
      $1,285,000
      20,357 SF

      424 1st NE Ave

      OFFICE BUILDING • 20,357 SF
      424 1st NE Ave, Cedar Rapids, IA 52401-1313
      View Details
    • Value Estimation
      $1,585,000
      27,186 SF

      101 1st SE Ave

      OFFICE BUILDING • 27,186 SF
      101 1st SE Ave, Cedar Rapids, IA 52401-1105
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      19,200 SF

      Downtown Office Building with Drive-Thru

      Turnkey office building with drive-thru and on-site parking.
      320 3Rd St SE, Cedar Rapids, IA 52401
      View Details
    • Contact for pricing
      19,200 SF

      Downtown Cedar Rapids Office Building

      Turnkey office building with drive-thru and on-site parking.
      320 3Rd St SE, Cedar Rapids, IA 52401
      View Details
    • Contact for pricing
      19,200 SF

      Downtown Cedar Rapids Office Building

      Turnkey office building with drive-thru and on-site parking.
      320 3Rd St SE, Cedar Rapids, IA 52401
      View Details
    • $1,700,000
      16,800 SF

      Historic Mixed-Use Landmark in Cedar Rapids

      Two-story, 16,800 SF mixed-use building near MedQ and I-380.
      724 3Rd Ave SE, Cedar Rapids, IA 52401
      View Details
    • $3,200,000
      32,256 SF

      Historic Downtown Cedar Rapids Office

      Iconic Office Building, Prime Location
      123 5Th St, Cedar Rapids, IA 52401
      View Details
    • Contact for pricing

      NewBo District Mixed-Use Investment

      Mixed-use investment property in Cedar Rapids' NewBo District.
      329 12Th Ave Se, Cedar Rapids, IA 52401
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      81,068 SF

      Modern Office Space For Rent

      Modern, high-tech two-story office space built in 2012.
      601 SE 3Rd St, Cedar Rapids, IA 52401
      View Details
    • $3,200,000
      32,256 SF

      Renovated Downtown Cedar Rapids Office

      Historic office building with modern amenities in downtown Cedar Rapids.
      123 5Th St SE, Cedar Rapids, IA 52401
      View Details
    • Contact for pricing

      Historic Law Building For Lease

      Historic building with existing tenants and skywalk access.
      225 2Nd St Se, Cedar Rapids, IA 52401
      View Details
    • $15 SF/Yr

      Modern Industrial Building in NewBo

      Modern industrial building in the heart of the NewBo neighborhood.
      420 12Th Ave SE, Cedar Rapids, IA 52401
      View Details
    • $10 SF/Yr
      1,400 SF

      Renovated Retail/Office Space Available

      Newly renovated retail or office space in downtown Cedar Rapids.
      701-713 3Rd Ave SE, Cedar Rapids, IA 52401
      View Details
    • Contact for pricing

      Professional Office Space For Rent

      18,309 SF office space in historic Cedar Rapids district.
      526 2Nd Ave Se, Cedar Rapids, IA 52401
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    600 3rd SE Ave
    Cedar Rapids, IA 52401-1600
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.