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Property profile & analytics
FOR LEASE
Investment properties
609 1St Ave SW Cedar Rapids, IA 52405
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US25-0218454
For Lease
1 / 11
$9.25 SF/Yr
609 1St Ave SW, Cedar Rapids, IA 52405
View Listing →
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
2011
Total area
8,736 SF
Lot
0.36 ac (15,682 SF)
APN
14-29-1-80-003-0-0000
UPID
US25-0218454
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$510k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$553k
Blend (final)
Blend
$555k
Owner & transaction history
L&a Properties LLC · 2 yrs held
L&a Properties LLC
since 2023
Last sale
$625,000
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$870,000
+128.8%
Retail stores
$720,000
+88.5%
Neighborhood: shopping center
$715,000
+87.7%
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
$470,000
ML approach
$510,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$380,000
Current use
MEDICAL BUILDING
$870,000
Change: +129% · Conversion: Easy
RETAIL STORES
$720,000
Change: +89% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$715,000
Change: +88% · Conversion: Difficult
OFFICE BUILDING
$680,000
Change: +79% · Conversion: Easy
WAREHOUSE, STORAGE
$465,000
Change: +21% · Conversion: Difficult
Blend value · Realmo final
$555k
Range $500k – $611k · ±10% · vs last sale $625k (Nov 8 2023)
Last sale anchor
$625k
Nov 8 2023
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
$64 / 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
$9,108
Tax year 2022
Assessed value
$664,400
Assessed 2023
Previous assessed
$664,400
+0.0% YoY
Effective rate
1.37%
On assessed value
Assessed land
$84,700
Assessed improvement
$579,700
Land market value
$84,700
Improvement market value
$579,700
Total market value
$664,400
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
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
For Lease
Year built
2011
Heating
NONE
Stories
2
Total area
8,736 SF
Lot
0.36 ac (15,682 SF)
APN
14-29-1-80-003-0-0000
UPID
US25-0218454
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
COMMERCIAL (GENERAL) Current
Est. value
$380,000
MEDICAL BUILDING
Est. value
$870,000
RETAIL STORES
Est. value
$720,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$715,000
OFFICE BUILDING
Est. value
$680,000
WAREHOUSE, STORAGE
Est. value
$465,000
COMMERCIAL (GENERAL) Current
MEDICAL BUILDING
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
OFFICE BUILDING
WAREHOUSE, STORAGE
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
2011
Heating
NONE
Stories
2
Lot
0.36 ac
Current owner
From public records · entity-resolved
L&a Properties LLC
Entity
Mailing address
715 49TH ST, MARION, IA 52302-3850
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 8, 2023
$625,000
L&a Properties LLC
River View Investments LLC
Warranty Deed
$560,000 · Hills Bank And Trust Co
Aug 4, 2021
—
River View Investments LLC
—
Deed
related
$761,996 · Hills Bank And Trust Co
Sep 13, 2018
—
River View Invs LLC
—
Deed
related
$725,000 · Farmers & Merchants Svgs Bk
Aug 6, 2010
$220,000
Neighborhood Dev Corp Of Cedar Rp
International Ch Of Four Sq Gospe
Warranty Deed
—
—
—
Neighborhood Dev Corp Of Cedar Rp
—
Deed Of Trust
related
$457,500 · Farmers & Merchants Svgs Bank
—
—
Neighborhood Dev Corp Of Cedar Rp
—
Deed Of Trust
related
$300,000 · City Of Cedar Rapids
—
—
River View Invs LLC
—
Deed Of Trust
related
$725,000 · Farmers & Merchants Svgs Bk
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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