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    Property profile & analytics

    711 2Nd Ave Cedar Rapids, IA 52401

    • Office buildings
    • 16,800 SF
    • 0.19 lot acres
    For Lease
    View listing
    $12 SF/Yr
    Last Sale
    Oct 15, 2020
    $750,000
    Value Estimations
    $500,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US25-0408469
    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

    • Guide Wealth Partners / Insurance Agency / Financial Institution
    • Fitness 1000 / Fitness Center

    Property Details for 711 2Nd Ave

    Year built
    1924
    Lot size
    0.19 lot acres
    Property size
    16,800 SF
    Property type
    Office buildings
    APN
    14-21-4-78-006-0-0000
    APU
    142147800600000

    Description

    This exceptional Cedar Rapids commercial property, located at 711 2nd Ave SE, offers a unique opportunity to lease professional office space in a newly refurbished historic building. The property, built in 1924, features a total of 16,800 square feet across two stories and sits on a 0.579-acre lot. Currently, there are three available spaces ranging from 2,525 to 7,300 contiguous square feet on the first floor, all delivered in vanilla box condition. A tenant improvement allowance of $20 per square foot is offered for qualified tenants with a minimum five-year lease. The property is zoned UNG (Urban Neighborhood General) and boasts abundant off-street parking. Its prime location provides easy access to Interstate highways, the downtown area, and the MedQuarter. Negotiable basement storage options are available, with spaces of 266 and 2,600 square feet. This versatile property is ideal for businesses seeking a blend of historic charm and modern functionality in a highly accessible location. The minimum divisible space is 2,525 square feet.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $535,000
      ML approach
      $450,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $405,000
      Market price range: $244k - $792k

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

    Location Insight

    • Map
    • Local Demand
    City
    Cedar Rapids
    County
    Linn
    State
    Iowa
    Longitude
    -91.6616
    Latitude
    41.981
    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
    $10,866
    $100,800
    $717,800
    $818,600
    -
    $100,800
    $717,800
    $818,600

    Comparable in this City

    • Value Estimation
      $525,000
      48,160 SF

      218 2nd SE St

      OFFICE BUILDING • 48,160 SF
      218 2nd SE St, Cedar Rapids, IA 52401
      View Details
    • Value Estimation
      $555,000
      111,140 SF

      97 3rd SE Ave

      SKYSCRAPER/HIGH-RISE (COM OFFICES) • 111,140 SF
      97 3rd SE Ave, Cedar Rapids, IA 52401-1410
      View Details
    • Value Estimation
      $240,000
      16,640 SF

      324 3rd SE St

      OFFICE BUILDING • 16,640 SF
      324 3rd SE St, Cedar Rapids, IA 52401-1841
      View Details
    • Value Estimation
      $450,000
      69,275 SF

      1020 6th SE St

      OFFICE BUILDING • 69,275 SF
      1020 6th SE St, Cedar Rapids, IA 52401-2464
      View Details
    • Value Estimation
      $300,000
      6,860 SF

      425 2nd St Se Ste, Unit 1000

      OFFICE BUILDING • 6,860 SF
      425 2nd St Se Ste, Cedar Rapids, IA 52401-1834
      View Details
    • Value Estimation
      $600,000
      45,825 SF

      415 12th SE Ave

      OFFICE BUILDING • 45,825 SF
      415 12th SE Ave, Cedar Rapids, IA 52401-2449
      View Details

    Similar Nearby for Sale

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      Historic Cedar Rapids Landmark

      Two-story building with multi-tenant potential near MedQ.
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      Historic Downtown Cedar Rapids Office

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    • $899,000
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      Prime Cedar Rapids Office Building

      18,309 SF, Vacant, Historic District
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      Versatile Commercial Space For Sale

      2,850 SF space with modern industrial design, leased until 2027.
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    Similar Nearby for Lease

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    • $3,200,000
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      View Details
    • $10 SF/Yr
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      Renovated Retail/Office Space Available

      Newly renovated retail or office space in downtown Cedar Rapids.
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    • $15 SF/Yr

      Modern Industrial Building in NewBo

      Modern industrial building in the heart of the NewBo neighborhood.
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    • $13 SF/Yr
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      Retail/Office Space in Cedar Rapids

      Multiple retail/office units available for lease in Cedar Rapids.
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      View Details
    • $10 SF/Yr
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      Downtown Cedar Rapids Office Space

      Renovated Office Suites, 1400-2800 SF
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      View Details
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    Cedar Rapids, IA 52401
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    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
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