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3939 1st Ave SE
Cedar Rapids, IA 52402
Retail Property For Sale
Investment Highlights
- Blocks from Cedar Rapids’ busiest intersection and thriving retail hub
- 139 feet of prime 1st Ave frontage
- 1 mile from Cedar Rapids’ largest employer
- Located at lighted intersection / 1st Ave and 40th St NE
Executive Summary
This 7,329 SF commercial space on 1.62 acres offers exceptional visibility with 139 feet of prime 1st Avenue frontage and an average of 22,729 vehicles passing daily. This former Outback Steakhouse is currently equipped as a restaurant with much of the kitchen and bar infrastructure included. It’s an ideal turnkey option for food-service operators, yet easily adaptable for retail or showroom use. The property sits at a highly visible lighted intersection with a bus top, just one mile from Cedar Rapids’ largest employer and minutes (3.7 miles) from downtown Cedar Rapids. Located near the city’s busiest retail hub-including Lindale Mall and multiple major shopping centers-it benefits from strong surrounding traffic and consumer activity. With 118 parking spaces, pylon signage, and easy access, the site supports high customer flow and brand visibility. The 15-mile trade area includes 164,634 residents, 68,802 households, 88,486 employee population, with an average income of $107,096, offering strong buying power and consistent demand. This location provides flexibility, exposure, and demographics ideal for a wide range of business uses.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Restaurant
Building Size
7,329 SF
Building Class
C
Year Built
1984
Price
$1,800,000
Price Per SF
$245.60
Tenancy
Single
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.10
Lot Size
1.62 AC
Zoning
SMC - Suburban Mixed Use Community Center
Parking
118 Spaces (16.1 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Corner Lot
- Restaurant
- Security System
- Signage
- Signalized Intersection
- Air Conditioning
Property Taxes
| Parcel Number | 14112-04007-00000 | Improvements Assessment | $761,100 |
| Land Assessment | $648,000 | Total Assessment | $1,409,100 |
Property Taxes
Parcel Number
14112-04007-00000
Land Assessment
$648,000
Improvements Assessment
$761,100
Total Assessment
$1,409,100
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