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808 3rd Ave SE 7,300 SF 4-Star Retail Building Cedar Rapids, IA 52403 $575,000 ($78.77/SF) 9% Cap Rate
Investment Highlights
- Recent capital improvements include a new roof installed in 2021.
- Fresh parking lot overlay completed in 2024.
- New HVAC system servicing the mezzanine.
Executive Summary
Own a piece of the MedQuarter in downtown Cedar Rapids with this stabilized investment opportunity. Priced to reflect a 9% cap rate, this property is occupied by Gilded Pear Gallery, a long-term tenant since 2013 who recently extended their lease. The lease is structured as Modified Gross, with the Landlord responsible for capital expenses and building insurance, while the Tenant covers real estate taxes, snow removal, lawn care, HVAC, plumbing, electrical, and all utilities—providing a low maintenance ownership structure.
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
7,300 SF
Building Class
B
LoopNet Rating
4 Star
Year Built
1948
Price
$575,000
Price Per SF
$78.77
Cap Rate
9%
NOI
$51,750
Tenancy
Single
Building Height
2 Stories
Building FAR
0.56
Lot Size
0.30 AC
Opportunity Zone
Yes
Zoning
UNG - Urban Neighborhood General
Parking
13 Spaces (1.78 Spaces per 1,000 SF Leased)
Frontage
42’ on 3rd Avenue Southeast
Moderately walkable
70/100
Exceptionally drivable
90/100
Some public transit
50/100
Moderately bikeable
70/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 14214-09012-00000 | Improvements Assessment | $282,700 |
| Land Assessment | $156,600 | Total Assessment | $439,300 |
Property Taxes
Parcel Number
14214-09012-00000
Land Assessment
$156,600
Improvements Assessment
$282,700
Total Assessment
$439,300
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