For Sale
$9,200,000
5264 Council St Cedar Rapids, IA 52402
High-yield medical office investment. Strong tenant, long lease.
Overview
- Added:
- Dec 11, 2024
- Days on market:
- 132
Highlights
- 70,326 SF Class B medical office building on 5.87 acres in Cedar Rapids, IA.
- 100% occupied by credit-rated Mercy Medical under a sale-leaseback agreement.
- NNN lease with 11.7 years remaining (expires 7/31/2036), 2% annual rent increases, and four 5-year extension options with 2% escalations.
- Asking price: $9,200,000 ($130.82/SF), 6.84% cap rate, $629,418 NOI.
- Below-replacement-cost opportunity in a prime location.
Property Details for 5264 Council St
- Property type
- Office properties, Medical offices
- Square Feet
- 70,326 SF
- Class
- B
- Year Built
- 2003
- Buildings
- 1
- Stories
- 1
- Lot Size (sq. ft)
- 255,697 SF
Location Insight
- City
- Cedar Rapids
- County
- Linn
- State
- Iowa
- Latitude
- 42.030990442262
- Longitude
- -91.65763984721
Nearby Similar for Sale
FAQs
- What type of property is this?
- Office property - High-yield medical office investment. Strong tenant, long lease.
- Where is the office property located?
- The property is located at 5264 Council St Cedar Rapids, IA.
- What is the asking price?
- The asking price for this property is $9,200,000.
- What are key features of this property?
- This property features: 70,326 SF Class B medical office building on 5.87 acres in Cedar Rapids, IA.; 100% occupied by credit-rated Mercy Medical under a sale-leaseback agreement.; NNN lease with 11.7 years remaining (expires 7/31/2036), 2% annual rent increases, and four 5-year extension options with 2% escalations.
- How can I contact the broker?
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
Visit Broker Website