526 2Nd AveCedar Rapids, IA 52401

Property Details for 526 2Nd Ave

Year built

1905

Lot size

0.26 AC

Property size (Sq ft)

12,206 SF

Property type

Office buildings

APN

14-21-4-54-001-0-0000

APU

142145400100000

Description

This exceptional three-story, Class B office building, totaling 18,309 square feet, presents a unique investment opportunity in Cedar Rapids, Iowa. Located in the desirable 2nd and 3rd Avenue Historic District at 526 2nd Ave SE, this vacant property offers convenient access to major transportation arteries, including I-380 and Highway 151, within a five-minute radius. Built in 1905 and extensively renovated in 2014 (including a 3,443 square foot lower level remodel), the building boasts a blend of historical charm and modern functionality. A 900 square foot remodel of the third floor was completed in 2020. The property sits on a 0.257-acre lot and features exclusive onsite parking, a significant advantage in a bustling urban setting. The asking price is $899,000, translating to $49.10 per square foot. The property is zoned U-BG and consists of one building with a single unit. This is an ideal opportunity for a business seeking a prominent location with ample space and convenient amenities, or for an investor looking for a strong return in a thriving market. The property's history, location, and recent renovations combine to create a compelling investment proposition. The building's single-unit layout offers flexibility for a variety of uses.

• CAP approach

  CAP return

  Valuation

  6%

  $2,009,242

  6.5%

  $1,854,685

  7%

  $1,722,208

• Comparable approach

  Method

  Valuation

  Relative Method

  $622,994

  Geo Method

  $622,994

• Alternative Use

  Use

  Valuation

  Residential

  $2,299,810

  Hospitality

  $2,106,613

  Educational

  $1,752,677

  Medical

  $1,812,955

  Retail

  $2,726,387

Location Insight

City

Cedar Rapids

County

Linn

State

Iowa

Latitude

41.9805

Longitude

-91.6638

CBSA code

16300

CBSA name

CEDAR RAPIDS, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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