221 2Nd AveCedar Rapids, IA 52401

Property Details for 221 2Nd Ave

Year built

1905

Property size (Sq ft)

5,708 SF

Property type

Turn key restaurants

APN

14-21-4-64-010-0-1000

APU

142146401001000

Description

This exceptional downtown Linn County office building, constructed in 1880 and boasting 18,120 square feet across three stories, offers two distinct spaces for lease. Suite 210 presents 4,000 square feet of adaptable open-plan office space, perfect for a modern business. This second-floor suite includes two private offices, a shared break area with restrooms, and utilities are included in the base rent. A tenant improvement allowance may be available based on lease terms and tenant qualifications. Alternatively, Suite 300 provides 12,000 square feet of former University of Iowa classroom space, ideal for a larger organization or educational institution. This expansive suite features four large classrooms, twelve private offices or breakout rooms, a smaller open workspace, and private restrooms. Tenants in Suite 300 are responsible for utilities. Both suites are located within a well-maintained building situated in the Urban Downtown Core zoning district, offering convenient access to downtown amenities. The property sits on a 0.139-acre lot and has a minimum divisible space of 4,000 square feet, with a maximum contiguous space of 12,000 square feet. Currently, 16,000 square feet of space is available. The property's APN is 14214-64005-00000. This versatile property is suitable for a range of businesses seeking flexible and well-located office space in the heart of downtown.

• CAP approach

  CAP return

  Valuation

  6%

  $1,381,212

  6.5%

  $1,274,964

  7%

  $1,183,896

• Comparable approach

  Method

  Valuation

  Relative Method

  $734,168

  Geo Method

  $734,168

• Alternative Use

  Use

  Valuation

  Residential

  $1,075,480

  Hospitality

  $985,134

  Educational

  $819,620

  Medical

  $847,808

  Retail

  $1,274,964

Location Insight

City

Cedar Rapids

County

Linn

State

Iowa

Latitude

41.978

Longitude

-91.667

CBSA code

16300

CBSA name

CEDAR RAPIDS, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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