222 3Rd AveCedar Rapids, IA 52401

Property Details for 222 3Rd Ave

Year built

1959

Lot size

0.19 AC

Property size (Sq ft)

42,000 SF

Property type

Investment properties

Property subtype

Retail residential properties

APN

14-28-1-28-002-0-0000

APU

142812800200000

Description

The Armstrong Centre, located at 222 3rd Ave SE in downtown Cedar Rapids, IA 52401, offers a variety of office spaces to suit diverse business needs. This Class B building, renovated in 2023, features one five-story building with three passenger and freight elevators. Multiple tenancy options are available, with spaces ranging from a minimum of 140 square feet to a maximum contiguous space of 6,000 square feet. The building is situated in the vibrant Downtown Cedar Rapids submarket, providing easy access to local amenities including restaurants, cafes, museums, parks, and walking trails. The Armstrong Centre is ideal for businesses seeking a productive and comfortable work environment, fostering collaboration and connection within a community of professionals. The modern design and included amenities create a professional atmosphere conducive to business growth and success. This property offers traditional office, executive office, coworking, and creative office space options.

• CAP approach

  CAP return

  Valuation

  6%

  $8,572,942

  6.5%

  $7,913,485

  7%

  $7,348,236

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,322,704

  Geo Method

  $3,322,704

• Alternative Use

  Use

  Valuation

  Residential

  $7,913,485

  Hospitality

  $7,248,710

  Educational

  $6,030,842

  Medical

  $6,238,251

  Retail

  $9,381,309

Location Insight

City

Cedar Rapids

County

Linn

State

Iowa

Latitude

41.9776

Longitude

-91.6666

CBSA code

16300

CBSA name

CEDAR RAPIDS, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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