5264 Council StCedar Rapids, IA 52402

Property Details for 5264 Council St

Year built

1976

Lot size

5.87 AC

Property size (Sq ft)

70,326 SF

Property type

Medical offices

Property subtype

Medical centers

APN

14-03-2-51-007-0-0000

APU

140325100700000

Description

Exceptional investment opportunity: Medical Plaza, a 70,326 square foot Class B medical office building located at 5264 Council St NE, Cedar Rapids, IA 52402, is available for sale. This single-story building, constructed in 2003, sits on a 5.87-acre lot and is zoned S-MC. Currently 100% occupied by a credit-rated Mercy Medical tenant under a sale-leaseback agreement, this property offers a secure and stable income stream. The NNN lease features a 12-year term commencing August 1, 2024, and expiring July 31, 2036, with 11.7 years remaining. Rent includes a 2.0% annual increase. The asking price is $9,200,000, representing a price per square foot of $130.82 and a 6.84% cap rate. The property boasts a Net Operating Income (NOI) of $629,418. The lease includes four options for five-year extensions with 2.0% escalations. This investment provides a below-replacement-cost opportunity with a long-term commitment from a tenant offering a variety of essential medical services. This is a rare opportunity to acquire a high-quality, income-generating medical facility in a prime location with a strong, credit-rated tenant. APN: 14214-81004-00000.

• CAP approach

  CAP return

  Valuation

  6%

  $11,576,435

  6.5%

  $10,685,940

  7%

  $9,922,658

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,589,439

  Geo Method

  $3,589,439

• Alternative Use

  Use

  Valuation

  Residential

  $13,250,565

  Hospitality

  $12,137,446

  Educational

  $10,098,213

  Medical

  $10,445,506

  Retail

  $15,708,331

Location Insight

City

Cedar Rapids

County

Linn

State

Iowa

Latitude

42.031

Longitude

-91.6566

CBSA code

16300

CBSA name

CEDAR RAPIDS, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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