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2740 1st Ave NE 15,003 SF 100% Leased Retail Building Cedar Rapids, IA 52402 $2,845,271 CAD ($189.65 CAD/SF) 7.29% Cap Rate
Investment Highlights
- Established tenancy
- Central location along 1st Avenue
- Net leases
Executive Summary
Outstanding medical office investment opportunity at 2740 1st Ave NE, Cedar Rapids, IA. This 15,003 SF multi-tenant building is 100% occupied by established healthcare tenants — University of Iowa Health Care and Mercy Medical — delivering secure, predictable cash flow with NOI of $149,877, a 7.35% cap rate at the offering price of $2,055,000. Positioned on a 0.705-acre parcel along a high-traffic corridor (26,600 VPD on 1st Ave E), the property offers ample on-site parking and excellent visibility. Backed by the strength and reputation of two of the region's most respected healthcare systems, this asset combines a strong tenant profile, prime central location, and long-term stability — an excellent addition to any investment portfolio.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
15,003 SF
Building Class
C
Year Built/Renovated
1968/2024
Price
$2,845,271 CAD
Price Per SF
$189.65 CAD
Cap Rate
7.29%
NOI
$207,514 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.49
Lot Size
0.70 AC
Zoning
Mixed Use - Traditional Mixed Use
Amenities
- Bus Line
- Pylon Sign
- Signage
- Monument Signage
- Air Conditioning
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Mercy Health
- Health Care and Social Assistance
- 13,366 SF
- $12.90 CAD
- Triple Net
- Apr 2029
- University of Iowa
- Health Care and Social Assistance
- 1,637 SF
- $18.84 CAD
- Triple Net
- Nov 2028
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Mercy Health | Health Care and Social Assistance | 13,366 SF | $12.90 CAD | Triple Net | Apr 2029 | |
| University of Iowa | Health Care and Social Assistance | 1,637 SF | $18.84 CAD | Triple Net | Nov 2028 |
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
40/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 14142-27009-00000 | Improvements Assessment | $902,179 CAD |
| Land Assessment | $292,834 CAD | Total Assessment | $1,195,014 CAD |
Property Taxes
Parcel Number
14142-27009-00000
Land Assessment
$292,834 CAD
Improvements Assessment
$902,179 CAD
Total Assessment
$1,195,014 CAD
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2740 1st Ave NE
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