808 3rd AVE SE new Save Request In-Person Tour Request Virtual Tour
Cedar Rapids,IA 52401
Key Details
Property Type Commercial
Sub Type Investment
Listing Status Active
Purchase Type For Sale
Square Footage 7,300 sqft
Price per Sqft $78
MLS Listing ID 2506828
HOA Y/N No
Total Fin. Sqft 7300
Year Built 1948
Annual Tax Amount $12,974
Lot Size 0.300 Acres
Acres 0.3
Property Sub-Type Investment
Property Description
Own a piece of the MedQuarter in downtown Cedar Rapids with this stabilized investment opportunity. Priced to reflect a 9% cap rate, this property is occupied by Gilded Pear Gallery, a long-term tenant since 2013 who recently extended their lease. The lease is structured as Modified Gross, with the Landlord responsible for capital expenses and building insurance, while the Tenant covers real estate taxes, snow removal, lawn care, HVAC, plumbing, electrical, and all utilities—providing a low-maintenance ownership structure. Recent capital improvements include a new roof installed in 2021 with a 10-year warranty, new HVAC system servicing the mezzanine, and a fresh parking lot overlay completed in 2024. Please contact listing agents for more details.
Location
State IA
County Linn
Area Se Quadrant
Zoning UNG
Interior
Interior Features Storage
Heating Central,Gas
Cooling Central Air
Flooring Carpet,Concrete
Inclusions Building,Land
Fireplace No
Window Features Display Window(s)
Exterior
Parking Features Off Street
Utilities Available Electricity Available,Natural Gas Available
Water Access Desc Public
Roof Type See Remarks
Building
Building Description Block,Concrete, Overhead Doors,Private Restrooms,Pole Sign,Single-Tenant
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
Structure Type Block,Concrete
Others
Tax ID 14214-09012-00000
Acceptable Financing Cash
Listing Terms Cash
Virtual Tour https://www.propertypanorama.com/instaview/cdr/2506828