Listed by Skogman Commercial Group
$12,400,000
Smulekoff's
Details
APN 14282-07003-00000
Property Type Mixed Use, Multifamily
Sub Type Apartment Building, Creative Office
Square Footage 94,760
Net Rentable (SqFt) 83,621
Units 41
Cap Rate 6.13%
NOI $760,000
Occupancy 75%
Tenancy Multi
Lease Type NN+
Broker Co-Op Yes
Class B
Year Built 1904, 1973
Year Renovated 2016
Buildings 1
Stories 5
Acreage 0.660
Zoning U-DC (Urban Downtown Core)
Parking Spaces 48 spaces
Parking per 1,000 SqFt 0.51
Investment Type Stabilized
Ownership Investor/Developer
Mixed Use | 6.13% CAP | 94,760 SqFt
Marketing description
Exceptionally Restored Historic Five Story Building on the river front and in the heart of downtown Cedar Rapids. Building construction is brick, steel and concrete with extensive renovations in 2016 including solar, high efficiency HVAC, elevators, roof, & windows. 32 stabilized market rate apartments, 61,500 SF of redeveloped commercial space that is 65% occupied with long-term tenants, 48 interior parking stalls provide additional income. The vacant commercial space is finished and furnished. Contact listing agent for NDA.
Investment highlights
Top to Bottom Redevelopment in 2016
100% Residential Occupancy
65% Commercial Occupancy
Vacant Commercial Space is Finished and Furnished
48 Interior Parking Stalls
Listing Contacts
Listed by Skogman Commercial Group
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$760,000.00
$63,333.33/mo
Valuation Metrics
0
DSCR
6.13%
Cap Rate
6.13%
ROI
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