Listed by Skogman Commercial Group Cedar Rapids
$625,000
2900/2912 1st Ave NE, Cedar Rapids, IA 52402
Details
Property Type Mixed Use
Sub Type Multi-Family, Retail
Square Footage 6,884
Units 5
Occupancy 100%
Price per SqFt $91
Year Built 1926
Buildings 2
Stories 2
Lot Size (SqFt) 19,200
Zoning TMUC
Investment Type Net Lease
Mixed Use | 6,884 SqFt
Marketing description
Two historic properties restored by seller creating five (5) unique spaces. Three (3) commercial businesses and two (2) apartments (a 1-bedroom and a 3-bedroom). Numerous improvements to the buildings and exterior parking. All new streets/sidewalks by the city. Plus a major trail connection next to 2900 1st Ave NE. A ten (10) car overflow parking lot is included and located across 29th street at 115 29th St NE. The buildings are 100% leased with annual rent escalations. The gross income is projected to be $67,000 in 2026. Contract sale terms are available for a qualified Buyer (5% interest rate, 20 yr mortgage amortization, and a 3 yr principal balloon).
Listing Contacts
Listed by Skogman Commercial Group Cedar Rapids
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