808 3rd Avenue SE, Cedar Rapids, IA 52401
MLS Number: 2506828 |
Subtype: Commercial | Area: SE Quadrant
$
575,000
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.
Property
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County: Linn
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Lot Size: .3 Ac
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Acres: 0.3000
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Year Built: 1948
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Zoning: UNG
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Gross tax: $12,974.00
Building
Total Building SF: 7,300
Utilities
Utilities: Electricity Available, Natural Gas Available
Heating/Cooling: Central Heat, Gas Heat, Central Air
Water Source: City Water
Sewer: City Sewer
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