2900/2912 1st Avenue NE, Cedar Rapids, IA 52402
MLS Number: 2509860 |
Subtype: Commercial | Area: NE Quadrant
$
625,000
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).
Property
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County: Linn
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Lot Size: 19200
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Acres: 0.4400
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Year Built: 1926
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Zoning: TMUC
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Gross tax: $11,471.00
Building
Total Building SF: 6,884
Ceiling Height: 7ft-10ft
Utilities
Utilities: Electricity Available, Natural Gas Available
Heating/Cooling: Central Heat, Central Air
Water Source: City Water
Sewer: City Sewer
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