808 3rd Ave SE, Cedar Rapids, IA 52401
808 3rd Ave SE, Cedar Rapids, IA 52401
808 3rd Ave SE, Cedar Rapids, IA 52401
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$575,000
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7,300 Sqft Lot
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808 3rd Ave SE Cedar Rapids, IA 52401

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Amir Elgaali

Amir Elgaali

+1(319) 855-0017

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Key Details

Property Type Commercial

Sub Type Commercial

Listing Status Active

Purchase Type For Sale

MLS Listing ID 202505062

Annual Tax Amount $12,974

Tax Year 2023

Lot Size 7,300 Sqft

Acres 0.3

Property Sub-Type Commercial

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

Zoning Urban Neighborhood Gen

Direction Take 8th St NE exit off I-380 and head southeast to 3rd Ave SE. The building is on the corner of 8th St NE & 3rd Ave SE.

Interior

Heating Natural Gas, Central

Cooling Central Air

Flooring Concrete Slab Grade, Carpet

Exterior

Utilities Available Electricity Available, Natural Gas Available, Sewer Available, City Water

Roof Type Other

Building

Lot Size Range Less Than Half Acre

Structure Type Block

Others

Tax ID 14214-09012-00000

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition Standard

Listed by GLD Commercial Real Estate Advisors

NEARBY SCHOOL & BUSINESS

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Amir Elgaali

Amir Elgaali

Agent | License ID: 66564000

+1(319) 855-0017

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808 3rd Ave SE