$575,000

808 3rd Avenue SE, Cedar Rapids, IA 52401

7,300 sqft

Commercial Property
Built in 1948
0.3acre lot
—— car garage
$79/sqft
Listed 3 months ago

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.

Listing Status:: Active
Date Added:: August 6, 2025 at 05:00AM
Listing Office:: GLD COMMERCIAL : 319-731-3400
Listing Agent:: Adam Gibbs : 319-731-3415
MLS ID:: 2506828

General: Storage
Flooring: CarpetConcrete
A/C: Central Air
Heating: CentralGas

Parking: Off Street

Roofing: See Remarks
Windows: Display Window(s)
General: BlockConcrete2

Originating MLS: CDR
County: Linn

Zoning: UNGA.P. #16 NE 16.5' SE 76' & NE 12.5' NW 74' LOT 21 & ALL STR/LB 2214214-09012-00000

Utilities: Electricity AvailableNatural Gas Available
Water: Public
Sewer: Public Sewer

Source: CDR

This listing courtesy of Adam Gibbs, GLD COMMERCIAL

Monthly Payment

$Est. Payment

Principal & Interest $
Property Taxes $
Home Insurance $
VA Funding Fee $

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Location

Schools Nearby

Johnson STEAM Academy

355 18th St SE, Cedar Rapids, IA, 52403

Grades KG-5

0.85 miles away

McKinley Middle School

620 10th St SE, Cedar Rapids, IA, 52403

Grades 6-8

0.36 miles away

Metro High School

1212 7th St SE, Cedar Rapids, IA, 52401

Grades 9-12

0.69 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.