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420 12th Avenue SE #Floor 3, Cedar Rapids, IA 52401

Price: $1,500,000.00

Property

Subtype: Commercial

Area: SE Quadrant

Lot Size: 0

Acres: 0.0000

Year Built: 2016

Zoning: Comm

Gross Tax: 17,336

Traffic Count: 15001-20000

County: Linn

Utilities

Electric, Gas

Heating: Central Air,Central Heat,Gas Heat

Cooling: Central Air,Central Heat,Gas Heat

Power Available: 220 Volt,See Remarks

Building

Total Building Sq Ft: 19,233

Ceiling Height: 7ft-10ft

Floor Type: Concrete Slab,See Remarks

Lease Terms

Tenant Pays: Re Tax, Insurance, CAM, Improvment, Janitorial, Heating, Water, Electricity, Trash Collection, Assoc Fee


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INVESTMENT OPPORTUNITY. FOR SALE Depot Building B FLOOR 3 (5,000 sq ft) in the NewBo Arts & Entertainment District. TIF SCHEDULE with 47.5% return for 4 years and 95% for the remaining 8 years. Management company in place with full Rent roll for individual salon suites. 19 suites with gross leases. Owner has one suite and an office without expense that could be leased for additional income. 2022 rent income $159,240 with $109,449 net operating income before depreciation. 2021 also available. Secure access, inviting vestibule with sitting area, elevator access- Ambulatory, mail station, industrial modern design, and scenic views from the windows with energy efficient UV film. The building offers exposed ductwork, emergency lighting, overhead sprinklers, monitored fire alarms and extinguishers, Fiber internet, and security cameras. Convenient and up to date codes with ADA Compliance, 2 emergency stairwells, 4’6’ common hallway, drinking fountain, mop sink, kitchenette, and break room. Parking option at the front and back of the building. Pass through expense includes the HOA fee to the Depot and Salon Flats ($395 & $550 to total $945 monthly)

Listing Agent: Heather Morris Office: SKOGMAN REALTY Data courtesy of Cedar Rapids Area Association of Realtors MLS