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420 12th Avenue Se Floor 3, Cedar Rapids, IA 52401

$1,500,000.00

20 Photos

Featured Listing
SQUARE FEET5,000 MLS#202202643 TRANSACTIONSale
STATUSActive PROPERTY TYPECommercial - Business

Property Description

INVESTMENT OPPORTUNITY. FOR SALE Depot Building B FLOOR 2 (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.

Property Features

Property Type: Commercial - Business
Cooling: Central A/C
Days on Market: 12
Heating: Gas, Central, Forced Air
Roof Type: Other
Taxes: $17,336
Year Built: 2016

Feature Descriptions

Features: Billboard, Display Window, Security System, Sprinkler System, Other
Flooring: Concrete Slab/Grade, Other
Lease Type: N/A
Location: Other
Lot Dimensions: Common
Road Frontage: County/City Road, Pavement
Security: yes
Transaction Type: Sale
Utilities Available: Electricity, Natural Gas, Sewer, Water-City
Zoning: Comm

Listed By / Shown By

Listed By

Agency Name: Skogman Realty Corridor
Agent Name: Heather Morris

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