1239 1st Avenue SE Cedar Rapids IA 52403
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1239 1st Avenue SE Cedar Rapids IA 52403
Fully leased investment property in Cedar Rapids’ MedQuarter: the Pioneer Building at 1239 1st Avenue SE, directly across from Coe College and near UnityPoint St. Luke’s, Physicians’ Clinic of Iowa, and the new 1st Avenue Starbucks. A rare chance to acquire a smaller, fully stabilized multi-tenant asset. The 5,432 SF retail/office building is 100% leased, with scheduled rent increases in place. Ownership is in the process of setting up a Reciprocal Easement Agreement (REA) to create a shared parking field behind the adjoining buildings. Modern façade, large storefront windows, quick access to I-380, and strong exposure with ±22,300 VPD on 1st Avenue SE. Urban zoning. Offered at $495,000. Restrictive covenant: no tobacco, vape, liquor, or pawn shop use permitted.
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