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420 12th Avenue SE Floor 2 Cedar Rapids, IA 52401

Price Reduced For Sale
420 12th Avenue SE Floor 2
Cedar Rapids IA, 52401
Price: $1,500,000
Type: Commercial
Sqft: 5000
Agent: Heather Morris
Broker: Skogman Realty Corridor

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. 7 suites with gross leases, 1 with a modified NNN. Modified lease is at $17.60/sqft and a pass through of $5.50/sqft for 3,387 square feet) 2022 rent income $141,408 with $101,483 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 and 2 emergency stairwells. 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.)