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1261 1st Avenue SE

Cedar Rapids, IA 52403
  • $1,950,000
  • STATUS: Active
  • ON SITE: 20 Days
  • MLS #: 2500692
UPDATED: 66 min ago
$1,950,000
  • 0
    BEDS
  • 0.39
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 23,586
    SQFT
  • $83
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1914
County:
Area:

School Ratings & Info

Description

Prime 1st Avenue location directly across from Coe College and in close proximity to St. Lukes Hospital presents an exceptional opportunity for investors and developers. This highly visible property, currently improved with two apartment buildings featuring a total of 40 units, offers immediate income potential. Coe College is willing to master lease the apartments for $100K per building for up to 12 months post-closing. The site's strategic positioning, coupled with the potential to combine with the adjacent property for a total of 1.289 acres with significant frontage on 1st Avenue, creates an opportunity for various development possibilities that would likely qualify for development incentives. The adjacent property is also income-producing, offering further cash flow and flexibility. This is a rare chance to acquire a high-profile site in a dynamic location with substantial upside.

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© 2025 Cedar Rapids Area Association of REALTORS® Multiple Listing Service, Inc. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Key Realty. Data last updated: 2025-02-19T11:42:59.033.
www.buyandselliowa.com/homes/159845611
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1261 1st Avenue SE Cedar Rapids, IA 52403

  • Price: $1,950,000
  • Status: Active
  • On Site: 20 Days
  • Updated: 66 min ago
  • MLS #: 2500692
0
Beds
0
Baths
0
½ Baths
0.39
Acres
23,586
SQFT
$83
$/SQFT
1914
Built
Neighborhood:
SE Quadrant
County:
Linn
Area:
SE Quadrant
Property Description
Prime 1st Avenue location directly across from Coe College and in close proximity to St. Lukes Hospital presents an exceptional opportunity for investors and developers. This highly visible property, currently improved with two apartment buildings featuring a total of 40 units, offers immediate income potential. Coe College is willing to master lease the apartments for $100K per building for up to 12 months post-closing. The site's strategic positioning, coupled with the potential to combine with the adjacent property for a total of 1.289 acres with significant frontage on 1st Avenue, creates an opportunity for various development possibilities that would likely qualify for development incentives. The adjacent property is also income-producing, offering further cash flow and flexibility. This is a rare chance to acquire a high-profile site in a dynamic location with substantial upside.
Exterior Features

Construction Materials Block Frame Concrete Parking Features Off Street Roof Membrane

Interior Features

Basement YN Yes Cooling Central Air Cooling YN Yes Flooring Carpet Heating Steam Heating YN Yes Levels Three Or More

Property Features

Building Features Kitchen Facilities Multi- Tenant Private Restrooms Pole Sign Business Name Hampton Ct Apts Electric 220 Volts Inclusions Building Land Lease Considered YN No Listing Terms Cash Possession Close Of Escrow Property Sub Type Investment Property Sub Type Additional Investment Sewer Public Sewer Tax Annual Amount 0 Utilities Electricity Available Natural Gas Available Water Source Public Zoning Urban Zoning Description Urban

Listing information © 2025 Cedar Rapids Area Association of REALTORS® Multiple Listing Service.
Listing provided courtesy of Tiffany Earl Williams of SKOGMAN REALTY COMMERCIAL: 319-363-8286.
© 2025 Cedar Rapids Area Association of REALTORS® Multiple Listing Service, Inc. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Key Realty. Data last updated: 2025-02-19T11:42:59.033.
 
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Key Realty
4403 1st AV NE, STE 503
Cedar Rapids IA, 52402