2740 1st Ave NE
2740 1st Ave NE, Cedar Rapids, IA 52402
Outstanding medical office investment opportunity at 2740 1st Ave NE, Cedar Rapids, IA. This 15,003 SF multi-tenant building is 100% occupied by established healthcare tenants — University of Iowa Health Care and Mercy Medical — delivering secure, predictable cash flow with NOI of $149,877, a 7.35% cap rate at the offering price of $2,055,000. Positioned on a 0.705-acre parcel along a high-traffic corridor (26,600 VPD on 1st Ave E), the property offers ample on-site parking and excellent visibility. Backed by the strength and reputation of two of the region's most respected healthcare systems, this asset combines a strong tenant profile, prime central location, and long-term stability — an excellent addition to any investment portfolio.
Investment highlights
Two Tenant Investment Opportunity - 100% Occupied
Strong Tenancy - University of Iowa & Mercy Medical
Prominent 1st Avenue Location
Building Details
- For Sale $2,055,000/SF
- Property Type Office - Medical Office
- Property Size 9,800 SF
- Lot Size 0.71 Acre
- Cap Rate % 7.35
- NOI / YR $149,877.00
- Zoning Traditional Mixed Use Center
- Additional Rent Price on request
- Date Updated Nov 6, 2026
- Visibility/Traffic Count (VPD) 26,600
Reach out to the broker for more info on lease terms and amenities
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Contacts
WSG CRE
WSG CRE
WSG CRE
Location
- City Cedar Rapids, IA
- Zip Code 52402
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Walk score 63/100 Somewhat Walkable -
Transit score 26/100 Some Transit -
Bike score 52/100 Bikeable
Points of Interest
Shell
0.09 miles
Kum & Go
0.33 miles
Casey's General Store
0.59 miles
ChargePoint
0.84 miles
Hy-Vee Gas
1.23 miles
Sinclair - Hawkeye
1.29 miles
Kwik Shop
1.41 miles
Sinclair
1.42 miles
Fas Fuel
1.45 miles
Sierra Convenience
1.54 miles
Prairie Drive Lot
0.81 miles
27th Street Lot
0.92 miles
Upper Andreas Lot
0.95 miles
Lower Andreas Lot
0.97 miles
Immaculate Conception Catholic Church Parking
2.00 miles
Five Seasons Parking Ramp
2.30 miles
3rd Avenue Ramp
2.40 miles
Lot 10
2.41 miles
Lot 9
2.43 miles
Lot 12
2.48 miles
Sparkling Image Car Wash
0.41 miles
Tommy's Express Car Wash
1.10 miles
Johnny Boy's
1.61 miles
Mister Car Wash
1.69 miles
Limolink
1.93 miles
Mt. Vernon Car Wash
2.07 miles
Budget
2.10 miles
Blue Lagoon Car Wash and Storage
2.11 miles
Cruiser's Auto Spa
2.12 miles
Big Z's Car Wash
2.14 miles
Break Room
0.30 miles
Starlite Room
0.46 miles
Dairy Queen
0.47 miles
Chef Wong
0.48 miles
Milio's Sandwiches
0.67 miles
Siamville
0.73 miles
Vino's Ristorante & R.G. Books Lounge
0.73 miles
Godfather's Pizza
0.76 miles
Bandana's Bar-B-Q
0.81 miles
The Taco Depot
0.89 miles
Town and Country Shopping Center
0.75 miles
Fareway
0.83 miles
Hy-Vee
1.33 miles
K.A.F.F. Oriental & African Market
1.42 miles
Cassil Motors
1.49 miles
Kohl's
1.50 miles
TJ Maxx
1.50 miles
Von Maur
1.51 miles
New Pioneer Food Co-Op
1.55 miles
Lindale Mall
1.56 miles
Walgreens
0.09 miles
Cedar Rapids Fire Department Station 7
0.15 miles
Planned Parenthood
0.60 miles
RCI
0.79 miles
Dermatology Clinic of Iowa
1.03 miles
Iowa Foot & Ankle Clinic
1.17 miles
Allergy & Asthma Clinic, P.C.
1.21 miles
Hy-Vee Pharmacy
1.32 miles
Mercy Care 2nd Avenue
1.46 miles
Bridgehaven Pregancy Support Center
1.61 miles
Listing Summary
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Property Financials 2740 1st Ave NE is currently listed for sale at $2,055,000/SF.
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Property Details 2740 1st Ave NE totals 9,800 square feet of Office space on a lot spanning 0.71 acres.
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Area Characteristics In terms of ease of commuting, the area has a walk score of 63, indicating that it is somewhat walkable.
