1261 1st Avenue SE Cedar Rapids IA 52403
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1261 1st Avenue SE Cedar Rapids IA 52403
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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