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$ 3,995,000
Est. payment | /mo
1.45 Acres Lot
$ 3,995,000
Est. payment | /mo
1.45 Acres Lot
Key Details
Property Type Commercial
Sub Type Industrial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 202601218
Year Built 1965
Annual Tax Amount $19,406
Tax Year 2024
Lot Size 1.451 Acres
Acres 2.35
Property Sub-Type Industrial
Property Description
Fully leased industrial investment opportunity on the NE side of Cedar Rapids with quick access to I-380. This property features 60,000 SF of warehouse space and 3,200 SF of office space within a steel-frame construction building. The warehouse includes six dock doors, one drive-in door, and 20-foot sidewall height. Recent capital improvements include all new plumbing, electrical, fire suppression, motion-sensor LED lighting throughout, and roof repairs with new metal sheeting. The property is leased to a strong-credit, multi-state contractor under a two-year lease at $5.50/SF NNN with an increase in Year 2. The NOI in Year 1 is $347,600, producing an 8.7% cap rate, with NOI increasing to $358,344 in Year 2. The property also has a 3 year, 100% tax abatement on all the improvements.
Location
State IA
County Linn
Zoning I-LI
Direction Center Point Rd. to North Towne Ln.
Interior
Heating Natural Gas
Cooling Central Air
Flooring Concrete Slab Grade
Exterior
Utilities Available Electricity Available, Natural Gas Available, Sewer Available, City Water
Roof Type Metal
Building
Lot Size Range Two To Five Acres
Structure Type Other
Others
Tax ID 14042-76004-00000
Acceptable Financing Cash, Exchange
Listing Terms Cash, Exchange
Special Listing Condition Standard
Listed by GLD Commercial Real Estate Advisors
NEARBY SCHOOL & BUSINESS