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Kyle Robinson

kylerobinson@epique.me +1(563) 505-1806

$ 3,995,000

Est. payment | -/mo

1.45 Acres Lot

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$ 3,995,000

Est. payment | -/mo

Save

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

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Kyle Robinson

CEO/Team Leader License ID: S6239700 | 47516300

+1(563) 505-1806 | kylerobinson@epique.me

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2055 N Towne Ln NE Cedar Rapids, IA 52402

Kyle Robinson

Key Details

Location

Interior

Exterior

Building

Others

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2055 N Towne Ln NE