2055 North Towne Lane NE, Cedar Rapids, IA 52402
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2055 North Towne Lane NE, Cedar Rapids, IA 52402
2055 North Towne Lane NE, Cedar Rapids, IA 52402
2055 North Towne Lane NE, Cedar Rapids, IA 52402
2055 North Towne Lane NE, Cedar Rapids, IA 52402
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Ethan Graham

Ethan Graham

+1(319) 777-1254
$ 3,995,000
Est. payment /mo
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2055 North Towne Lane NE Cedar Rapids, IA 52402

63,200 SqFt

UPDATED:

Key Details

Property Type Commercial

Sub Type Warehouse

Listing Status Active

Purchase Type For Sale

Square Footage 63,200 sqft

Price per Sqft $63

MLS Listing ID 2601190

HOA Y/N No

Total Fin. Sqft 63200

Year Built 1965

Annual Tax Amount $19,406

Lot Size 2.350 Acres

Acres 2.35

Property Sub-Type Warehouse

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

Area Ne Quadrant

Zoning I-LI

Interior

Interior Features InteriorFeatures

Heating Gas

Cooling Central Air

Flooring Concrete

Fireplace No

Exterior

Exterior Feature Sprinkler/Irrigation

Parking Features Off Street

Utilities Available Electricity Available, Natural Gas Available

Water Access Desc Public

Roof Type Metal

Building

Building Description Steel, Loading Dock,Overhead Doors,Single-Tenant

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

Structure Type Steel

Others

Tax ID 140427600400000

Acceptable Financing Cash, 1031 Exchange

Listing Terms Cash, 1031 Exchange

Virtual Tour https://www.propertypanorama.com/instaview/cdr/2601190

Listed by GLD COMMERCIAL
Ethan Graham

Ethan Graham

Agent

+1(319) 777-1254

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2055 North Towne Lane NE