1308 Adair Ct SW - First Class Storage | Self Storage & Airport Specialty Building Offered at $4,250,000 at a 10.07% Cap Rate in Cedar Rapids, IA 52404

First Class Storage – Innovative Storage Facility for Sale & Lease
Now available: First Class Storage, a modern, high-demand storage facility strategically located next to the Eastern Iowa Airport. This is a turn-key opportunity to own the entire complex, priced at $4.25 million, offering both investment potential and immediate rental income.
?? Property Overview
168 total units with a strong unit mix
Prime location with excellent visibility and easy access to major highways
Secure, well-maintained, and built for today’s storage demands
?? Unit Mix & Rental Rates
91 Units (10x20) – $135/month
69 Units (10x30) – $165/month
6 Units (14x40) – $285/month
Business Storage Suites (14x40) – 2 units at $645/month (ideal for contractors, small businesses, and inventory storage)

Larger OH Doors for easier entry and exit. Allows for storage of larger vehicles, boats, etc.
A typical self storage facility has 8’w x 7’h OH doors.
This site:
10x20 & 10x30 units have: 9’w x 8’h OH Doors.
14x40 units have: 12’w x 14’h OH Doors.

Site is fully automated: After payment is processed, the user downloads 1 app and can open the gate and their unit with their phone.

Innovative bluetooth locks: These revolutionary bluetooth locks are designed to work in cold weather climates and tested with outside facing doors in the harsh Winters of Northern Canada. Large batteries ensure long life (3 year battery life if the door is opened once per day) and are more secure than traditional padlocks. No more worry of someone cutting a padlock. Bluetooth technology is used so the locks themselves cannot be hacked and are isolated so they still work if power or internet is lost to the site.

City Tax Incentive Package: 10 year / 50%
Cost Segregation Performed - Immediate writeoff available.
Annual Base Rent at stabilization: Up to $447,120.00
Expected Annual NOI at 95% occupancy: $428,071.17
Expected Annual Opex: $39,693.70
Expected COC Return: 35.80%
Seller financing available. One example: Willing to finance 50% of the down payment for 2 years.
Price will go up as the site goes through lease up.