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2055 N Towne Ln NE 63,200 SF 100% Leased Industrial Building Cedar Rapids, IA 52402 $3,995,000 ($63.21/SF) 8.70% Cap Rate
Investment Highlights
- Fully leased industrial asset with strong credit tenancy.
- Recent upgrades including lighting, fire suppression, utilities, and roof improvements.
- Functional loading configuration with six dock doors and one drive-in door.
- Located near I-380 with excellent access to Cedar Rapids logistics infrastructure.
Executive Summary
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.
Property Facts
| Price | $3,995,000 | Lot Size | 2.35 AC |
| Price Per SF | $63.21 | Rentable Building Area | 63,200 SF |
| Sale Type | Investment NNN | No. Stories | 1 |
| Cap Rate | 8.70% | Year Built | 1965 |
| Property Type | Industrial | Clear Ceiling Height | 20’ |
| Property Subtype | Manufacturing | No. Dock-High Doors/Loading | 6 |
| Building Class | C | No. Drive In / Grade-Level Doors | 1 |
| Zoning | LI - Light Industrial | ||
| Price | $3,995,000 |
| Price Per SF | $63.21 |
| Sale Type | Investment NNN |
| Cap Rate | 8.70% |
| Property Type | Industrial |
| Property Subtype | Manufacturing |
| Building Class | C |
| Lot Size | 2.35 AC |
| Rentable Building Area | 63,200 SF |
| No. Stories | 1 |
| Year Built | 1965 |
| Clear Ceiling Height | 20’ |
| No. Dock-High Doors/Loading | 6 |
| No. Drive In / Grade-Level Doors | 1 |
| Zoning | LI - Light Industrial |
Utilities
- Lighting
- Gas - Natural
- Water - City
- Sewer - City
- Heating - Electric
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Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 14042-76004-00000 | Improvements Assessment | $393,000 |
| Land Assessment | $282,800 | Total Assessment | $675,800 |
Property Taxes
Parcel Number
14042-76004-00000
Land Assessment
$282,800
Improvements Assessment
$393,000
Total Assessment
$675,800
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2055 N Towne Ln NE
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