Duong Investment Group
In Escrow

Value-Add Industrial Opportunity

5265 Rockwell Drive NE, Cedar Rapids, IA 52402

Property Description

Price: $8,250,000
Price Per/SF: $82.30
Land Area: ±6.00 AC
Cap Rate: 9.36% Current | 11.12% Pro Forma
Gross Leasable Area: ±100,240 Square Feet
Year Built: 1979

Investment Highlights

Long Term Leases in Place with Established Tenants

Recent Roof Replacement Completed in 2020

Value Add Potential with Leasing Up of the Vacant Space

Industrial Property In Excellent Condition

  • ±100,000 Square Foot Building Situated on 6 Acres of Land
  • 7 Dock-High Doors and 2 Roll-Up Doors
  • 261 Parking Spaces Provides for Ample Parking Needs
  • All Units have the Flexibility to be Used for Warehouse or Office Space Depending on Tenant’s Requirements
  • Trapeze Software Group is Owned by Constellation Software Which does Over $3 Billion in Revenue

Pride Of Ownership Property In Cedar Rapids, IA

  • Dense, Infill Area with Over 132,000 Residents Within 5 Miles
  • Cedar Rapids is the 2nd Largest City in The State of Iowa with a Population Exceeding 133,000 Residents | The City Has Experienced A 9% Growth in Population Over the Last Decade Alone
  • Located In the Rapidly Growing City Of Cedar Rapids, IA – 6.84% Projected Population Growth From 2021-2026 Within A 1-Mile Radius of the Subject Property
  • Strong Average Household Income Of $94,625 Within a 5-Mile Radius
  • Cedar Rapids Is Undergoing New Major Developments Including a $64 Million Mixed-Use Project that will Include Four Commercial Buildings and Nearly 400 Residential Units. This Project Is Expected to Be Completed In December 2024 And Is Expected To Bring “More Housing To A City Where Demand For It Exceeds Supply And More Jobs To A Growing Part Of Town”
  • Construction Also Began In 2020 On A Bae System $139 Million Classified Aerospace Defense Facility Located in Cedar Rapids, Iowa
  • Local Developers Currently Have a Proposed $71 Million Mixed-Use Development That Will Include Residential Units, Mixed-Use Retail Space, And A Boutique Hotel
  • The Cedar Rapids-Iowa City “Technology Corridor” is One of The Leading Centers in the Country for the Defense Electronics Industry, the Fastest-Growing Segment of the Metropolitan Area Economy

 

Broker of Record: Jon Ruzicka – Minneapolis, MN | License: #B63379000

Contact Information

Craig Elster
Vice President Investments
Director, Net Leased Properties Group
(949) 419-3223
craig.elster@marcusmillichap.com
License: CA 01958307

Ron Duong
Senior Managing Director Investments
Senior Director, National Retail Group
(949) 419-3233
ron.duong@marcusmillichap.com
License: CA 01438643