Self Storage
For Sale
$4,150,000
1308 Adair Ct SW, Cedar Rapids, IA 52404
Commercial, Cedar Rapids, IA
Property Size43,380 SF
Lot Size3.49 Acres
Price / SF$95.67
Days on Market46
Property Features for 1308 Adair Ct SW
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
Com
Directions
From I-380, take Exit 13 for Wright Brothers Blvd SW. Head west toward the Eastern Iowa Airport, turn left/south onto Frontage Rd SW, then turn right onto Adair Ct SW. The property is located at 1308 Adair Ct SW.
Subdivision
SW Quadrant
Standard status
Active
APN
192920101900000
Size
43,380 SF
Lot size
3.49 Acres
Taxes and HOA fees
Tax Description
IOWA DEVELOPMENT 1ST LOTS 4 & 5
Tax Annual Amount
204
Legal Description
IOWA DEVELOPMENT 1ST LOTS 4 & 5
Building Details
Year built
2025
Flooring type
Concrete
Listing Agency:
Pinnacle Realty LLC
(319) 393-0900
Listed By:
Trev Adair · License #322502720
(319) 350-9476
Added: Jul 14
Changed: Aug 19
Last Checked: Aug 28 at 10:06PM
MLS# 2605019
Copyright © 2026 Cedar Rapids Area Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This self-storage complex includes 168 units across several configurations, with 10x20, 10x30, and 14x40 options. Select units include electricity, while other 14x40 units are non-electric. The property contains 43,380 square feet on 3.49 acres, with concrete flooring throughout. Commercial zoning is identified as Com.
Located next to the Eastern Iowa Airport at 1308 Adair Ct SW, the facility offers access to major highways and serves a broad range of storage requirements. The site includes a mix of standard and larger-format units, including five non-electric 14x40 units and three electric 14x40 units. The property information identifies the facility as under construction and built in 2025.
Located next to the Eastern Iowa Airport at 1308 Adair Ct SW, the facility offers access to major highways and serves a broad range of storage requirements. The site includes a mix of standard and larger-format units, including five non-electric 14x40 units and three electric 14x40 units. The property information identifies the facility as under construction and built in 2025.
Key Highlights
- 168 total storage units across multiple configurations
- 43,380 square feet on 3.49 acres
- Unit mix includes 10x20, 10x30, and 14x40 sizes
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$368,765
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.89%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,375,300
$7.4M
Cap Rate 7%
$5,268,071
$5.3M
Cap Rate 9%
$4,097,389
$4.1M
Market Conditions
NOI Build-Up for 43,380 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$572.6K $13.20/SF
− Vacancy
−$45.8K −$1.06/SF
EGI
$526.8K $12.14/SF
− OpEx
−$158.0K −$3.64/SF
NOI
$368.8K $8.50/SF
Area
Cedar Rapids, IA
Vacancy
8.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,375,300
Cap Rate 7%
$5,268,071
Cap Rate 9%
$4,097,389
Alternative Uses
Best Use
Self Storage
$5.27M
$4.61M – $6.15M
NOI $368,765 @ 7.0% cap · market cap 8.89%
Second Best
Warehouse
$3.95M
$3.45M – $4.60M
NOI $276,191 @ 7.0% cap · market cap 6.66%
Theoretical Best
Specialty Retail
$6.28M
$5.49M – $7.32M
NOI $439,493 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
94
Businesses Nearby
Explore this area
Business Placement
Demographics for 52404, IA
43,385
Population
19,923
Households
2.2
Avg Household Size
35
Median Age
22%
College-Educated
94%
High-School Grad
56.6 sq mi
ZIP Area
767
Density / Sq Mi
$62,304
Median Household Income
$38,865
Median Earnings
$885
Median Rent
$159,700
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - The complex offers multiple storage formats, including dedicated electric and non-electric unit options.
Where is this self storage facility located?
The property is located at 1308 Adair Ct SW Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $4,150,000.
What are key features of this property?
This property features: 168 total storage units across multiple configurations; 43,380 square feet on 3.49 acres; Unit mix includes 10x20, 10x30, and 14x40 sizes
