Self-Storage Facility with Outdoor
For Sale
$4,050,000
3556 Marnie Avenue, Waterloo, IA 50701
Commercial, Waterloo, IA
Property Size30,080 SF
Lot Size5.19 Acres
Price / SF$134.64
Days on Market576
Property Features for 3556 Marnie Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Comm
Directions
Hwy 20 W to the Hwy 63 exit, N on Hwy 63 to Cyclone Dr, turn Rt on Cyclone Dr to Marnie Ave, Rt on Marnie Ave to the end of the cul-de-sac
Subdivision
OT-E (East of I-380)
Standard status
Active
APN
881306426059
Size
30,080 SF
Lot size
5.19 Acres
Taxes and HOA fees
Tax Description
Cedar Valley Crossing Lot 3 Lot 4
Tax Annual Amount
70441
Legal Description
Cedar Valley Crossing Lot 3 Lot 4
Amenities
perimeter fencing
automated gate
high-definition security cameras
Building Details
Year built
2023
Flooring type
Concrete
Building materials
Pre Eng Steel
Roof type
Metal
Listing Agency:
Pinnacle Realty LLC
(319) 393-0900
Listed By:
Trev Adair · License #322502720
(319) 350-9476
Added: Jan 29, 2025
Changed: Aug 19
Last Checked: Aug 28 at 10:06PM
MLS# 2500689
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 property opened its first phase in October 2023 and combines enclosed storage, climate-controlled support space, and outdoor vehicle parking. Indoor storage totals 28,800 square feet across 157 drive-up units in 10x15, 10x20, and 10x30 configurations. A 1,280-square-foot climate-controlled office and shop supports on-site operations, while the outdoor area provides 122 spaces measuring 10x40. The property has 280 units overall and is zoned Comm.
Security improvements include perimeter fencing, an automated gate, and high-definition cameras. Reported occupancy is 91.08% for indoor storage and 70.09% for outdoor parking. The property sits at the intersection of Hwy 20 and Hwy 63 in Waterloo, Iowa, and includes a 15-year TIF package structured at 90% for the first 10 years and 60% thereafter.
Security improvements include perimeter fencing, an automated gate, and high-definition cameras. Reported occupancy is 91.08% for indoor storage and 70.09% for outdoor parking. The property sits at the intersection of Hwy 20 and Hwy 63 in Waterloo, Iowa, and includes a 15-year TIF package structured at 90% for the first 10 years and 60% thereafter.
Key Highlights
- 5.19‑acre self‑storage property at the intersection of Hwy 20 and Hwy 63
- 28,800 SF of indoor storage with 157 drive‑up units
- 122 outdoor parking spaces measuring 10x40
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
$360,058
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%
$7,201,160
$7.2M
Cap Rate 7%
$5,143,686
$5.1M
Cap Rate 9%
$4,000,644
$4.0M
Market Conditions
NOI Build-Up for 30,080 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
$541.4K $18.00/SF
− Vacancy
−$27.1K −$0.90/SF
EGI
$514.4K $17.10/SF
− OpEx
−$154.3K −$5.13/SF
NOI
$360.1K $11.97/SF
Area
Black Hawk County, IA
Vacancy
5.00%
Lease Rate
$18.00 /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%
$7,201,160
Cap Rate 7%
$5,143,686
Cap Rate 9%
$4,000,644
Alternative Uses
Best Use
Warehouse
$30.42M
$26.62M – $35.49M
NOI $2,129,224 @ 7.0% cap · market cap 52.57%
Second Best
Self Storage
$5.14M
$4.50M – $6.00M
NOI $360,058 @ 7.0% cap · market cap 8.89%
Theoretical Best
Mixed Use
$37.71M
$32.99M – $43.99M
NOI $2,639,520 @ 7.0% cap · market cap 65.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
373
Businesses Nearby
Explore this area
Business Placement
Demographics for 50701, IA
29,806
Population
14,530
Households
2.1
Avg Household Size
39
Median Age
30%
College-Educated
95%
High-School Grad
79.1 sq mi
ZIP Area
377
Density / Sq Mi
$62,857
Median Household Income
$41,464
Median Earnings
$846
Median Rent
$183,400
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 - Recently developed storage property with gated access, security cameras, indoor units, and dedicated outdoor vehicle spaces.
Where is this self storage facility located?
The property is located at 3556 Marnie Avenue Waterloo, IA.
What is the asking price?
The asking price for this property is $4,050,000.
What are key features of this property?
This property features: 5.19‑acre self‑storage property at the intersection of Hwy 20 and Hwy 63; 28,800 SF of indoor storage with 157 drive‑up units; 122 outdoor parking spaces measuring 10x40
