Flex Buildings with Expansion Potential

6900 Partners Avenue, Marion, IA 52302

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For Sale

$3,850,000

Two buildings with expansion and alternative use possibilities.

Property size:

35,200 SF

Lot size:

8.80 Acres

Price / SF:

$109/SF

HighLights

35,200 SF climate‑controlled storage facility (Building 1) with potential for conversion to commercial/industrial use.
Expansion potential of Building 1 to almost 65,000 SF.
Newer construction: Building 2 built in 2023.
8.8 AC lot suitable for alternative uses and expansion.
Building 2: 12,000 SF flex building with 4 ground level overhead doors.
Site plan designed for up to four 12,000 SF flex buildings.

We can help!

Listing Contact

Adam Gibbs

For Sale

$3,850,000

Two buildings with expansion and alternative use possibilities.

Property size:

35,200 SF

Lot size:

8.80 Acres

Price / SF:

$109/SF

Added:: Nov 7, 2024
Days on Market:: 585
Last Refresh:: May 12 at 9:50 pm

Property Features for 6900 Partners Avenue

General Information

Standard status: Active
Size: 35,200 SF
Lot size: 8.80 Acres
Property subtype: Other

Building Details

Year Built: 2021

We can help!

Listing Contact

Adam Gibbs

Listing agent Adam Gibbs

Listing office GLD COMMERCIAL

Listing date Nov 7, 2024

Source Xome

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of GLD COMMERCIAL

HighLights

35,200 SF climate‑controlled storage facility (Building 1) with potential for conversion to commercial/industrial use.
Expansion potential of Building 1 to almost 65,000 SF.
Newer construction: Building 2 built in 2023.
8.8 AC lot suitable for alternative uses and expansion.
Building 2: 12,000 SF flex building with 4 ground level overhead doors.
Site plan designed for up to four 12,000 SF flex buildings.

Overview

The property features two buildings. Building 1 is a 35,200 square foot climate-controlled storage facility that includes 20 ground-level overhead doors. It has the potential to be converted into a conventional commercial or industrial space. Constructed with 3-inch insulated metal panels, the south wall is designed to allow for expansion of the existing building to almost 65,000 square feet. The 8.8-acre lot and building lend themselves to a number of alternative uses and expansion possibilities. Building 1 shares a parking lot with Building 2, which is a 12,000 square foot wood frame flex building with 4 ground-level overhead doors, constructed in 2023. The site plan was designed to accommodate a total of four 12,000 square foot flex buildings. Ownership is open to selling both buildings as a package or leasing each building with various suite sizes available.

Local Financial Insights For Warehouse

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$259.1k	$7.36
− Vacancy	−$14.8k	−$0.42
EGI	$244.3k	$6.94
− OpEx	−$36.6k	−$1.04
NOI	$207.6k	$5.90

35,200 SF · lease $7.36/SF/yr · vacancy 5.71% · expense 15.00%

Alternative Uses

Best Use

Warehouse

$2.97M

$2.60M – $3.46M (±1% cap)

NOI $207,637 @ 7.0% cap · market cap 5.39%

Second Best

Industrial

$2.44M

$2.14M – $2.85M (±1% cap)

NOI $170,995 @ 7.0% cap · market cap 4.44%

Theoretical Best

Self Storage

$5.92M

$5.18M – $6.91M (±1% cap)

NOI $414,691 @ 7.0% cap · market cap 10.77%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Flex space

Suggested Use

Location Insight

Map
Local Demand

City: Marion
County: Linn
State: Iowa
Longitude: -91.5411207
Latitude: 42.029896

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For sale
Flex space
IA
Marion
52302
6900 Partners Avenue

What type of property is this?

Flex space - Two buildings with expansion and alternative use possibilities.

Where is this flex space located?

The property is located at 6900 Partners Avenue Marion, IA.

What is the asking price?

The asking price for this property is $3,850,000.

What are key features of this property?

This property features: 35,200 SF climate‑controlled storage facility (Building 1) with potential for conversion to commercial/industrial use.; Expansion potential of Building 1 to almost 65,000 SF.; Newer construction: Building 2 built in 2023.