Flex Space with Drive-In
For Sale
$545,000
255 Classic Car Ct SW, Cedar Rapids, IA 52404
Fully occupied commercial building with monument signage and direct access to major regional routes.
Property Size4,800 SF
Price / SF$113.54
Days on Market46
Property Features for 255 Classic Car Ct SW
General Information
Standard status
Active
Size
4,800 SF
Occupancy
100%
Additional Details
Highway Access
Yes
Drive-In Doors
4
Amenities
four drive-in bays
monument signage
Building Details
Year Built
1992
Buildings
1
Building Size
4,800 SF
Tenancy
Multi
Listing Agency:
GLD Commercial Real Estate Advisors
Listed By:
Angie Glick
Source:
Monicahayesteam
Added: Jul 16
Changed: Aug 30
Last Checked: Aug 30 at 8:35PM
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 Real Estate Advisors
Investment Insights
Based on property information with market context.
Built in 1992, this 4,800-square-foot flex building is fully leased and configured with four drive-in bays. Monument signage adds a prominent roadside presence, while the layout supports automotive-oriented occupancy within a commercial corridor associated with that industry.
The property is located at 255 Classic Car Court SW in Cedar Rapids, with visibility from I-380 and convenient connections to both I-380 and Highway 30. Two tenants occupy the building: JetSet Automotive/Duffy's Classic Cars has a new five-year lease with annual rent increases, and Keenan Auto is committed under a new 10-year term.
The property is located at 255 Classic Car Court SW in Cedar Rapids, with visibility from I-380 and convenient connections to both I-380 and Highway 30. Two tenants occupy the building: JetSet Automotive/Duffy's Classic Cars has a new five-year lease with annual rent increases, and Keenan Auto is committed under a new 10-year term.
Key Highlights
- 4,800 SF flex building constructed in 1992
- 100% occupied by two tenants
- Four drive‑in bays for vehicle‑oriented operations
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
$45,388
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
8.33%
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%
$907,760
$907.8K
Cap Rate 7%
$648,400
$648.4K
Cap Rate 9%
$504,311
$504.3K
Market Conditions
NOI Build-Up for 4,800 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
$70.3K $14.64/SF
− Vacancy
−$5.4K −$1.13/SF
EGI
$64.8K $13.51/SF
− OpEx
−$19.5K −$4.05/SF
NOI
$45.4K $9.46/SF
Area
Cedar Rapids, IA
Vacancy
7.73%
Lease Rate
$14.64 /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%
$907,760
Cap Rate 7%
$648,400
Cap Rate 9%
$504,311
Alternative Uses
Best Use
Retail
$648.4K
$567.4K – $756.5K
NOI $45,388 @ 7.0% cap · market cap 8.33%
Second Best
Flex RnD
$477.6K
$417.9K – $557.2K
NOI $33,434 @ 7.0% cap · market cap 6.13%
Theoretical Best
Specialty Retail
$694.7K
$607.9K – $810.5K
NOI $48,630 @ 7.0% cap · market cap 8.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Drive-in doors
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
442
Businesses Nearby
Under-served
Demand for This Use
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?
Flex space - Fully occupied commercial building with monument signage and direct access to major regional routes.
Where is this flex space located?
The property is located at 255 Classic Car Ct SW Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: 4,800 SF flex building constructed in 1992; 100% occupied by two tenants; Four drive‑in bays for vehicle‑oriented operations
