Building Details

Year Built 1992

Buildings 1

Building Size 4,800 SF

Tenancy Multi

Listing Agency: GLD Commercial Real Estate Advisors a***@gldcommercial.com Show Phone

Listed By: Angie Glick Show Phone

Source: Kalonarealty

Added: Jun 2 Changed: Oct 25 Last Checked: Oct 24 at 2:31PM

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Investment Insights

Based on property information with market context.

Built in 1992, this 4,800-square-foot flex building has four drive-in bays and monument signage. The property is fully leased to two tenants. One recently signed a five-year lease with annual rent increases, while the other is secured on a new 10-year term. The site is zoned Trad Ind Mixed Use.

Located at 255 Classic Car Ct SW in Cedar Rapids, the property has visibility from I-380 and access to both I-380 and Highway 30.

Key Highlights

• 4,800 SF flex building with four drive‑in bays
• Fully leased to two tenants
• One tenant recently signed a 5‑year lease with annual rent increases; the other has a new 10‑year term

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$45,388

Cap Rate

8.33%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$907,760 $907.8K

Cap Rate 7%

$648,400 $648.4K

Cap Rate 9%

$504,311 $504.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,800 SF

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 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 (±1% cap)

NOI $45,388 @ 7.0% cap · market cap 8.33%

Second Best

Flex RnD

$477.6K

$417.9K – $557.2K (±1% cap)

NOI $33,434 @ 7.0% cap · market cap 6.13%

Theoretical Best

Specialty Retail

$694.7K

$607.9K – $810.5K (±1% cap)

NOI $48,630 @ 7.0% cap · market cap 8.92%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Car Crafters Auto Repair Shop Full Spec Tint Interior Design Keenan Family Auto ... Auto Repair Shop U-Haul Neighborhood Dealer Car Rental Facility

Suggested Use

Top Pick Dental Office Real Estate Agency Law Firm Skin Care Clinic Garden Center Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - The fully occupied property includes monument signage and accommodates two tenants.

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 with four drive‑in bays; Fully leased to two tenants; One tenant recently signed a 5‑year lease with annual rent increases; the other has a new 10‑year term