3475 Westdale Drive Southwest, Cedar Rapids, IA

Listing Agency: Cushman & Wakefield Show Phone

Listed By: Ryan Fitzpatrick Show Phone

Source: Moodyscre

Added: Aug 26, 2024 Changed: Aug 8 Last Checked: Aug 8 at 12:17PM

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Investment Insights

Based on property information with market context.

This stand-alone NNN Burlington Coat Factory offers an investment opportunity. The property was originally built in 1979 and is located within the Westdale shopping center, which underwent a transformative redevelopment in 2014. The property has 6.5 years remaining on an original 15-year lease, with a 10% rental increase scheduled in 3 years. Westdale is strategically positioned on Edgewood Road, providing convenient access to Highway 30 and Interstate I-380. The shopping center spans 40 acres and features five major big box retail buildings, along with numerous development pads. The center is currently 100% occupied and includes tenants such as PetSmart, Ross Dress for Less, Michael’s, Burlington, and JCPenney, drawing from local, regional, and national markets. The property contains 40,400 square feet.

Key Highlights

• Stand‑alone NNN Burlington Coat Factory property offers a stable, low‑management investment.
• Strategic location on Edgewood Road with easy access to Highway 30 and Interstate I‑380.
• Existing lease with 6.5 years remaining and a 10% rental increase in 3 years.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$382,016

Cap Rate

5.79%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$7,640,320 $7.6M

Cap Rate 7%

$5,457,371 $5.5M

Cap Rate 9%

$4,244,622 $4.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 40,400 SF

Gross rent

$591.5K $14.64/SF

− Vacancy

−$45.7K −$1.13/SF

EGI

$545.7K $13.51/SF

− OpEx

−$163.7K −$4.05/SF

NOI

$382.0K $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%

$7,640,320

Cap Rate 7%

$5,457,371

Cap Rate 9%

$4,244,622

Alternative Uses

Best Use

Retail

$5.46M

$4.78M – $6.37M (±1% cap)

NOI $382,016 @ 7.0% cap · market cap 5.79%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$5.85M

$5.12M – $6.82M (±1% cap)

NOI $409,302 @ 7.0% cap · market cap 6.21%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Burlington Clothing Store

Suggested Use

Top Pick Real Estate Agency Building Supply Law Firm Big Box & Wholesale Store Electrical Service Garden Center

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

Location Intelligence

Trade Area within ½ mile

682

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Market

Average Price Trend$/SF for Storefront properties in Cedar Rapids, IA

$139 Jul

$190 Aug

$173 Sep

$166 Oct

Properties on Market for Storefront properties in Cedar Rapids

Jul

Aug

Sep

Oct

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - Stand-alone NNN Burlington Coat Factory with 6.5 years remaining on lease.

Where is this storefront property located?

The property is located at 3475 Westdale Drive Southwest Cedar Rapids, IA.

What is the asking price?

The asking price for this property is $6,595,555.

What are key features of this property?

This property features: Stand‑alone NNN Burlington Coat Factory property offers a stable, low‑management investment.; Strategic location on Edgewood Road with easy access to Highway 30 and Interstate I‑380.; Existing lease with 6.5 years remaining and a **10% rental increase in 3 years.**