Industrial Building with Outdoor
For Sale
Contact for pricing
941 66th Ave SW, Cedar Rapids, IA 52404
24,766 SF industrial building on 4.13 acres for sale.
Property Size24,766 SF
Lot Size4.13 Acres
Price / SF$100.94
Days on Market807
Property Features for 941 66th Ave SW
General Information
Standard status
Active
Size
24,766 SF
Lot size
4.13 Acres
Property subtype
Industrial
Zoning
Light Industrial
Building Details
Year Built
1977
Stories
1
Listing Agency:
GLD Commercial Real Estate Advisors
Listed By:
Erica Seelman · License #IA S64720000
(319) 329-4141
Source:
Crexi
Added: Jun 20, 2024
Changed: Aug 31
Last Checked: Sep 4 at 11:34AM
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.
This 24,766 square foot industrial building is available for sale on 4.13 acres, offering the potential for outdoor storage. The property is situated in a prime industrial location on 66th Avenue SW, providing convenient access to transportation routes. It is located just 3 minutes from the Highway 30 on-ramp and 5 minutes from the I-380 on-ramp via 6th Street SW. The building features 16 overhead doors, including fourteen doors measuring 14x16 feet and two doors measuring 12x14 feet. Seven of these are drive-through overhead doors. Additional features include a wash bay, service counter, office space, mezzanine storage, and a parts room. Onsite parking is available. Approximately 2.0 acres of vacant land is located on the south side of the building, suitable for outdoor storage or the construction of an additional building. The property is zoned for light industrial use. The current business is relocating in 2025, and the possession date is negotiable.
Key Highlights
- Prime industrial location: just 3 minutes from Hwy 30 and 5 minutes from I‑380.
- Significant outdoor storage potential with 2.0 acres of vacant land.
- Large industrial building: 24,766 SF on 4.13 acres.
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
$129,854
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
5.19%
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%
$2,597,080
$2.6M
Cap Rate 7%
$1,855,057
$1.9M
Cap Rate 9%
$1,442,822
$1.4M
Market Conditions
NOI Build-Up for 24,766 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
$193.2K $7.80/SF
− Vacancy
−$7.7K −$0.31/SF
EGI
$185.5K $7.49/SF
− OpEx
−$55.7K −$2.25/SF
NOI
$129.9K $5.24/SF
Area
Cedar Rapids, IA
Vacancy
3.97%
Lease Rate
$7.80 /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%
$2,597,080
Cap Rate 7%
$1,855,057
Cap Rate 9%
$1,442,822
Alternative Uses
Best Use
Industrial
$1.86M
$1.62M – $2.16M
NOI $129,854 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.58M
$3.14M – $4.18M
NOI $250,910 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
199
Businesses Nearby
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Industrial property - 24,766 SF industrial building on 4.13 acres for sale.
Where is this industrial property located?
The property is located at 941 66th Ave SW Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Prime industrial location: just 3 minutes from Hwy 30 and 5 minutes from I‑380.; Significant outdoor storage potential with 2.0 acres of vacant land.; Large industrial building: 24,766 SF on 4.13 acres.
