Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Industrial Building with Outdoor Storage Title is generated by Realmo AI

    941 66th Ave SW, Cedar Rapids, IA 52404

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    24,766 SF industrial building on 4.13 acres for sale.

    Type:Industrial
    Property size:
    24,766 SF
    Lot size:
    4.13 Acres
    Price / SF:
    $100/SF
    Added:
    Jun 20, 2024
    Days on Market:
    714
    Last Refresh:
    May 12 at 10:02 pm

    Property Features for 941 66th Ave SW

    General Information

    Standard status
    Active
    Size
    24,766 SF
    Lot size
    4.13 Acres
    Property subtype
    Industrial

    Building Details

    Year Built
    1977

    We can help!

    Listing Contact
    Erica Seelman

    Listing agent Erica Seelman License #IA S64720000

    Listing office GLD Commercial Real Estate Advisors

    Listing date Jun 20, 2024

    Source Crexi

    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

    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.
    • Multiple overhead doors: 16 total, including 7 drive‑through doors (14x16’ and 12x’14’).
    • Functional features: Includes wash bay, service counter, office space, mezzanine storage, and parts room.
    • Flexible possession date: Business relocating in 2025, offering negotiable possession.

    Overview

    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.

    Local Financial Insights For Industrial

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $193.2k $7.80
    − Vacancy −$7.7k −$0.31
    EGI $185.5k $7.49
    − OpEx −$55.7k −$2.25
    NOI $129.9k $5.24
    24,766 SF · lease $7.80/SF/yr · vacancy 3.97% · expense 30.00%

    Alternative Uses

    Best Use
    Industrial
    $1.86M
    $1.62M – $2.16M (±1% cap)
    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 (±1% cap)
    NOI $250,910 @ 7.0% cap · market cap 10.04%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    ATC Auto Truck ... Auto Repair Shop ATC Collision Center Auto Repair Shop

    Suggested Use

    Restaurant Real Estate Agency Law Firm Big Box & Wholesale Store Building Supply Hotel & Motel Gym & Fitness Center Auto Parts Store Auto Repair Shop Department Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Cedar Rapids
    County
    Linn
    State
    Iowa
    Longitude
    -91.6824405
    Latitude
    41.9138796

    Nearby Similar for Sale

    • $850,000
      5,935 SF

      Multi-Use Flex Warehouse Facility

      Versatile flex facility with office, warehouse, and fenced recreation/training space for multiple business uses.
      1620 W Post Rd SW, Cedar Rapids, IA 52404
      View Details
    • $379,000
      5,061 SF

      Architecturally Unique Office with Parking

      Unique office building with covered parking and flexible space.
      2875 Mt Vernon Rd SE, Cedar Rapids, IA 52403
      View Details
    • $799,950
      3,470 SF

      Turn-Key Restaurant/Bar with Drive Thru

      Fully equipped restaurant/bar with drive-thru on high-traffic corner.
      1519 6th Street SW, Cedar Rapids, IA 52404
      View Details
    • $1,800,000
      7,329 SF

      Prime Commercial Space, Cedar Rapids

      7,329 SF commercial space on 1.62 acres.
      3939 1st Avenue SE, Cedar Rapids, IA 52402
      View Details
    • $895,000
      4,836 SF

      Modern Commercial Space, Cedar Rapids

      Impressive commercial space built in 2017 with functional layout.
      450 Colton Circle NE, Cedar Rapids, IA 52402
      View Details
    • $425,000
      4,647 SF

      Historic Mixed-Use Investment Opportunity

      Mixed-use property with income potential in Cedar Rapids' Czech Village.
      219 16th Avenue SE, Cedar Rapids, IA 52401
      View Details
    • $799,950
      3,652 SF

      Prime Location Office Building

      Office building in a prime location with many potential uses.
      1000 Collins Road NE, Cedar Rapids, IA 52402
      View Details
    • Contact for pricing
      3,781 SF

      Renovated Office Space For Sale

      High-visibility office space with renovated exterior and ample parking.
      5020 Council St NE, Cedar Rapids, IA 52402
      View Details
    • Contact for pricing
      15,803 SF

      High-Traffic Retail Space Available

      Retail space in high-visibility strip center on Blairs Ferry Road.
      266 Blairs Ferry Rd NE, Cedar Rapids, IA 52402
      View Details
    • Contact for pricing
      15,803 SF

      High-Traffic Retail Space Available

      Retail space for lease on high-traffic Blairs Ferry Road.
      266 Blairs Ferry Rd NE, Cedar Rapids, IA 52402
      View Details
    • Contact for pricing
      3,200 SF

      Unique Quonset Hut Retail Space

      Renovated Quonset hut in Czech Village, ideal for retail.
      44 17th Avenue SW, Cedar Rapids, IA 52404
      View Details
    • Contact for pricing
      10,284 SF

      Spacious Commercial Space, Cedar Rapids

      5,000 SF commercial space ready for custom build-out.
      3645 Stone Creek, Cedar Rapids, IA 52404
      View Details

    FAQs

    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.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Erica Seelman
    Real Estate License ID: IA S64720000
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    941 66th Ave SW, Cedar Rapids, IA 52404
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!