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    941 66Th Ave Cedar Rapids, IA 52404

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    For Lease
    Contact for pricing

    Spacious industrial warehouse, ideal for various uses.

    Lot size:
    24,766 SF

    Property Features for 941 66Th Ave

    General Information

    Property type
    Distribution properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    24,766 SF

    Building Details

    Year Built
    1977

    Spaces For Lease

    at 941 66Th Ave, Cedar Rapids, IA 52404 Contact us

    We can help!

    Listing Contact
    Erica Seelman
    Erica Seelman

    Listing Agency: GLD Commercial Real Estate Advisors Listing Agent: Erica Seelman

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 24,766-square-foot industrial warehouse, situated on a generous 4.13-acre lot in Cedar Rapids, Iowa, presents a compelling investment opportunity. Built in 1977 and zoned for light industrial use, the property boasts a single-tenant occupancy and is currently entirely vacant, offering immediate possession. The building features an impressive array of 16 overhead doors, with dimensions ranging from 14x16 feet to 12x14 feet. Seven of these doors are conveniently configured as drive-through bays, enhancing operational efficiency. Additional features include a wash bay, a service counter, dedicated office space, valuable mezzanine storage, a parts room, and ample on-site parking for employees and visitors. A significant advantage is the approximately 2.0 acres of vacant land located on the south side of the building, providing substantial potential for expansion, outdoor storage, or the construction of an additional structure. The seller is flexible regarding the possession date, as the current business is relocating in 2025. This property's combination of size, features, and land availability makes it an attractive prospect for a wide range of industrial businesses seeking a well-equipped and strategically located facility in Cedar Rapids, IA, zip code 52404.
    Property Profile Insight Report 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
    -91.6824201
    Latitude
    41.9137787

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    FAQs

    What type of property is this?
    Distribution property - Spacious industrial warehouse, ideal for various uses.
    Where is this distribution property located?
    The property is located at 941 66Th Ave Cedar Rapids, IA.
    What are key features of this property?
    This property features: 16 overhead doors, including 7 drive-through bays.; 2-acre vacant land ideal for outdoor storage.; Prime location, roughly 1.5 miles from Highway 30 and I-380.
    (319) 329-4141 Call to check price and availability
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    941 66Th Ave Cedar Rapids, IA 52404
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    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
    941 66Th Ave Cedar Rapids, IA 52404
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    Contact for Pricing
    Please call us for current price
    and status of this listing Erica Seelman
    Erica Seelman
    Real Estate License ID: S64720000
    (319) 329-4141 (319) 731-3412
    Learn more
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