924 Viking Rd, Cedar Falls, IA 50613

Property Details for 924 Viking Rd

Year built

2018

Lot size

7.79 lot acres

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional Class A retail investment opportunity, Energy Park, presents a compelling offering for discerning investors. Located at 924 Viking Rd, Cedar Falls, IA 50613, this 55,901 square foot shopping center boasts a prime location, benefiting from high traffic counts on nearby Highway 58 and improved road access via recently constructed roundabouts. Built in 2018, the property features a single building on a 7.79-acre lot and is currently 100% occupied by six tenants under NNN leases with a remaining term of five years (expiring 11/30/2029). The leases commenced December 1, 2019, and include various rent bumps. The anchor tenant benefits from a strong personal guarantee. The property's strong performance is reflected in its 8.25% cap rate and a net operating income (NOI) of $635,668.80, with an asking price of $7,705,000 ($137.83/sq ft). The property also features a significant 15,750 kW solar system, contributing to reduced utility costs. Its strategic location near the University of Northern Iowa (9,000 students) and major employers like Target's distribution center and the John Deere Product Engineering Center, coupled with its proximity to numerous national retailers, ensures sustained tenant demand and strong long-term value. The tenants are considered e-commerce proof, mitigating risks associated with online retail competition. Lease options are available. This fee-simple ownership opportunity provides a hands-off investment ideal for those seeking a high-yield, low-maintenance retail portfolio addition.

Location Insight

City

Cedar Falls

County

Black Hawk

State

Iowa

Longitude

-92.457056337613

Latitude

42.484163408938