2055 North Towne Lane NE Cedar Rapids IA 52402
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2055 North Towne Lane NE Cedar Rapids IA 52402
Fully leased industrial investment opportunity on the NE side of Cedar Rapids with quick access to I-380. This property features 60,000 SF of warehouse space and 3,200 SF of office space within a steel-frame construction building. The warehouse includes six dock doors, one drive-in door, and 20-foot sidewall height. Recent capital improvements include all new plumbing, electrical, fire suppression, motion-sensor LED lighting throughout, and roof repairs with new metal sheeting. The property is leased to a strong-credit, multi-state contractor under a two-year lease at $5.50/SF NNN with an increase in Year 2. The NOI in Year 1 is $347,600, producing an 8.7% cap rate, with NOI increasing to $358,344 in Year 2. The property also has a 3 year, 100% tax abatement on all the improvements.
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