3556 Marnie Avenue, Waterloo, IA 50701

Property Description

Beautiful complex centrally located by the corner of Highway 20 & Highway 63 in Waterloo Iowa.? Storage Website: https://www.cedarcrossingstorage.com/ Development Website: https://www.cedarvalleycrossing.com/ Phase 1 (Opened in October 2023) has the following unit mix: Square Footage: Indoor Storage: 28,800 sqft.? Drive up units with sizes ranging in 10x15, 10x20, & 10x30.? Office & Shop: 1,280 sqft.? of climate controlled space currently leased to a Paintless dent removal company @ $1,325 / mo.? Outdoor Parking: 48,680 sqft.? Total: 78,760 total leasable square footage.? ______________________________________ Unit Size | Occupied Units | Capacity | Occupancy %: Indoor Units: 10x15: 75 | 90 10x20: 48 | 48 10x30: 19| 19 Total Indoor Units: 142 | 157 | 90.45% Office / Shop: (1,280 sqft.?): | 1 | 1 | 100% Outdoor Parking Spaces: 89 | 122 | 72.95% (10x40 Outdoor Parking Spaces 400 sqft.? each) Total Units: 232 | 280 | 82.86% _______________________________________ Unit Rental Rates: (below market rate) 10x15: $95.00 / mo. 10x20: $115.00 / mo. 10x30: $135.00 / mo. Office / Shop: Leased at $1,325 / mo. Outdoor Parking: $45.00 / mo. Spring lease up averaging 3-4 units / week.? NOI: Current NOI: $267,007.49 Stabilized NOI: $307,099.14 (Est.? July 2026) Selling Price: with TIF Package: $4,050,000 Selling Price without TIF Package: $3,900,000 Features: Security Fence Automated Gate High definition security cameras Climate controlled office & shop.? Taxes: * Tax Incentive Package: 15 - Year / Tax Incentive (TIF) package from the city of Waterloo IA.? (graduated scale.? displayed in the due diligence attachments) * Annual Taxes: $70,441.38 (paid in bi-annual payments March & September) * Annual Tax Rebate from City of Waterloo IA: (-$50,717.79) (2 checks from city received in May & November) * Net Annual Taxes: $19,723.59 Phase 2: * Seller has plans they can share regarding 2 options for 2 different Phase 2 buildout options.? * Each plan would add additional buildings, but would reduce the outdoor parking space.? * Seller is willing to work with the buyer on performing a design / build project to build out Phase 2 if interested.? The NOI for the Phase 2 buildout in either scenario looks really good.? * Phase 2 - Option 1 - NOI at Stabilization: $406,280.66 * Phase 2 - Option 2 - NOI at Stabilization: $437,142.94 Note(s): * Projected Occupancy %: | 85% June 2026 | 90% July 2026 | 95% September 2026.? * Financials & Proforma updated monthly & performed by CPA.? Sales tax paid by CPA.? * Tax Incentive bi-annual reimbursement from city performed by CPA.? Signed copy of development agreement from city available upon request.? * Depending on the buyer, the owners are willing to stay and help run / operate the business until September 1st, 2026.? * Starlink satellite high speed internet & wifi on site.? * Remotely controlled bluetooth locks installed on 5 units as a test.? Requires no modification to the doors.? * Buyers can elect to have these removed before closing or sellers can install the bluetooth locks on the rest of the units.? * After the buyer sees the locks, they are really going to like them.? Gives you the ability to lock a unit instantly and allows for automated check in / check out.? Makes remote site management a lot easier.? * I am one of the owners and am a licensed realtor in the state of Iowa.?