First Class Storage | Self Storage & Airport 1308 Adair Ct SW Immeuble | 4 030 m² | Spécialité | À vendre 3 573 399 € | Taux de capitalisation 8,76 % | Cedar Rapids, IA 52404

First Class Storage – Innovative | Automated Storage Facility for Sale
Now available: First Class Storage, a modern, high-demand storage facility strategically located next to the Eastern Iowa Airport.? This is a turn-key opportunity to own the entire complex, offering both investment potential and immediate rental income.?
Here are a few highlights including income & occupancy:
This site opened in November 1st, 2025
Occupancy is ahead of business plan.?
Note: See attached buyer summary for latest occupancy numbers.?
?? Property Overview
?Strong unit mix
?Prime location with excellent visibility and easy access to major highways
?Secure, well-maintained, and built for today’s storage demands
?? Unit Mix & Rental Rates
?10x20: 91 units | $135 /month
?10x30: 69 Units | $165 /month
10x30: with electricity | $295 / month
?14x40: w/o electricity | 5 Units | 5 occupied | $325 /month
?14x40: with electricity | 3 Units | 3 occupied | $650 /month
?Total Units: 168
OH Doors:
A typical self storage facility has 8’w x 7’h OH doors.?
This site has larger OH Doors for easier entry and exit.? Allows for storage of larger vehicles, boats, etc.?
10x20 & 10x30 units have: 9’w x 8’h OH Doors.?
14x40 units have: 12’w x 14’h OH Doors.?
Site Information:
Strategically positioned:
Located near College Community School district. One of the largest schools in Iowa. Just got a new YMCA and Starbucks.
Also, strategically located on the closest plot of land near the Eastern Iowa Airport, and designed to offer airport customers private parking suites.?
Fully automated: After payment is processed, the user downloads 1 app and can open the gate and their unit with their phone.?
Innovative bluetooth locks:
Developed by honeywell / onity, these revolutionary bluetooth locks are designed to work in cold weather climates and tested with outside facing doors in the harsh Winters of Northern Canada.? Large batteries ensure long life (3 year battery life if the door is opened once per day) and are more secure than traditional padlocks.? No more worry of someone cutting a padlock.? Bluetooth technology is used so the locks themselves cannot be hacked and are isolated so they still work if power or internet is lost to the site.?
City Tax Incentive Package: 10 year / 50%
Cost Segregation Performed - Immediate writeoff available.?
Traditional Storage Customers:
Gross Effective Income at stabilization: Up to $424,037.67
Expected Annual NOI: $363,474.03
Expected Annual Opex at stabilization: $60,563.64
Expected COC Return at asking price: 12.19%
Appraiser Recommended: 7.00% cap at stabilization: $5,192,486.16
Stabilized Cap at $4,150,000 selling price: 8.76%
Airport Parking Customers:
There’s an opportunity to work with a company next door called Flight Ready Parking, which provides car parking, shuttle service, & vehicle detailing for your car, truck, suv, and indoor secure parking while you are away on business. Their business is growing quickly and you can rent these units to flight ready for an individual private parking suite.
Flight Ready charges:
Indoor Climate Controlled Parking: $27.00 / day.
Outdoor: $18.00 / day
There can be a 3rd option where they charge $19.50 / day for non-electrical Indoor Private Suites and $26.50 with electricity to use the First Class Storage Suites as private parking suites:.
https://www.flightreadyparking.com/
Gross Effective Income at stabilization: Up to $519,495.29
Expected Annual NOI at stabilization: $475,096.37
Expected Annual Opex: $44,398.92
Expected COC Return: 24.56%
6.25% cap: $7,601,541.89
7.50% cap: $6,334,618.24
Seller financing available:
6% down payment: $249,000. (applied to price reduction at closing).
Seller carry Options (choose 1 option):
$25,500 monthly payment at 0.00% interest for 6 months.?
$25,500 monthly payment at 2.00% interest for up to 12 months.
$25,500 monthly payment at 3.00% interest for up to 22 months.?
Note: Selling price will go up as the site gets closer to stabilization.?