3556 Marnie Ave Immeuble | 2 795 m² | Spécialité | À vendre 4 310 708 € | Taux de capitalisation 6,17 % | Waterloo, IA 50701

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 has the following:
Site: 100,880 total leasable square footage.
70,800 sqft. of outdoor parking
28,800 sqft. of indoor storage. Drive up units with sizes ranging in 10x15, 10x20, & 10x30.
1,280 sqft. of climate controlled office & shop space. Currently owner occupied but can be leased out at $12.00 / ft.
157 Indoor Units
177 - 10x40 Outdoor Parking Spaces (400 sqft. each)
335 Total Units + office & shop.
Opened in October 2023.
Site has been averaging leasing 4 units / week. If that continues, it will be stabilized by August 2025. Putting September 2025 in just to be conservative.
Features:
Security Fence
Automated Gate
High definition security cameras
Climate controlled office & shop.
15 - Year / TIF package from the city. (90% first 10 years, then moves to 60%)
Projected stabilization: September 2025
Financials & Proforma updated monthly & performed by CPA. Sales tax paid by CPA.
Tax Incentive bi annual reimbursement from city performed by CPA.
Owners are willing to stay and help run / operate the business for a period of time if needed. Will do it for lower than market rate average management fee.
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.
For Example: Phase 2 - Option 2 would add 6 additional buildings / 35,40000 sqft. / 146 indoor units / reduce the outdoor spaces down to 39.

Note(s):
Seller financing available.
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.
This software doesn’t give a user a lot of flexibility to put in today’s financial performance vs. stabilization. NOI numbers are based on stabilization.
Seller Note(s):
After the buyer sees the new bluetooth 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.