1060 NE Old Marion Rd
Cedar Rapids, IA 52402
Noelridge Centre · Retail Property For Sale

WSG CRE is pleased to exclusively offer for sale the fee-simple interest in Noelridge Centre, a stabilized four-tenant neighborhood shopping center, featuring a strong lineup of grocery, restaurant and personal care tenants.
Below-Market Rental Rates | Potential Upside
In-place rents average just $13.51 PSF, well below current market rates, presenting a clear opportunity for future income growth. Investors can capitalize on mark-to-market potential as leases roll, in addition to leasing the remaining 750 SF currently utilized as office space for Mulligan’s. This combination creates meaningful upside in both the near and long term.
Essential Tenancy
The property features a dynamic mix of grocery, restaurant, and personal care tenants that drive consistent daily traffic. These service oriented businesses are highly resistant to e-commerce disruption, ensuring stable and recurring customer demand. The complementary tenant mix enhances cross-shopping and strengthens overall center performance.
Long-Term Stability
Mulligan’s Pub recently executed a five-year lease renewal extending through December 2030, demonstrating long-term commitment to the location. The renewal underscores the tenant’s confidence in the property and reduces near-term rollover risk.
Prime Location
The property is strategically positioned just one-half mile from the Collins Road arterial, one of Cedar Rapids’ primary retail corridors. With prominent signage, the location offers excellent visibility off of Old Marion Road and seamless access via one curb cut.
Affluent Customer Base
Directly adjacent to the exclusive Elmcrest Country Club, Noelridge Centre benefits from a steady stream of affluent local traffic. This proximity supports strong spending power and repeat visits from nearby residents and club members. The surrounding demographics enhance long-term tenant viability and overall asset value.