1308 Adair Ct SW - First Class Storage | Self Storage & Airport 43,380 SF Specialty Building Offered at $5,804,055 CAD at a 8.72% Cap Rate in Cedar Rapids, IA 52404

Here are a few highlights including income & occupancy:
This site opened in November 1st, 2025
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, priced at $4.25 million, offering both investment potential and immediate rental income.
?? 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 | 19 occupied | 72 vacant | $135 /month
10x30: 69 Units | 6 occupied | 62 vacant | $165 /month
14x40: 8 Units | 7 occupied | 1 vacant | $325 /month
Total Occupied Units: 33
Total Units: 168

Opened: 11.1.2025
Occupancy is 130% ahead of business plan.
OH Doors:
Larger OH Doors for easier entry and exit. Allows for storage of larger vehicles, boats, etc.
(A typical self storage facility has 8’w x 7’h OH doors.)
This site:
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 next to 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:
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 $408,550.74
Expected Annual NOI: $370,527.42
Expected Annual Opex at stabilization: $38,023.32
Expected COC Return at asking price: 12.19%
Appraiser Recommended: 6.25% market cap: $5,928,438.72
7.50% cap: $4,940,365.60
NOI @ 95%: $352,001.05
6.25% cap: $5,632,016.78
7.50% cap: $4,693,347.33

Airport Parking Customers:
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:
5% down payment: $212,500
Seller carry the note @ 0% interest for up to 4 months.
Close 8.1.2026
Selling price will go up as the site gets closer to stabilization.