3556 Marnie Ave 30,080 SF Specialty Building Offered at $5,755,126 CAD at a 7.27% Cap Rate in 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/
Here are a few highlights including income & occupancy:
The 1,280 sqft. climate controlled office & shop is now leased in addition to more indoor units and parking spaces.
The office / shop tenant is a automotive paintless scratch & dent removal company now at the facility Monday - Saturday which is great for coverage and helps us avoid paying a property manager. I just gave him a discount on the rent so he pays $1,325. ($950 / mo. base + flat rate of $375 / mo. for utilities) and looks over the property. The best of both worlds really.
This site is a couple months from stabilization with an in place tenant paying rent that can run the facility, called Cedar Crossing Storage. I can send information on that too.
The tenant renting the office & shop is paying a reduced rate rent of $1,325.00 / mo. in exchange for looking after the property, saving a property management fee.
It's a beautiful complex centrally located in the Cedar Valley 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: 64 | 90
10x20: 48 | 48
10x30: 19| 19
Total Indoor Units: 131 | 157 | 83.44%
Office / Shop: (1,280 sqft.): | 1 | 1 | 100%
Outdoor Parking Spaces: 72 | 122 | 59.02%
(10x40 Outdoor Parking Spaces 400 sqft. each)
Total Units: 203 | 280 | 72.50%
_______________________________________
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: $239,521.97
Stabilized NOI: $307,099.14 (Est. July 2026)
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.
If you have any questions, feel free to call. Happy to help.
Trev