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924 Viking Rd
Cedar Falls, IA 50613

Retail Property For Sale

Investment Highlights

  • STRONG PERSONAL GUARANTEE - The Anchor Tenant, Fit Courts, is backed by a HIGH Net Worth Personal Guarantee.
  • NEWER CONSTRUCTION - Newly constructed site in 2018 providing a new owner peace of mind.
  • NNN LEASES - All Tenants are on NNN Leases allowing for all of the expenses to be reimbursed. Ideal for Investors not Local to the Market
  • 100% OCCUPANCY - The center has has had no vacancies recently and remains 100% occupied the last 3 years.
  • 15,750 KW SOLAR SYSTEM - The property has an owner owned 15,750 KW solar system which helps to keep utilities
  • E-COMMERCE PROOF TENANTS - All Tenants in the shopping center are e-commerce proof, allowing a potential owner to be unconcerned by Amazon etc

Executive Summary

Prime Net lease is pleased to present a 55,901 square foot Shopping Center in Cedar Falls, Iowa. The property has remained 100% occupied over the last 4 years, a testament to its excellent location just off Highway 58. The center takes advantage of 14,600 vehicles per day from Avenue of the Saints, 7,200 from West Viking Road and 7,500 from Hudson Road. The center is home to 6 tenants, most of which have been located at the center for over four years.
The property is situated in the heart of Cedar Falls only 2.5 Miles from University of Northern Iowa (9,000 Students) and surrounded by Nationally known tenants such as ALDI, Ashley Homestore, Walmart, Ulta, Starbucks, McDonald's, Panera Bread, and Taco Bell to name a few. In addition to recent city improvement of new roads and roundabouts in the direct vicinity of the property, the area boasts excellent demographics with close to 27,000 residents within a 3-mile radius. The property is located 1.5 miles away from a Target Distribution center, which is home to over 900 employees. The John Deer Product Engineering Center is roughly 3 miles away and has more than 1,600 employees from over 15 countries working together. In addition, there are several hotels in the nearby area including the Holiday Inn Express, Hilton Garden Inn, Comfort Suites and Super 8 by Wyndham.

PROPERTY FACTS

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Retail
Building Size
55,901 SF
Year Built
2018
Price
£6,175,558
Price Per SF
£110
Net Initial Yield
8.25%
NOI
£509,384
Percent Leased
100%
Tenancy
Multiple
Number of Floors
1
Building FAR
0.16
Lot Size
7.79 AC
Frontage
240 ft on Viking Road

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
8914-35-226-009
Land Assessment
£531,547
Improvements Assessment
£5,625,216
Total Assessment
£6,156,762
  • Listing ID: 34082068

  • Date on Market: 04/12/2024

  • Last Updated:

  • Address: 924 Viking Rd, Cedar Falls, IA 50613

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