3556 Marnie Ave, 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/cedarcrossingstorage

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.

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Indoor Units:

10x15: 73 | 90

10x20: 48 | 48

10x30: 19 | 19

Total Indoor Units: 140 | 157 | 89.17%

Office / Shop: (1,280 sqft.): | 1 | 1 | 100%

Outdoor Parking Spaces: 87 | 122 | 71.31%

(10x40 Outdoor Parking Spaces 400 sqft. each)

Total Units: 228 | 280 | 81.43%

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NOI):

Current NOI: $263,149.87

Current Value @ 6.25% Cap: $4,210,397.95

NOI at capacity: $307,099.14 (Est. July 2026)

Value at capacity: 6.25% Cap: $4,913,586.24

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Selling Price (with TIF package): $4,050,000

Market Cap: 7.58%

Selling Price (without TIF package): $3,900,000

Market Cap: 7.87%

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Features:

Security Fence

Automated Gate

High definition security cameras

Climate controlled office & shop.

Onsite paying tenant with regular business hours.

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)

(received via 2 separate checks from the City of Waterloo 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):

*Spring lease up has been averaging 3-4 units / week.

* I asked Colliers Valuation & Advisory Services (one of the largest appraisal firms in the US) what the what a market cap rate should be for self storage in 2026. They set a rate of 6.25% for 2026 so that's what we are using in our value calculation.

* 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 you see these locks, you might really like them. If the tenant's car doesn't process, the system instantly locks the unit. It also allows for automated check in / check out, making remote site management a lot easier.

* It's important to note I am one of the owners and am a licensed realtor in the state of Iowa.

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Here's a google maps link for location:

https://maps.app.goo.gl/jbk78JYHcTrXjJSP9

Let me know if you have any questions. Happy to help.