3409 Cedar Heights Drive

3409 Cedar Heights Drive
Cedar Falls, IA 50613
$1,095,000
9.79% Cap Rate
•
•
•
•
•
•
± 14,478 sq. ft. (± 12,333 leasable)
Year built: 1976
Newly renovated
24 hour traffice: 18,300 cpd
± 1.15 acre lot
(2005 IDOT)
Great office building located on the corner of University Avenue and Cedar Heights Drive. Stately
full brick building with tremendous curb appeal.
Almost 15,000 sq. ft. on two floors.
Ideal investment property.
Tenants include: Sedona Staffing,
Health Care Solutions and Amenity
Hospice
Jack Nooren
jack@jacknooren.com
Ph. 319-230-5000
3409 Cedar Heights Drive
Cedar Falls, IA 50613
Tenant Summary
Tenant
GLA
Lease Dates
Lease
Type
Available
(GMAC sub-lease)
4,141
$12.36
$51,192
3/31/2011
NNN
Sedona Staffing
2,559
$13.60
$34,800
8/31/2010
NNN
Amenity Hospice
3,200
$7.50
$24,000
11/2011
NNN
Healthcare Solutions
2,433
$8.00
$19,464
3/2009
NNN
12,333
Annual rent/sf Annual Rent
$129,456
Jack Nooren
jack@jacknooren.com
Ph. 319-230-5000
The information contained herein has been obtained from sources we deem reliable, however, do not guarantee it’s accuracy.
3409 Cedar Heights Drive
Cedar Falls, IA 50613
Income and Expense Summary
$129,456
Income
Expense
Real Estate Taxes
$38,767
Insurance
$2,500
Utilities
$11,712
Lawn/snow
$5,000
Maintenance
$2,500
Garbage
$1,080
Cleaning
$600
Administration
$1,000
Total
Annual expense/sq. ft.
$62,619
$4.32 PSF
Gross Operating Income
$66,837
Reimbursed NNN
$40,448
Net Operating Income
$107,285
NNN Reimbursed is NNN billed back to the tenants as follows for current expenses: GMAC: 35%;
Sedona Staffing: 18.8%; Amenity Hospice: $320.00/month; Healthcare Solutions: $243.40/month
Jack Nooren
jack@jacknooren.com
Ph. 319-230-5000
The information contained herein has been obtained from sources we deem reliable, however, do not guarantee it’s accuracy.
3409 Cedar Heights Drive
Cedar Falls, IA 50613
Location Map
Jack Nooren
jack@jacknooren.com
Ph. 319-230-5000
The information contained herein has been obtained from sources we deem reliable, however, do not guarantee it’s accuracy.
3409 Cedar Heights Drive
Cedar Falls, IA 50613
Floorplan: main level
GMAC
Sedona Staffing
Jack Nooren
jack@jacknooren.com
Ph. 319-230-5000
The information contained herein has been obtained from sources we deem reliable, however, do not guarantee it’s accuracy.
3409 Cedar Heights Drive
Cedar Falls, IA 50613
Floorplan: lower level
Amenity Hospice
Healthcare
Solutions
Jack Nooren
jack@jacknooren.com
Ph. 319-230-5000
The information contained herein has been obtained from sources we deem reliable, however, do not guarantee it’s accuracy.
3409 Cedar Heights Drive
Cedar Falls, IA 50613
Cedar Heights
Univ
ersi
ty
Ave
n
ue
Overhead Photo
Jack Nooren
jack@jacknooren.com
Ph. 319-230-5000
The information contained herein has been obtained from sources we deem reliable, however, do not guarantee it’s accuracy.
3409 Cedar Heights Drive
Cedar Falls, IA 50613
Lease Abstracts
Tenant
GMAC (sublease, currently vacant)
Leased Area
4,141 sq. ft.
Commencement Date
March 25, 2005
Expiration Date
March 31, 2011
Annual Scheduled Rent
$51,192
Renewal Options
Operating Expenses
35%, tenant pays electric
Security Deposit
$0.00
Tenant
Sedona Staffing Services
Leased Area
2,559 sq. ft.
Commencement Date
September 1, 2007
Expiration Date
Annual Scheduled Rent
August 31, 2010
$34,800
Renewal Options
Operating Expenses
18.8%, tenant pays electric
Security Deposit
$2,900
Jack Nooren
jack@jacknooren.com
Ph. 319-230-5000
The information contained herein has been obtained from sources we deem reliable, however, do not guarantee it’s accuracy.
3409 Cedar Heights Drive
Cedar Falls, IA 50613
Lease Abstracts
Tenant
Healthcare Solutions
Leased Area
2,433 sq. ft.
Commencement Date
March 27, 2006
Expiration Date
March 31, 2009
Annual Scheduled Rent
$19,464
Renewal Options
One 3-year option to renew at $20,682
Operating Expenses
$1.20 PSF paid monthly at $243.30 per month, includes utilities
for their space, as the meters are not separated on lower level
Security Deposit
$1,622
Tenant
Amenity Hospice
Leased Area
3,200 sq. ft.
Commencement Date
November 15, 2008
Expiration Date
November 14, 2011
Annual Scheduled Rent
$24,000
Renewal Options
One 3-year option to renew at $25,600 annual rent
Operating Expenses
$1.20 PSF paid monthly at $320.00 per month, includes utilities
for their space, as the meters are not separated on lower level
Security Deposit
$2,000
Jack Nooren
jack@jacknooren.com
Ph. 319-230-5000
The information contained herein has been obtained from sources we deem reliable, however, do not guarantee it’s accuracy.