51,900 SF Industrial Investment | Partial Occupancy + Value-Add | Waterloo, IA

“Kenworth-Anchored Industrial | 51,900 SF | 6 Acres | Value-Add Lease-Up Opportunity”

Industrial investment opportunity located at the intersection of Highways 20 & 63 in Waterloo, Iowa. This 51,900 SF industrial facility sits on approximately 6 acres and offers a compelling combination of in-place income and lease-up upside.

Suite A (29,100 SF) is fully leased to MHC Kenworth, occupying 27,000 SF of shop space plus 2,100 SF of office, and generating $28,000/month ($336,000 annually).

Suite B (22,800 SF) is currently available for lease, providing immediate upside through stabilization at market rents.

Property Highlights

Purchase Price: $7,650,000
Total Building Size: 51,900 SF
Site Size: ±6.0 Acres (ample yard, parking, and circulation)
Strong in-place tenant: MHC Kenworth (national operator)
Value-add opportunity: Lease-up of 22,800 SF (Suite B)
Building Features

Clear Height: ±20’
Loading: 3 dock-high doors
Power: 3-phase power (industrial / forklift ready)
Construction: Modern industrial facility with efficient layout
Lighting: LED throughout
HVAC: Heated warehouse
Fire Protection: Fully sprinklered
Flooring: Heavy-duty concrete slab suitable for industrial use
Access: Excellent truck access and maneuverability
Parking / Yard: Ample on-site parking and outdoor storage potential
Environmental: Clean Phase I Environmental completed
Location & Access

Strategically positioned in the Cedar Valley industrial corridor, the property benefits from immediate access to two major transportation routes:

Highway 20: 11,700 – 13,100 vehicles/day
Highway 63: 3,050 – 4,500 vehicles/day
This location provides strong regional connectivity for logistics, service, and distribution users.

Pro Forma Potential

In-Place NOI (Suite A): $336,000
Projected NOI (Stabilized): ~$562,000
Estimated Cap Rate (Stabilized): ~7.3%
Investor Positioning

This is a classic split-bay industrial value-add opportunity:

Anchored by credit-style tenancy (MHC Kenworth)
22,800 SF of vacancy provides direct upside control
Strong functionality supports quick lease-up
Return Profile

~4.4% cap on in-place income
~7.3% cap stabilized
Let me know if you have any questions. Happy to help.

Investment highlights
TIF package approved by the City of Waterloo in 2024: 15 year - up to $3.6m.