Leased Restaurant and Retail
113 Iowa Ave Iowa City, IA 52240
For Sale
$1,250,000
COMMERCIAL - IowaCity, IA
Lot Size0.04 Acres
Days on Market160
Property Features for 113 Iowa Ave
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- C & MR R3+
- Standard status
- Active
- APN
- 1010311012
- Lot size
- 0.04 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 19790
Utilities
- Heating system
- Natural Gas
- Cooling system
- Central Air
Building Details
- Year built
- 1900
- Flooring type
- Wood, Concrete
- Building materials
- Brick, Frame
- Roof type
- Tar/Gravel
Listing Agency:
Lepic-Kroeger, REALTORS
(319) 351-8811
Listed By:
Zach Hammes
(319) 631-5261
Added: Feb 13
Changed: Jun 30
Last Checked: Jul 23 at 6:06PM
MLS# 202601140
Copyright © 2026 Iowa City Area Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This investment property includes main-floor and basement retail space configured for restaurant use. The retail area totals 1,900 square feet and is currently leased by The Wedge Pizzeria through January 31, 2030. The tenant has three five-year options. One parking spot is provided behind the building.
Residential space is located above the retail and totals 988 square feet. The residential portion is fully rented without a lease, which may simplify renovation planning depending on future needs. The property is zoned C & MR R3+ and is being offered for sale as part of a 1031 exchange.
For buyers seeking an operating asset, the current structure supports an income mix from restaurant retail below and residential above. The extended pizzeria term through 2030, along with its available options, provides a foundation for continuity in the commercial component. Prospective owners and brokers should review tenant documents and the specifics of the residential arrangement, since the residential unit is described as rented without a lease.
Residential space is located above the retail and totals 988 square feet. The residential portion is fully rented without a lease, which may simplify renovation planning depending on future needs. The property is zoned C & MR R3+ and is being offered for sale as part of a 1031 exchange.
For buyers seeking an operating asset, the current structure supports an income mix from restaurant retail below and residential above. The extended pizzeria term through 2030, along with its available options, provides a foundation for continuity in the commercial component. Prospective owners and brokers should review tenant documents and the specifics of the residential arrangement, since the residential unit is described as rented without a lease.
Key Highlights
- Fully leased downtown Iowa City investment property
- Main floor and basement retail space totals 1,900 SF leased to The Wedge Pizzeria through January 31, 2030
- Tenant includes three 5‑year options for the retail lease
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Benders Studio
Gym & Fitness Center
FAQs
What type of property is this?
1031 exchange property - Fully leased downtown building with long-term pizzeria tenancy and income-producing residential space above.
Where is this 1031 exchange property located?
The property is located at 113 Iowa Ave Iowa City, IA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Fully leased downtown Iowa City investment property; Main floor and basement retail space totals 1,900 SF leased to The Wedge Pizzeria through January 31, 2030; Tenant includes three 5‑year options for the retail lease
