Elevator-Served Office
For Sale
$825,000
22 S Linn St, Iowa City, IA 52240
CommercialSale, IowaCity, IA
Property Size3,890 SF
Lot Size0.09 Acres
Price / SF$212.08
Days on Market176
Property Features for 22 S Linn St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CB10
Interior features
Elevator, ZeroStepEntry
Accessibility
Accessible Elevator Installed
Directions
Downtown Iowa City. Building is on the southeast corner of the intersection of Linn St and Iowa Ave. Parking is either street or ramp just to the east. Take elevator or stairs for the parking ramp to the 3rd floor.
Subdivision
IowaCity
Standard status
Active
APN
1010440009
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
35479
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
2000
Flooring type
Carpet
Building materials
Brick
Listing Agency:
Lepic-Kroeger, REALTORS
(319) 351-8811
Listed By:
Jeff Edberg · License #B33730000
(319) 331-6187
Added: Mar 2
Changed: Aug 19
Last Checked: Aug 25 at 7:06PM
MLS# 202601477
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 built-out office unit occupies a corner position on the 3rd floor of the Tower Parking Garage, served by an elevator and accessible through a zero-step entry. The 3,890-square-foot layout includes a reception area, open work areas, private offices, a conference room, storage, and a kitchen. Interior finishes include carpet flooring, while central air and forced-air natural gas heating support year-round operations. The suite is located in a brick building constructed in 2000.
Four parking spaces are deeded with the unit, and the current owner leases 10 additional spaces from the City. A walkway connects the property with the senior center. CB10 zoning also allows conversion to a single-family condo, subject to the proper modifications.
Four parking spaces are deeded with the unit, and the current owner leases 10 additional spaces from the City. A walkway connects the property with the senior center. CB10 zoning also allows conversion to a single-family condo, subject to the proper modifications.
Key Highlights
- 3,890‑square‑foot office unit on the 3rd floor
- Four deeded parking spaces included with the suite
- Current owner leases 10 additional spaces from the City
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,638
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.41%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$892,760
$892.8K
Cap Rate 7%
$637,686
$637.7K
Cap Rate 9%
$495,978
$496.0K
Market Conditions
NOI Build-Up for 3,890 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$70.0K $18.00/SF
− Vacancy
−$10.5K −$2.70/SF
EGI
$59.5K $15.30/SF
− OpEx
−$14.9K −$3.82/SF
NOI
$44.6K $11.48/SF
Area
Johnson County, IA
Vacancy
15.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$892,760
Cap Rate 7%
$637,686
Cap Rate 9%
$495,978
Alternative Uses
Best Use
Office B
$637.7K
$558.0K – $744.0K
NOI $44,638 @ 7.0% cap · market cap 5.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$845.0K
$739.4K – $985.9K
NOI $59,153 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
2,400
Businesses Nearby
Explore this area
Business Placement
Demographics for 52240, IA
34,224
Population
17,035
Households
2
Avg Household Size
29
Median Age
47%
College-Educated
94%
High-School Grad
142.1 sq mi
ZIP Area
241
Density / Sq Mi
$55,189
Median Household Income
$25,508
Median Earnings
$1,065
Median Rent
$241,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Built-out corner office with reception, private offices, conference space, kitchen, and deeded parking.
Where is this office units located?
The property is located at 22 S Linn St Iowa City, IA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 3,890‑square‑foot office unit on the 3rd floor; Four deeded parking spaces included with the suite; Current owner leases 10 additional spaces from the City
