Office Units with
For Sale
$1,000,000
2545 N Dodge St, Iowa City, IA 52245
CommercialSale, IowaCity, IA
Property Size5,060 SF
Lot Size0.12 Acres
Price / SF$197.63
Days on Market114
Property Features for 2545 N Dodge St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CH1
Interior features
Elevator, ZeroStepEntry
Accessibility
Accessible Elevator Installed
Directions
North on N Dodge St from I80, east on Highlander Pl, 2nd building on the left side.
Subdivision
IowaCity
Standard status
Active
APN
0736309005
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
23662
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
2016
Flooring type
Concrete
Building materials
Brick, Frame
Listing Agency:
Lepic-Kroeger, REALTORS
(319) 351-8811
Listed By:
Jeff Edberg · License #B33730000
(319) 331-6187
Added: May 4
Changed: Aug 19
Last Checked: Aug 25 at 7:06PM
MLS# 202602956
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.
The offering comprises a 5,060 SF office suite within a 2016 building. The interior is configured as two areas of approximately 3,450 SF and 1,610 SF, providing a practical starting point for a user seeking adaptable office space. Distributed ductwork, lowered sprinkler heads, two shared finished restrooms, concrete flooring, central air, and forced-air natural gas heat are in place. Brick and frame construction, abundant windows, an elevator, zero-step entry, and an accessible elevator support the property’s functional office layout.
The property includes ample parking for the building and is positioned along N Dodge, where the source information reports roughly 10k cars per day. Signage opportunities are available. Neighboring occupants include Caravel Autism Health, Cardio Diagnostics, Larew Internal Medicine, and Jimmy Johns. The property is zoned CH1.
The property includes ample parking for the building and is positioned along N Dodge, where the source information reports roughly 10k cars per day. Signage opportunities are available. Neighboring occupants include Caravel Autism Health, Cardio Diagnostics, Larew Internal Medicine, and Jimmy Johns. The property is zoned CH1.
Key Highlights
- 5,060 SF office suite divided into approximately 3,450 SF and 1,610 SF areas
- Built in 2016 with brick and frame construction
- Distributed ductwork, lowered sprinkler heads, and 2 shared finished restrooms
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
$58,064
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
5.81%
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%
$1,161,280
$1.2M
Cap Rate 7%
$829,486
$829.5K
Cap Rate 9%
$645,156
$645.2K
Market Conditions
NOI Build-Up for 5,060 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
$91.1K $18.00/SF
− Vacancy
−$13.7K −$2.70/SF
EGI
$77.4K $15.30/SF
− OpEx
−$19.4K −$3.82/SF
NOI
$58.1K $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%
$1,161,280
Cap Rate 7%
$829,486
Cap Rate 9%
$645,156
Alternative Uses
Best Use
Office B
$829.5K
$725.8K – $967.7K
NOI $58,064 @ 7.0% cap · market cap 5.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$961.8K – $1.28M
NOI $76,944 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
273
Businesses Nearby
Explore this area
Business Placement
Demographics for 52245, IA
21,874
Population
10,210
Households
2.1
Avg Household Size
34
Median Age
68%
College-Educated
99%
High-School Grad
8.4 sq mi
ZIP Area
2,604
Density / Sq Mi
$75,876
Median Household Income
$30,273
Median Earnings
$1,215
Median Rent
$293,300
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 - Flexible commercial suite configuration with shared restrooms, parking, and central HVAC in a 2016 building.
Where is this office units located?
The property is located at 2545 N Dodge St Iowa City, IA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 5,060 SF office suite divided into approximately 3,450 SF and 1,610 SF areas; Built in 2016 with brick and frame construction; Distributed ductwork, lowered sprinkler heads, and 2 shared finished restrooms
