Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2659 Independence RD Iowa City, IA 52240

    View on Map
    For Sale
    $575,000

    Commercial - IowaCity, IA

    Lot size:
    3.77 Acres
    Added:
    Jan 5, 2026
    Days on Market:
    86
    Last Refresh:
    Apr 1 at 5:06 am

    Property Features for 2659 Independence RD

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    I-1
    Standard status
    Active
    APN
    0919352001
    Lot size
    3.77 Acres

    Taxes and HOA fees

    TaxAnnualAmount
    11000.66

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Jeff Dill
    Jeff Dill

    Listing agent Jeff Dill

    Listing office Lepic-Kroeger, REALTORS 2346 MORMON TREK BLVD, Iowa City, IA

    Listing date Jan 5, 2026

    MLS# 202600104 Listing URL

    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.

    Overview

    Iowa City Commercial Land Opportunity

    This 3.77-acre commercial lot presents an opportunity for business development or expansion. Situated in an established commercial/industrial park on Iowa City's east side, the location offers proximity to major highways. The property is a build-ready corner lot and is zoned I-1.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Building Supply Big Box & Wholesale Store Auto Repair Shop Gym & Fitness Center Pharmacy Auto Parts Store Department Store Kitchen & Bath Showroom Food Market Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Iowa City
    County
    Johnson
    State
    Iowa
    Longitude
    -91.47817
    Latitude
    41.631116

    Nearby Similar for Sale

    • $825,000

      Downtown Iowa City Office Condo

      Office condo in downtown Iowa City with conversion potential.
      22 S Linn St, IowaCity, IA 52240
      View Details
    • $4,750,000

      Iowa City Class A Building

      Class A building fully leased with income potential in IowaCity.
      2346 Mormon Trek Blvd, IowaCity, IA 52246
      View Details
    • $5,500,000

      Leased Investment Opportunity in Iowa City

      Long-term tenants, stable income, and high-traffic location.
      425 E Hwy 6, IowaCity, IA 52240
      View Details
    • $371,520

      Spacious Office with Modern Amenities

      Large office space with new HVAC and free parking.
      1700 S 1st Ave, IowaCity, IA 52240
      View Details
    • $1,000,000

      Iowa City Commercial Suite ForSale

      5060 SF commercial suite available for sale.
      2545 N Dodge St, IowaCity, IA 52245
      View Details
    • $4,300,000

      Iowa City Leased Investment Opportunity

      Commercial property with long-term tenants and highway visibility.
      24 Sturgis Corner Dr, IowaCity, IA 52246
      View Details
    • $1,050,000

      Eastside Office Suites For Sale

      High-visibility office suites in IowaCity, ideal for owner-user or investment.
      673 Westbury Dr, IowaCity, IA 52245
      View Details
    • $800,000

      Restaurant and Retail Space Available

      Commercial space with restaurant buildout and warehouse access.
      1029 S Riverside Dr, IowaCity, IA 52246
      View Details
    • $2,500,000

      Iowa City Commercial Land Available

      4.86 acre commercial land with high visibility.
      34 Escort Ln, IowaCity, IA 52240
      View Details
    • $1,000,000

      7.2 Acres on Camp Cardinal

      7.2 acres of MU-zoned land with high visibility.
      800 Camp Cardinal Blvd, IowaCity, IA 52246
      View Details
    • $1,700,000

      Iowa City Development Opportunity

      0.55 acre development site in Riverfront Crossing District.
      1020 S Gilbert St, IowaCity, IA 52240
      View Details
    • $1,450,000
      11,088 SF

      Iowa City Condominium Investment Opportunity

      Twelve condominiums with rental history near UIHC and schools.
      403 Westwinds Dr # 461, IowaCity, IA 52246
      View Details

    FAQs

    What type of property is this?
    Commercial land - 3.77 acre commercial lot in established Iowa City park.
    Where is this commercial land located?
    The property is located at 2659 Independence RD Iowa City, IA.
    What is the asking price?
    The asking price for this property is $575,000.
    What are key features of this property?
    This property features: 3.77 acre lot offers significant space for business operations or expansion.; Located in a well‑established Commercial/Industrial park.; Build‑ready corner lot simplifies and accelerates construction.
    (319) 430-4400
    We can help!
    Listing Contact
    Jeff Dill
    Jeff Dill
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!