Flex Space with
For Sale
$2,250,000
302 2nd St, Coralville, IA 52241
Land, Coralville, IA
Property Size8,576 SF
Lot Size1.39 Acres
Price / SF$262.36
Days on Market35
Property Features for 302 2nd St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C2 I2
Subdivision
Coralville Strip
Directions
On the south side of the Coralville Strip (2nd St), west of the 1st Ave intersection and east of the 4th Ave intersection. Across the street from CopyWorks and Monica's.
Standard status
Active
APN
1008205010
Lot size
1.39 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
33084
Building Details
Additional Structures
Garage(s)
Listing Agency:
Lepic-Kroeger, REALTORS
(319) 351-8811
Listed By:
Jeff Edberg · License #B33730000
(319) 331-6187
Added: Jul 22
Changed: Aug 19
Last Checked: Aug 25 at 7:06PM
MLS# 202604572
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 flex-space property combines 1.39 acres m/l with an existing 8,576 SF commercial building containing office and warehouse areas. The building is currently leased on annual terms under a gross lease structure, with taxes, insurance, and CAM included in the arrangement.
The property fronts a high-traffic corridor reporting over 24,000 cars per day and has street access along 1st St and 2nd St. The associated parcels include 301 1st St, 302, 302 1/2, 304, and 306 2nd Street in Coralville, Iowa. C2 and I2 zoning applies to the property.
The property fronts a high-traffic corridor reporting over 24,000 cars per day and has street access along 1st St and 2nd St. The associated parcels include 301 1st St, 302, 302 1/2, 304, and 306 2nd Street in Coralville, Iowa. C2 and I2 zoning applies to the property.
Key Highlights
- 1.39 acres m/l across the combined parcels
- Existing 8,576 SF building with office and warehouse space
- C2 and I2 zoning
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
$98,410
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
4.37%
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%
$1,968,200
$2.0M
Cap Rate 7%
$1,405,857
$1.4M
Cap Rate 9%
$1,093,444
$1.1M
Market Conditions
NOI Build-Up for 8,576 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
$154.4K $18.00/SF
− Vacancy
−$23.2K −$2.70/SF
EGI
$131.2K $15.30/SF
− OpEx
−$32.8K −$3.82/SF
NOI
$98.4K $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%
$1,968,200
Cap Rate 7%
$1,405,857
Cap Rate 9%
$1,093,444
Alternative Uses
Best Use
Office B
$1.41M
$1.23M – $1.64M
NOI $98,410 @ 7.0% cap · market cap 4.37%
Second Best
Warehouse
$954.7K
$835.4K – $1.11M
NOI $66,831 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$1.86M
$1.63M – $2.17M
NOI $130,410 @ 7.0% cap · market cap 5.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24,000 VPD
Traffic count
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
786
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 52241, IA
22,319
Population
10,294
Households
2.2
Avg Household Size
34
Median Age
57%
College-Educated
95%
High-School Grad
13.5 sq mi
ZIP Area
1,653
Density / Sq Mi
$66,508
Median Household Income
$40,504
Median Earnings
$1,021
Median Rent
$286,000
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?
Flex space - Office and warehouse improvements occupy a C2- and I2-zoned commercial property with access from two streets.
Where is this flex space located?
The property is located at 302 2nd St Coralville, IA.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 1.39 acres m/l across the combined parcels; Existing 8,576 SF building with office and warehouse space; C2 and I2 zoning
