Japanese Restaurant and Real
For Sale
$1,800,000
843 Quarry Rd, Coralville, IA 52241
CommercialSale, Coralville, IA
Property Size5,150 SF
Lot Size0.12 Acres
Price / SF$349.51
Days on Market41
Property Features for 843 Quarry Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
1st Ave to Quarry Rd located in IRL S of Marriott
Subdivision
Coralville
Standard status
Active
APN
1005187001
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
29178
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
2006
Flooring type
Concrete, Carpet
Building materials
Block, Brick
Listing Agency:
Ambrose & Associates, REALTORS
(319) 354-8118
Listed By:
Tina Frantz
(319) 621-2180
Added: Jul 27
Changed: Sep 2
Last Checked: Sep 5 at 5:06AM
MLS# 202604689
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 conventional restaurant property includes the operating Konomi Japanese Restaurant and its underlying commercial condominium at 843 Quarry Rd in Coralville. The interior provides a finished dining room, sushi bar, hibachi tables, bar area, and full commercial kitchen, along with furniture, fixtures, and equipment. Construction dates to 2006, with block and brick materials, concrete and carpet flooring, forced-air natural gas heat, and central air conditioning.
The property is located within Iowa River Landing, a mixed-use district that includes retail, restaurants, hotels, offices, entertainment, and residential development. The site encompasses 0.1182 acres and carries Commercial zoning. The offering combines the restaurant business with ownership of the real estate, providing flexibility to continue the existing concept or use the restaurant improvements for another supported operation.
The property is located within Iowa River Landing, a mixed-use district that includes retail, restaurants, hotels, offices, entertainment, and residential development. The site encompasses 0.1182 acres and carries Commercial zoning. The offering combines the restaurant business with ownership of the real estate, providing flexibility to continue the existing concept or use the restaurant improvements for another supported operation.
Key Highlights
- Operating Konomi Japanese Restaurant included with the underlying commercial condominium
- Restaurant layout includes dining room, sushi bar, hibachi tables, bar, and full commercial kitchen
- Furniture, fixtures, and equipment convey with the property
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
$54,745
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
3.04%
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%
$1,094,900
$1.1M
Cap Rate 7%
$782,071
$782.1K
Cap Rate 9%
$608,278
$608.3K
Market Conditions
NOI Build-Up for 5,150 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
$79.7K $15.48/SF
− Vacancy
−$6.7K −$1.31/SF
EGI
$73.0K $14.17/SF
− OpEx
−$18.2K −$3.54/SF
NOI
$54.7K $10.63/SF
Area
Johnson County, IA
Vacancy
8.44%
Lease Rate
$15.48 /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%
$1,094,900
Cap Rate 7%
$782,071
Cap Rate 9%
$608,278
Alternative Uses
Best Use
Specialty Retail
$782.1K
$684.3K – $912.4K
NOI $54,745 @ 7.0% cap · market cap 3.04%
Second Best
Industrial
$440.3K
$385.3K – $513.7K
NOI $30,823 @ 7.0% cap · market cap 1.71%
Theoretical Best
Office A
$1.12M
$978.9K – $1.31M
NOI $78,313 @ 7.0% cap · market cap 4.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
716
Businesses Nearby
203k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 30%
Hotels & Casinos 21%
Dining 20%
Shops & Services 15%
Trader Joe's
Groceries
61,018 visits/mo
0.3 miles
Kum & Go
Shops & Services
31,125 visits/mo
0.4 miles
Von Maur
Apparel
26,601 visits/mo
0.3 miles
Homewood Suites
Hotels & Casinos
24,821 visits/mo
0.2 miles
McDonald's
Dining
20,527 visits/mo
0.4 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Operating restaurant condominium with dining, sushi, hibachi, bar, and full commercial kitchen improvements.
Where is this conventional restaurant located?
The property is located at 843 Quarry Rd Coralville, IA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Operating Konomi Japanese Restaurant included with the underlying commercial condominium; Restaurant layout includes dining room, sushi bar, hibachi tables, bar, and full commercial kitchen; Furniture, fixtures, and equipment convey with the property
