Mixed-Use Redevelopment with
For Sale
$1,975,000
1104 S Gilbert St, Iowa City, IA 52240
Three-parcel mixed-use property with leased multifamily units, commercial tenants, and ample parking for flexible future use.
Property Size14,879 SF
Price / SF$132.74
Days on Market95
Property Features for 1104 S Gilbert St
General Information
Standard status
Active
Size
14,879 SF
Property subtype
Commercial
Zoning
commercial
Taxes and HOA fees
Annual Taxes
$16,206
Amenities
ConcreteSlabGrade,Carpet,Vinyl
240 x 140
0.77
CountyRoad,Paved
Building Details
Year Built
1950
Listing Agency:
GLD COMMERCIAL
(319) 540-1281
Listed By:
Karrie Schultz
(319) 540-1281
Source:
Pinnaclerealtyia
Added: May 15
Changed: Aug 16
Last Checked: Aug 16 at 3:30AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of GLD COMMERCIAL
Investment Insights
Based on property information with market context.
This for-sale mixed-use property consists of three commercial parcels and combines leased multifamily units with commercial space. The multi-family component is fully leased on month-to-month terms, offering current rental income with flexibility. On the commercial side, current tenants include Old Screen Printers, Summer of the Arts, and Drip Couture. The Coin Shop space is scheduled to be vacated in July, creating an opening for owner use or a new tenant.
Located in the heart of Iowa City and described as high-visibility, the property offers strong traffic exposure and excellent accessibility. It is positioned just minutes from the University of Iowa campus and is also close to shopping, dining, entertainment, and public transportation. Ample parking supports convenient customer and tenant access.
For an owner-occupant or investor, the configuration can accommodate multiple operating strategies, including retail, mixed-use redevelopment, office use, and restaurant concepts, subject to applicable approvals. With month-to-month multifamily leases and a commercial vacancy planned for July, buyers have a clear path to manage near-term occupancy while evaluating longer-term repositioning options.
Located in the heart of Iowa City and described as high-visibility, the property offers strong traffic exposure and excellent accessibility. It is positioned just minutes from the University of Iowa campus and is also close to shopping, dining, entertainment, and public transportation. Ample parking supports convenient customer and tenant access.
For an owner-occupant or investor, the configuration can accommodate multiple operating strategies, including retail, mixed-use redevelopment, office use, and restaurant concepts, subject to applicable approvals. With month-to-month multifamily leases and a commercial vacancy planned for July, buyers have a clear path to manage near-term occupancy while evaluating longer-term repositioning options.
Key Highlights
- Three‑parcel mixed‑use property (commercial parcels plus leased multifamily units) with month‑to‑month leases
- Current commercial tenants include Old Screen Printers, Summer of the Arts, and Drip Couture
- Coin Shop space scheduled to be vacated in July for owner use or new tenancy
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
$140,982
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
7.14%
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%
$2,819,640
$2.8M
Cap Rate 7%
$2,014,029
$2.0M
Cap Rate 9%
$1,566,467
$1.6M
Market Conditions
NOI Build-Up for 14,879 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
$214.3K $14.40/SF
− Vacancy
−$12.9K −$0.86/SF
EGI
$201.4K $13.54/SF
− OpEx
−$60.4K −$4.06/SF
NOI
$141.0K $9.48/SF
Area
Johnson County, IA
Vacancy
6.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$2,819,640
Cap Rate 7%
$2,014,029
Cap Rate 9%
$1,566,467
Alternative Uses
Best Use
Retail
$2.01M
$1.76M – $2.35M
NOI $140,982 @ 7.0% cap · market cap 7.14%
Second Best
Apartment 5plus
$1.82M
$1.59M – $2.12M
NOI $127,269 @ 7.0% cap · market cap 6.44%
Theoretical Best
Office A
$3.23M
$2.83M – $3.77M
NOI $226,256 @ 7.0% cap · market cap 11.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
36
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-parcel mixed-use property with leased multifamily units, commercial tenants, and ample parking for flexible future use.
Where is this mixed-use property located?
The property is located at 1104 S Gilbert St Iowa City, IA.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: Three‑parcel mixed‑use property (commercial parcels plus leased multifamily units) with month‑to‑month leases; Current commercial tenants include Old Screen Printers, Summer of the Arts, and Drip Couture; Coin Shop space scheduled to be vacated in July for owner use or new tenancy
