Heated Automotive Shop with
For Sale
$700,000
1208 Gilbert Ct, Iowa City, IA 52240
Heated shop space with pull-through access, oversized overhead doors on both ends, and two garage bays plus an in-place bathroom.
Property Size7,000 SF
Price / SF$100
Days on Market50
Property Features for 1208 Gilbert Ct
General Information
Standard status
Active
Size
7,000 SF
Property subtype
Commercial
Zoning
Commercial
Additional Details
Service Bays
2
Taxes and HOA fees
Annual Taxes
$4,664
Amenities
ConcreteSlabGrade
ZeroStepEntry
92x195
0.4
CountyRoad
Building Details
Year Built
1966
Listing Agency:
IOWA REALTY COMMERCIAL
(319) 270-3747
Listed By:
Tina Wing
(319) 270-3747
Source:
Pinnaclerealtyia
Added: Jul 14
Changed: Aug 31
Last Checked: Aug 31 at 2:22PM
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 IOWA REALTY COMMERCIAL
Investment Insights
Based on property information with market context.
This heated commercial shop is designed for practical day-to-day operations, with pull-through layout and oversized overhead garage doors on both ends for straightforward vehicle and equipment access. The property includes two separate garage bays, allowing for multiple work areas or storage zones. A bathroom is already in place, and there is a dedicated area ready to be finished for an office, showroom, or additional storage.
The property is located at 1208 Gilbert Ct in Iowa City, with convenient access to major roads and surrounding businesses.
The configuration supports light industrial and automotive-oriented uses where secure, heated workspace and flexible bay access are important.
The property is located at 1208 Gilbert Ct in Iowa City, with convenient access to major roads and surrounding businesses.
The configuration supports light industrial and automotive-oriented uses where secure, heated workspace and flexible bay access are important.
Key Highlights
- Heated commercial shop space with concrete slab grade interior and zero‑step entry access
- Pull‑through layout with oversized overhead garage doors on both ends for easy vehicle and equipment movement
- Two separate garage bays provide flexible work areas and storage options
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
$41,895
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
5.99%
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%
$837,900
$837.9K
Cap Rate 7%
$598,500
$598.5K
Cap Rate 9%
$465,500
$465.5K
Market Conditions
NOI Build-Up for 7,000 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
$63.0K $9.00/SF
− Vacancy
−$3.2K −$0.45/SF
EGI
$59.9K $8.55/SF
− OpEx
−$18.0K −$2.56/SF
NOI
$41.9K $5.98/SF
Area
Johnson County, IA
Vacancy
5.00%
Lease Rate
$9.00 /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%
$837,900
Cap Rate 7%
$598,500
Cap Rate 9%
$465,500
Alternative Uses
Best Use
Retail
$947.5K
$829.1K – $1.11M
NOI $66,326 @ 7.0% cap · market cap 9.48%
Second Best
Industrial
$598.5K
$523.7K – $698.3K
NOI $41,895 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,445 @ 7.0% cap · market cap 15.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Location Intelligence
Trade Area within ½ mile
1,180
Businesses Nearby
Balanced
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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- Wich-Uh-Waffle — 1104 S Gilbert St, Iowa City, IA 52240
- Nurture Kitchen — 335 S Gilbert St, Iowa City, IA 52240
Frequently Asked Questions
What type of property is this?
Flex space - Heated shop space with pull-through access, oversized overhead doors on both ends, and two garage bays plus an in-place bathroom.
Where is this flex space located?
The property is located at 1208 Gilbert Ct Iowa City, IA.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Heated commercial shop space with concrete slab grade interior and zero‑step entry access; Pull‑through layout with oversized overhead garage doors on both ends for easy vehicle and equipment movement; Two separate garage bays provide flexible work areas and storage options
