Single-Tenant NNN
For Sale
$1,585,000
121 W Benton St., Iowa City, IA 52246
Commercial building with an absolute NNN lease, annual rent increases, and renewal options in Iowa City.
Property Size6,760 SF
Price / SF$234.47
Days on Market50
Property Features for 121 W Benton St.
General Information
Standard status
Active
Size
6,760 SF
Property subtype
Commercial
Zoning
CC2
Lease Type
NNN
Amenities
Other
0.38
CountyRoad
Building Details
Year Built
1974
Listing Agency:
Watts Group Realty
(319) 393-0900
Listed By:
Juliana Corona
(319) 576-8327
Source:
Pinnaclerealtyia
Added: Aug 18
Changed: Oct 4
Last Checked: Oct 5 at 4:58PM
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 Watts Group Realty
Investment Insights
Based on property information with market context.
This single-tenant NNN property contains 6,760 square feet and was built in 1974. The absolute NNN lease places operating expenses with the tenant, reducing the owner’s direct management responsibilities. More than 7 years remain on the current 10-year lease, which also provides annual rent increases and two 10-year renewal options.
The property is located at 121 W Benton St. in Iowa City, Iowa, within the city’s commercial core. It carries CC2 zoning and offers an established leased commercial asset with a defined renewal structure. The property may be evaluated separately from another NNN opportunity referenced in the source information.
The property is located at 121 W Benton St. in Iowa City, Iowa, within the city’s commercial core. It carries CC2 zoning and offers an established leased commercial asset with a defined renewal structure. The property may be evaluated separately from another NNN opportunity referenced in the source information.
Key Highlights
- Absolute NNN lease with tenant responsibility for operating expenses
- More than 7 years remaining on a 10‑year lease
- Two 10‑year renewal options
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,052
Cap Rate
4.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,281,040
$1.3M
Cap Rate 7%
$915,029
$915.0K
Cap Rate 9%
$711,689
$711.7K
Market Conditions
NOI Build-Up for 6,760 SF
Gross rent
$97.3K $14.40/SF
− Vacancy
−$5.8K −$0.86/SF
EGI
$91.5K $13.54/SF
− OpEx
−$27.5K −$4.06/SF
NOI
$64.1K $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 Rate 5%
$1,281,040
Cap Rate 7%
$915,029
Cap Rate 9%
$711,689
Alternative Uses
Best Use
Retail
$915.0K
$800.7K – $1.07M
NOI $64,052 @ 7.0% cap · market cap 4.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.47M
$1.28M – $1.71M
NOI $102,795 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,738
Businesses Nearby
192k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 58%
Shops & Services 27%
Office Supplies 6%
Home Improvements & Furnishings 5%
McDonald's
Dining
37,057 visits/mo
0.0 miles
Kum & Go
Shops & Services
26,219 visits/mo
0.1 miles
Starbucks
Dining
24,488 visits/mo
0.2 miles
Staples
Office Supplies
11,026 visits/mo
0.0 miles
Arby's
Dining
10,746 visits/mo
0.2 miles
Demographics for 52246, IA
22,829
Population
10,627
Households
2.1
Avg Household Size
29
Median Age
67%
College-Educated
95%
High-School Grad
16.7 sq mi
ZIP Area
1,367
Density / Sq Mi
$55,088
Median Household Income
$28,598
Median Earnings
$1,049
Median Rent
$327,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
NNN property - Commercial building with an absolute NNN lease, annual rent increases, and renewal options in Iowa City.
Where is this nnn property located?
The property is located at 121 W Benton St. Iowa City, IA.
What is the asking price?
The asking price for this property is $1,585,000.
What are key features of this property?
This property features: Absolute NNN lease with tenant responsibility for operating expenses; More than 7 years remaining on a 10‑year lease; Two 10‑year renewal options
