Absolute NNN Retail
For Sale
$1,350,000
121 W Benton St., Iowa City, IA 52246
The property is subject to an absolute NNN lease with tenant responsibility for taxes, insurance, HVAC, maintenance, and roof.
Property Size4,480 SF
Price / SF$301.34
Days on Market51
Property Features for 121 W Benton St.
General Information
Standard status
Active
Size
4,480 SF
Property subtype
Commercial
Zoning
CC2
Lease Type
NNN
Financials
Asking Price
$1,350,000
Cap Rate
7.42%
Amenities
Other
0.38
CountyRoad
Building Details
Year Built
1974
Listing Agency:
Urban Acres Real Estate
(319) 393-0900
Listed By:
Kyle Steele
(319) 981-2378
Source:
Pinnaclerealtyia
Added: Aug 17
Changed: Oct 4
Last Checked: Oct 5 at 4:08PM
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 Urban Acres Real Estate
Investment Insights
Based on property information with market context.
This 4,480-square-foot retail property was built in 1974 and is located at 121 W Benton St. in Iowa City. The asset carries CC2 zoning and is positioned along the W Benton Street corridor, with access serving the University of Iowa community and surrounding neighborhoods.
The lease is structured on an absolute NNN basis, assigning taxes, insurance, HVAC, maintenance, and roof obligations to the tenant. The current term extends through July 2033 and includes two 10-year renewal options. Contractual rent increases are set at 2% annually during the initial term and renewal periods. The property reflects a 7.42% cap rate based on current NOI.
The lease is structured on an absolute NNN basis, assigning taxes, insurance, HVAC, maintenance, and roof obligations to the tenant. The current term extends through July 2033 and includes two 10-year renewal options. Contractual rent increases are set at 2% annually during the initial term and renewal periods. The property reflects a 7.42% cap rate based on current NOI.
Key Highlights
- Absolute NNN lease places taxes, insurance, HVAC, maintenance, and roof responsibilities with the tenant
- 4,480‑square‑foot retail property on W Benton Street in Iowa City
- Lease term runs through July 2033
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,449
Cap Rate
3.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$848,980
$849.0K
Cap Rate 7%
$606,414
$606.4K
Cap Rate 9%
$471,656
$471.7K
Market Conditions
NOI Build-Up for 4,480 SF
Gross rent
$64.5K $14.40/SF
− Vacancy
−$3.9K −$0.86/SF
EGI
$60.6K $13.54/SF
− OpEx
−$18.2K −$4.06/SF
NOI
$42.4K $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%
$848,980
Cap Rate 7%
$606,414
Cap Rate 9%
$471,656
Alternative Uses
Best Use
Retail
$606.4K
$530.6K – $707.5K
NOI $42,449 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$973.2K
$851.6K – $1.14M
NOI $68,125 @ 7.0% cap · market cap 5.05%
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 - The property is subject to an absolute NNN lease with tenant responsibility for taxes, insurance, HVAC, maintenance, and roof.
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 $1,350,000.
What are key features of this property?
This property features: Absolute NNN lease places taxes, insurance, HVAC, maintenance, and roof responsibilities with the tenant; 4,480‑square‑foot retail property on W Benton Street in Iowa City; Lease term runs through July 2033
