Renovated Retail
For Sale
$2,750,000
1029 S Riverside Dr, Iowa City, IA 52246
Completely renovated retail building offering multiple suite sizes and a large on-site parking field for customers and employees.
Property Size13,640 SF
Price / SF$201.61
Days on Market533
Property Features for 1029 S Riverside Dr
General Information
Standard status
Active
Size
13,640 SF
Property subtype
Commercial
Zoning
CC2
Lease Type
NNN
Taxes and HOA fees
Annual Taxes
$50,330
Amenities
ConcreteSlabGrade,Vinyl
ZeroStepEntry
Irregular
1.01
Highway
Building Details
Year Built
1952
Listing Agency:
Berkshire Hathaway Home Services One Realty Centre
(319) 361-9457
Listed By:
Angie Buck
(319) 361-9457
Source:
Pinnaclerealtyia
Added: Mar 11, 2025
Changed: Aug 25
Last Checked: Aug 25 at 5:01AM
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 Berkshire Hathaway Home Services One Realty Centre
Investment Insights
Based on property information with market context.
1029 S Riverside Dr presents a completely renovated retail building configured for multiple tenants. The property offers various suite sizes designed to accommodate different retail needs, with construction completed as part of the multi-tenant upgrade. The building’s current configuration supports flexible occupancy while maintaining a retail-focused layout.
The property is located at a busy intersection in the area, which helps support day-to-day storefront traffic and visibility. A large parking field is provided for both customers and employees, supporting convenient access and practical on-site circulation for an active retail environment.
For prospective tenants, the suite-based configuration can fit a range of retail operators looking for space within a renovated, multi-tenant retail setting. For buyers, the property’s updated condition and tenant-flexible layout may appeal to an ownership group seeking a retail asset positioned to serve multiple storefront concepts, supported by ample on-site parking for customer convenience.
The property is located at a busy intersection in the area, which helps support day-to-day storefront traffic and visibility. A large parking field is provided for both customers and employees, supporting convenient access and practical on-site circulation for an active retail environment.
For prospective tenants, the suite-based configuration can fit a range of retail operators looking for space within a renovated, multi-tenant retail setting. For buyers, the property’s updated condition and tenant-flexible layout may appeal to an ownership group seeking a retail asset positioned to serve multiple storefront concepts, supported by ample on-site parking for customer convenience.
Key Highlights
- Completely renovated retail building configured for multiple tenants
- Various suite sizes available for a variety of tenants
- Large on‑site parking field for customers and employees
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
$129,242
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
4.70%
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%
$2,584,840
$2.6M
Cap Rate 7%
$1,846,314
$1.8M
Cap Rate 9%
$1,436,022
$1.4M
Market Conditions
NOI Build-Up for 13,640 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
$196.4K $14.40/SF
− Vacancy
−$11.8K −$0.86/SF
EGI
$184.6K $13.54/SF
− OpEx
−$55.4K −$4.06/SF
NOI
$129.2K $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%
$2,584,840
Cap Rate 7%
$1,846,314
Cap Rate 9%
$1,436,022
Alternative Uses
Best Use
Retail
$1.85M
$1.62M – $2.15M
NOI $129,242 @ 7.0% cap · market cap 4.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.96M
$2.59M – $3.46M
NOI $207,415 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,145
Businesses Nearby
205k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 56%
Shops & Services 27%
Office Supplies 5%
Home Improvements & Furnishings 5%
McDonald's
Dining
37,057 visits/mo
0.2 miles
Kum & Go
Shops & Services
26,219 visits/mo
0.2 miles
Starbucks
Dining
24,488 visits/mo
0.1 miles
Staples
Office Supplies
11,026 visits/mo
0.2 miles
Arby's
Dining
10,746 visits/mo
0.1 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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Completely renovated retail building offering multiple suite sizes and a large on-site parking field for customers and employees.
Where is this retail space located?
The property is located at 1029 S Riverside Dr Iowa City, IA.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Completely renovated retail building configured for multiple tenants; Various suite sizes available for a variety of tenants; Large on‑site parking field for customers and employees
