135 80th Street 1 Fairfax, IA 52228
For-sale investment with a 3-year lease to a veterinary tenant on NNN terms, with HOA fees and property taxes covered by the owner.
Property Features for 135 80th Street 1
General Information
- Standard status
- Active
- Size
- 3,055 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 2010
Listing office SKOGMAN REALTY (319) 270-6253
Listing date Nov 4, 2025
Source Pinnaclerealtyia
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Investment Insights
Based on property information with market context.
Recent property updates include a new roof installed in 2025 with a 30-year warranty, with new siding scheduled for completion in the spring of 2026. The property is located in Fairfax, an established bedroom community near Cedar Rapids, with approximately an 8-minute drive to I-380 for access to the metro area.
For investors seeking a medical-use specialty asset with an in-place tenant and defined lease structure, this offering provides a straightforward NNN framework and ongoing common-area responsibility handled through the condominium HOA. The near-term exterior improvements and the specified HOA coverage items can also help reduce day-to-day operating variables for the landlord relative to properties without a condominium association.
Key Highlights
- Single‑story commercial property built in 2010 with HVAC and heating (interior concrete flooring).
- 3‑year sale‑leaseback with established veterinary clinic tenant on $13.95/SF NNN lease terms.
- Owner covers HOA fees and property taxes under the lease structure.
Local Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $32.3k | $10.56 |
| − Vacancy | −$7.0k | −$2.30 |
| EGI | $25.2k | $8.26 |
| − OpEx | −$10.1k | −$3.31 |
| NOI | $15.1k | $4.96 |
