Six-Unit Shopping
For Sale
$2,650,000
1705 BOYRUM ST, Iowa City, IA 52240
Standalone retail property with multiple units, on-site parking, and direct exposure to US Hwy 6.
Property Size22,364 SF
Price / SF$118.49
Days on Market370
Property Features for 1705 BOYRUM ST
General Information
Standard status
Active
Size
22,364 SF
Property subtype
Commercial
Zoning
CC2
Taxes and HOA fees
Annual Taxes
$92,006
Amenities
ConcreteSlabGrade
185 x 340
2.1
Highway
Building Details
Year Built
1984
Buildings
1
Tenancy
Multi
Listing Agency:
GLD COMMERCIAL
(319) 213-1157
Listed By:
Lydia Fitzgerald
(319) 213-1157
Source:
Pinnaclerealtyia
Added: Aug 27, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:37PM
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 GLD COMMERCIAL
Investment Insights
Based on property information with market context.
This standalone shopping center contains 6 separate units within 22,364 square feet. Built in 1984, the property features concrete slab grade construction and a large parking lot serving the individual spaces. The layout includes units described for restaurant and boutique uses, along with additional commercial space.
The property overlooks US Hwy 6 and is adjacent to complementary businesses. A unit facing the parking area provides exposure across the lot, while the rear boutique unit has convenient access and 3 attached parking spaces. The property is zoned CC2.
The property overlooks US Hwy 6 and is adjacent to complementary businesses. A unit facing the parking area provides exposure across the lot, while the rear boutique unit has convenient access and 3 attached parking spaces. The property is zoned CC2.
Key Highlights
- 22,364‑square‑foot standalone shopping center
- 6 separate commercial units
- CC2 zoning
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
$211,903
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
8.00%
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%
$4,238,060
$4.2M
Cap Rate 7%
$3,027,186
$3.0M
Cap Rate 9%
$2,354,478
$2.4M
Market Conditions
NOI Build-Up for 22,364 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
$322.0K $14.40/SF
− Vacancy
−$19.3K −$0.86/SF
EGI
$302.7K $13.54/SF
− OpEx
−$90.8K −$4.06/SF
NOI
$211.9K $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%
$4,238,060
Cap Rate 7%
$3,027,186
Cap Rate 9%
$2,354,478
Alternative Uses
Best Use
Retail
$3.03M
$2.65M – $3.53M
NOI $211,903 @ 7.0% cap · market cap 8.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.86M
$4.25M – $5.67M
NOI $340,076 @ 7.0% cap · market cap 12.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,071
Businesses Nearby
149k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 36%
Dining 27%
Shops & Services 23%
Home Improvements & Furnishings 8%
Hy-Vee
Groceries
48,058 visits/mo
0.2 miles
Kwik Trip
Shops & Services
25,518 visits/mo
0.3 miles
Taco Bell
Dining
16,057 visits/mo
0.4 miles
Tractor Supply Co.
Home Improvements & Furnishings
9,357 visits/mo
0.2 miles
Burger King
Dining
8,707 visits/mo
0.1 miles
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 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?
Shopping center - Standalone retail property with multiple units, on-site parking, and direct exposure to US Hwy 6.
Where is this shopping center located?
The property is located at 1705 BOYRUM ST Iowa City, IA.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: 22,364‑square‑foot standalone shopping center; 6 separate commercial units; CC2 zoning
