Flex Building with Overhead
1947 Waterfront Drive Iowa City, IA 52240
1947 Waterfront Drive, Iowa City, IA, 52240
$355,000
For Sale
$355,000
Flex-style building includes front office with large windows, heated shop with overhead doors, and outdoor storage plus parking space.
Property Size2,378 SF
Price / SF$149.29
Days on Market30
Property Features for 1947 Waterfront Drive
General Information
- Standard status
- Active
- Size
- 2,378 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1971
Listing agency
Blank & McCune Real Estate
(319) 270-6253
Listed by
Tatiana McClinton
(319) 270-6253
Source
Pinnaclerealtyia
Added: Jun 23 Updated: Jul 21 at 6:09PM Checked: Jul 22 at 3:09AM
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 Blank & McCune Real Estate
Investment Insights
Based on property information with market context.
This flex building combines a front office with a heated shop and large storage area. The office features three oversized windows that bring natural light into the entry, while the shop is served by two overhead doors. A third overhead door connects to a larger storage area positioned between the office and shop. Additional outdoor storage and parking are supported by an oversized lot, with room to spread out or consider future expansion.
The property is offered for sale at 1947 Waterfront Drive in Iowa City, IA 52240.
The property is offered for sale at 1947 Waterfront Drive in Iowa City, IA 52240.
Key Highlights
- 0.4‑acre commercial flex‑style building with county road frontage and paved road access
- Front office with three large windows for natural light
- Heated shop space with two overhead doors
Local Financial Insights For Warehouse
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 | $22.8k | $9.60 |
| − Vacancy | −$1.0k | −$0.43 |
| EGI | $21.8k | $9.17 |
| − OpEx | −$3.3k | −$1.38 |
| NOI | $18.5k | $7.79 |
2,378 SF · lease $9.60/SF/yr · vacancy 4.50% · expense 15.00%
Alternative Uses
Best Use
Warehouse
$264.7K
$231.6K – $308.9K
NOI $18,531 @ 7.0% cap · market cap 5.22%
Second Best
Industrial
$203.3K
$177.9K – $237.2K
NOI $14,232 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$516.6K
$452.0K – $602.7K
NOI $36,161 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Fiddlehead Gardens
Landscaping
Similar For Sale Nearby
Similar Off Market Nearby
- SELINA'S CREATIONS — 611 Southgate Ave, Iowa City, IA 52240
- Hy-Vee Catering — 1720 Waterfront Dr, Iowa City, IA 52240
- Firehouse Subs HWY One IC — 161 Hwy 1 W, Iowa City, IA 52246
- Wich-Uh-Waffle — 1104 S Gilbert St, Iowa City, IA 52240
FAQs
What type of property is this?
Flex space - Flex-style building includes front office with large windows, heated shop with overhead doors, and outdoor storage plus parking space.
Where is this flex space located?
The property is located at 1947 Waterfront Drive Iowa City, IA.
What is the asking price?
The asking price for this property is $355,000.
What are key features of this property?
This property features: 0.4‑acre commercial flex‑style building with county road frontage and paved road access; Front office with three large windows for natural light; Heated shop space with two overhead doors
