Redevelopment Flex Space
For Sale
$2,500,000
218 2nd St, Coralville, IA 52241
For-sale flex space site consisting of two parcels, positioned adjacent to planned Gather Iowa development.
Property Size23,144 SF
Price / SF$108.02
Days on Market267
Property Features for 218 2nd St
General Information
Standard status
Active
Size
23,144 SF
Property subtype
Commercial
Zoning
C-2 Arterial
Taxes and HOA fees
Annual Taxes
$61,336
Amenities
ConcreteSlabGrade,Carpet,CeramicTile
1.55
CountyRoad,Paved,Highway
Building Details
Year Built
1983
Listing Agency:
Blank & McCune Real Estate
(319) 393-0900
Listed By:
Alex Miller
Source:
Pinnaclerealtyia
Added: Jan 29
Changed: Oct 15
Last Checked: Oct 20 at 5:38PM
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
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Investment Insights
Based on property information with market context.
This for-sale flex space property at 218 2nd St includes two parcels (1008205002 and 1008205008). The offering is presented as a redevelopment location supporting future mixed commercial use in the immediate area.
The site is directly adjacent to the planned Gather Iowa development, which is expected to include over 300 multi-family units and additional commercial space. A new traffic signal is planned for placement at the dual entrance upon completion of the adjacent project. The seller also notes that the location has some of the best traffic counts in Eastern Iowa.
Overall, the property provides a redevelopment-focused flex site that can accommodate a range of commercial uses, aligning with the surrounding buildout plan.
The site is directly adjacent to the planned Gather Iowa development, which is expected to include over 300 multi-family units and additional commercial space. A new traffic signal is planned for placement at the dual entrance upon completion of the adjacent project. The seller also notes that the location has some of the best traffic counts in Eastern Iowa.
Overall, the property provides a redevelopment-focused flex site that can accommodate a range of commercial uses, aligning with the surrounding buildout plan.
Key Highlights
- For‑sale flex space site on two parcels: 1008205002 and 1008205008
- Location is adjacent to the planned Gather Iowa development featuring 300+ multi‑family units and additional commercial space
- A new traffic signal is planned for the dual entrance upon completion
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$138,517
Cap Rate
5.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,770,340
$2.8M
Cap Rate 7%
$1,978,814
$2.0M
Cap Rate 9%
$1,539,078
$1.5M
Market Conditions
NOI Build-Up for 23,144 SF
Gross rent
$208.3K $9.00/SF
− Vacancy
−$10.4K −$0.45/SF
EGI
$197.9K $8.55/SF
− OpEx
−$59.4K −$2.56/SF
NOI
$138.5K $5.98/SF
Area
Johnson County, IA
Vacancy
5.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,770,340
Cap Rate 7%
$1,978,814
Cap Rate 9%
$1,539,078
Alternative Uses
Best Use
Industrial
$1.98M
$1.73M – $2.31M
NOI $138,517 @ 7.0% cap · market cap 5.54%
Second Best
Flex RnD
$1.48M
$1.30M – $1.73M
NOI $103,831 @ 7.0% cap · market cap 4.15%
Theoretical Best
Office A
$5.03M
$4.40M – $5.87M
NOI $351,937 @ 7.0% cap · market cap 14.08%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
786
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
Demographics for 52241, IA
22,319
Population
10,294
Households
2.2
Avg Household Size
34
Median Age
57%
College-Educated
95%
High-School Grad
13.5 sq mi
ZIP Area
1,653
Density / Sq Mi
$66,508
Median Household Income
$40,504
Median Earnings
$1,021
Median Rent
$286,000
Median Home Value
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Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - For-sale flex space site consisting of two parcels, positioned adjacent to planned Gather Iowa development.
Where is this flex space located?
The property is located at 218 2nd St Coralville, IA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: For‑sale flex space site on two parcels: 1008205002 and 1008205008; Location is adjacent to the planned Gather Iowa development featuring 300+ multi‑family units and additional commercial space; A new traffic signal is planned for the dual entrance upon completion
