Elevator-Served Office
For Sale
$825,000
22 S Linn St, Iowa City, IA 52240
Built-out workplace with reception, private offices, open work areas, conference room, storage, and kitchen.
Property Size3,890 SF
Price / SF$212.08
Days on Market181
Property Features for 22 S Linn St
General Information
Standard status
Active
Size
3,890 SF
Total Parking Spaces
4
Elevators
Yes
Property subtype
Commercial
Zoning
CB10
Additional Details
Floor
3
Office Units
1
Taxes and HOA fees
Annual Taxes
$35,479
Amenities
Carpet
Elevator,ZeroStepEntry
Irregular
CountyRoad,Paved
Building Details
Year Built
2000
Buildings
1
Listing Agency:
GLD COMMERCIAL
(319) 213-1157
Listed By:
Lydia Fitzgerald · License #B33730000
(319) 213-1157
Source:
Pinnaclerealtyia
Added: Mar 2
Changed: Aug 28
Last Checked: Aug 29 at 6:12AM
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 built-out office condominium occupies a corner position on the third floor of the Tower Parking Garage in Iowa City. The 3,890-square-foot suite is served by an elevator and includes reception, open work areas, private offices, a conference room, storage, and a kitchen. The corner setting provides abundant natural light, while four parking spaces are deeded with the suite. The property was built in 2000 and is available immediately.
A walkway connects the building with the senior center. The current owner also leases 10 additional parking spaces from the City. Zoning permits conversion to a single-family condominium, subject to the required modifications.
A walkway connects the building with the senior center. The current owner also leases 10 additional parking spaces from the City. Zoning permits conversion to a single-family condominium, subject to the required modifications.
Key Highlights
- 3,890‑square‑foot third‑floor office condo
- Elevator‑served corner suite with natural light
- Four deeded parking spaces included
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
$44,638
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
5.41%
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%
$892,760
$892.8K
Cap Rate 7%
$637,686
$637.7K
Cap Rate 9%
$495,978
$496.0K
Market Conditions
NOI Build-Up for 3,890 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
$70.0K $18.00/SF
− Vacancy
−$10.5K −$2.70/SF
EGI
$59.5K $15.30/SF
− OpEx
−$14.9K −$3.82/SF
NOI
$44.6K $11.48/SF
Area
Johnson County, IA
Vacancy
15.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$892,760
Cap Rate 7%
$637,686
Cap Rate 9%
$495,978
Alternative Uses
Best Use
Office B
$637.7K
$558.0K – $744.0K
NOI $44,638 @ 7.0% cap · market cap 5.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$845.0K
$739.4K – $985.9K
NOI $59,153 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
2,400
Businesses Nearby
Explore this area
Business Placement
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 Office 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?
Office units - Built-out workplace with reception, private offices, open work areas, conference room, storage, and kitchen.
Where is this office units located?
The property is located at 22 S Linn St Iowa City, IA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 3,890‑square‑foot third‑floor office condo; Elevator‑served corner suite with natural light; Four deeded parking spaces included
