Elevator-Served Office
New
For Sale
$825,000
22 S Linn St, Iowa City, IA 52240
Built-out corner suite offers reception, private offices, and shared work areas.
Property Size3,890 SF
Price / SF$212.08
Days on Market2
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
Listing Agency:
Hawkeye Commercial
(319) 393-0900
Listed By:
Tiffany McGaffee
(319) 213-1606
Source:
Pinnaclerealtyia
Added: Sep 20
Last Checked: Sep 20 at 2:27PM
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 Hawkeye Commercial
Investment Insights
Based on property information with market context.
This 3,890-square-foot office condominium occupies a corner position on the third floor of the Tower Parking Garage, completed in 2000. The built-out interior includes reception, open work areas, private offices, a conference room, storage, and a kitchen. Elevator service and zero-step entry support convenient access throughout the property, while the corner placement provides abundant natural light.
Four parking spaces are deeded with the suite, and the current owner leases 10 additional spaces from the City. A walkway connects the garage to the senior center. The property is zoned CB10 and may be converted to a single-family condominium with appropriate modifications. The suite is available immediately.
Four parking spaces are deeded with the suite, and the current owner leases 10 additional spaces from the City. A walkway connects the garage to the senior center. The property is zoned CB10 and may be converted to a single-family condominium with appropriate modifications. The suite is available immediately.
Key Highlights
- 3,890 SF office condo on the third floor of the Tower Parking Garage
- Corner suite with reception, open work areas, private offices, conference room, storage, and kitchen
- 4 deeded parking spaces included with the suite
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
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - Built-out corner suite offers reception, private offices, and shared work areas.
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 SF office condo on the third floor of the Tower Parking Garage; Corner suite with reception, open work areas, private offices, conference room, storage, and kitchen; 4 deeded parking spaces included with the suite
