Elevator-Served Office
22 S Linn St, Iowa City, IA 52240
For Sale
$825,000
Built-out corner suite offers reception, private offices, and shared work areas.
Property Size3,890 SF
Price / SF$212.08
Days on Market48
Property Features for 22 S Linn St
General Information
Standard status
Size
Total Parking Spaces
Elevators
Property subtype
Zoning
Additional Details
Floor
Office Units
Taxes and HOA fees
Annual Taxes
Amenities
Carpet
Elevator,ZeroStepEntry
Irregular
CountyRoad,Paved
Building Details
Year Built
Listing Agency:
Lepic-Kroeger, REALTORS
(319) 393-0900
Listed By:
Ali Fortin
(319) 601-9868
Source:
Pinnaclerealtyia
Added: Sep 20
Changed: Nov 4
Last Checked: Nov 6 at 6:16AM
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 Lepic-Kroeger, REALTORS
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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 / Yr
$44,638
Cap Rate
5.41%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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
$241,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office Units in Iowa City, IA
Properties on Market for Office Units in Iowa City
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - Built-out corner suite offers reception, private offices, and shared work areas.
Where is this office unit 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
