Elevator-Served Office
For Sale
$825,000
22 S Linn St #Ste 2A, Iowa City, IA 52240
Configured with reception, open work areas, private offices, a conference room, storage, and a kitchen.
Property Size3,890 SF
Price / SF$212.08
Days on Market43
Property Features for 22 S Linn St #Ste 2A
General Information
Standard status
Active
Size
3,890 SF
Total Parking Spaces
4
Elevators
Yes
Property subtype
Commercial
Zoning
CB10
Space & Availability
Floor
3
Condition
Built-Out
Additional Details
Property Use
Office
Taxes and HOA fees
Annual Taxes
$35,479
Amenities
Elevator
Zero Step Entry
Building Details
Year Built
2000
Listing Agency:
Lepic-Kroeger, REALTORS
(319) 351-8811
Listed By:
Jeff Edberg · License #B33730000
(319) 331-6187
Source:
Kalonarealty
Added: Sep 18
Changed: Oct 26
Last Checked: Oct 29 at 11:02PM
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 in downtown Iowa City. An elevator serves the floor. The existing buildout includes reception, open work areas, private offices, a conference room, storage, and a kitchen, with windows that bring in natural light.
Four parking spaces are deeded with the suite. The current owner also leases 10 additional spaces from the City. A walkway connects the building with the senior center. CB10 zoning allows conversion to a single-family condominium, subject to the required modifications.
Four parking spaces are deeded with the suite. The current owner also leases 10 additional spaces from the City. A walkway connects the building with the senior center. CB10 zoning allows conversion to a single-family condominium, subject to the required modifications.
Key Highlights
- 3,890‑square‑foot office condominium on the third floor of the Tower Parking Garage
- Elevator‑served floor and corner suite with natural light
- Reception, open work areas, private offices, conference room, storage, and kitchen
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
Location Intelligence
Trade Area within ½ mile
2,400
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Office unit - Configured with reception, open work areas, private offices, a conference room, storage, and a kitchen.
Where is this office unit located?
The property is located at 22 S Linn St #Ste 2A 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 office condominium on the third floor of the Tower Parking Garage; Elevator‑served floor and corner suite with natural light; Reception, open work areas, private offices, conference room, storage, and kitchen
