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Building Details

Year built 1996

Flooring type Carpet, Tile

Building materials Brick, Frame

Roof type Metal

Listing Agency: Lepic-Kroeger, REALTORS R***@LepicKroeger.com Show Phone

Listed By: Jeff Edberg · License #B33730000 Show Phone

Added: Jul 13 Changed: Sep 14 Last Checked: Oct 15 at 5:06PM

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MLS# 202604338

Copyright © 2026 Iowa City Area Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

Built in 1996, this office property at 2346 Mormon Trek Blvd features brick and frame construction, a metal roof, tile and carpet flooring, natural gas forced-air heat, and central air conditioning. Elevator access connects the lower-level garage with the second floor, and the building also provides zero-step entry and an accessible elevator. Two surface parking lots supplement the underground parking area.

The property is fully leased and zoned CO1. Tenants include Covenant Family Solutions, Alberhasky Eye, United Iowa Financial, Lepic-Kroeger, Realtors, City Construction, Willow Creek Dentistry, and Susan Mimms Financial. Its Iowa City location places the building on Mormon Trek Blvd within Johnson County, with practical access from the on-site parking areas.

Key Highlights

• Fully leased office property on a 1.45‑acre site
• 6.0% capitalization rate
• Two surface parking lots plus underground parking

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$338,498

Cap Rate

7.13%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,769,960 $6.8M

Cap Rate 7%

$4,835,686 $4.8M

Cap Rate 9%

$3,761,089 $3.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 28,545 SF

Gross rent

$626.8K $21.96/SF

− Vacancy

−$62.7K −$2.20/SF

EGI

$564.2K $19.76/SF

− OpEx

−$225.7K −$7.91/SF

NOI

$338.5K $11.86/SF

Area

Johnson County, IA

Vacancy

10.00%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,769,960

Cap Rate 7%

$4,835,686

Cap Rate 9%

$3,761,089

Alternative Uses

Best Use

Healthcare Medical

$4.84M

$4.23M – $5.64M (±1% cap)

NOI $338,498 @ 7.0% cap · market cap 7.13%

Second Best

Office B

$4.68M

$4.09M – $5.46M (±1% cap)

NOI $327,554 @ 7.0% cap · market cap 6.90%

Theoretical Best

Office A

$6.20M

$5.43M – $7.23M (±1% cap)

NOI $434,067 @ 7.0% cap · market cap 9.14%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Lepic-Kroeger, REALTORS Real Estate Agency Willow Creek Family ... Dental Office Eastman Christopher G ... Dental Office Alberhasky G Rodney ... Physician Jeff Edberg, Broker ... Real Estate Agency

Suggested Use

Top Pick Law Firm Dental Office Hair Salon Spa & Massage Center Nail Salon HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

379

Businesses Nearby

Explore this area Business Placement

Demographics for 52246, IA

22,829

Population

10,627

Households

2.1

Avg Household Size

29

Median Age

67%

College-Educated

95%

High-School Grad

16.7 sq mi

ZIP Area

1,367

Density / Sq Mi

$55,088

Median Household Income

$28,598

Median Earnings

$1,049

Median Rent

$327,100

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Fully leased professional property with surface and underground parking on a 1.45-acre site.

Where is this office building located?

The property is located at 2346 Mormon Trek Blvd Iowa City, IA.

What is the asking price?

The asking price for this property is $4,750,000.

What are key features of this property?

This property features: Fully leased office property on a 1.45‑acre site; 6.0% capitalization rate; Two surface parking lots plus underground parking