Building Details

Year Built 1996

Stories 2

Listing Agency: Skogman Realty Co. Show Phone

Listed By: Jerome Edwards Show Phone

Source: Pinnaclerealtyia

Added: Apr 22 Changed: Oct 7 Last Checked: Oct 9 at 6:07PM

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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 Skogman Realty Co.

Investment Insights

Based on property information with market context.

This office suite totals 17,967 SF and is configured as a combination of open plan space, cubicles, and private offices. The suite includes an atrium in the center and an east-facing patio. The first floor is approximately 12,000 SF, and there is a walk-out lower level of approximately 6,000 SF, with both levels described as ADA accessible. Two ADA-compliant bathrooms are provided on each floor. Cubicles and furniture are Herman Miller brand and will stay at no additional fee.

Parking is available with 85 spaces. Zoning is CO-1 for office, medical, and service uses.

Key Highlights

• Total office suite size of 17,967 SF across two levels with open plan work areas, cubies, and offices
• First floor about 12,000 SF plus walk‑out lower level about 6,000 SF, with both levels ADA accessible
• Two ADA‑compliant bathrooms on each floor for a total of four ADA‑compliant bathrooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$206,171

Cap Rate

8.25%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,123,420 $4.1M

Cap Rate 7%

$2,945,300 $2.9M

Cap Rate 9%

$2,290,789 $2.3M

Market Conditions

NOI Build-Up for 17,967 SF

Gross rent

$323.4K $18.00/SF

− Vacancy

−$48.5K −$2.70/SF

EGI

$274.9K $15.30/SF

− OpEx

−$68.7K −$3.82/SF

NOI

$206.2K $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%

$4,123,420

Cap Rate 7%

$2,945,300

Cap Rate 9%

$2,290,789

Alternative Uses

Best Use

Office B

$2.95M

$2.58M – $3.44M (±1% cap)

NOI $206,171 @ 7.0% cap · market cap 8.25%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.90M

$3.42M – $4.55M (±1% cap)

NOI $273,213 @ 7.0% cap · market cap 10.93%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Businessolver Business Management Consultant New LVL Today ... Marketing & Advertising

Suggested Use

Top Pick Parking Lot & Garage Plumbing Service Big Box & Wholesale Store Pharmacy Kitchen & Bath Showroom Cafe & Coffee Shop

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

Location Intelligence

Trade Area within ½ mile

241

Businesses Nearby

Explore this area Business Placement

Demographics for 52245, IA

21,874

Population

10,210

Households

2.1

Avg Household Size

34

Median Age

68%

College-Educated

99%

High-School Grad

8.4 sq mi

ZIP Area

2,604

Density / Sq Mi

$75,876

Median Household Income

$30,273

Median Earnings

$1,215

Median Rent

$293,300

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

Questions? Ask Rey

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What type of property is this? Where is this office units located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Office units - Office suite combines open plan work areas, offices, and cubicles across two ADA-accessible levels.

Where is this office units located?

The property is located at 2834 NORTHGATE DR Iowa City, IA.

What is the asking price?

The asking price for this property is $2,500,000.

What are key features of this property?

This property features: Total office suite size of 17,967 SF across two levels with open plan work areas, cubies, and offices; First floor about 12,000 SF plus walk‑out lower level about 6,000 SF, with both levels ADA accessible; Two ADA‑compliant bathrooms on each floor for a total of four ADA‑compliant bathrooms