Building Details

Year built 1996

Flooring type Concrete

Building materials SteelOrMetal

Roof type Tar/Gravel

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

Listed By: Jeff Edberg · License #B33730000 Show Phone

Added: Apr 22 Changed: Aug 19 Last Checked: Oct 7 at 1:06PM

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MLS# 202602712

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.

This 17,967-square-foot office building provides a combination of open workspace, cubicles, and private offices across two accessible levels. The first floor measures approximately 12,000 square feet, while the walk-out lower level contains about 6,000 square feet. Herman Miller cubicles and furniture remain with the property. Each floor includes two ADA-compliant bathrooms, and the main level features a central atrium plus an east-facing patio suited to employee or client use.

The property includes 85 parking spaces and carries CO-1 zoning for office, medical, and service uses. Built in 1996, the building has steel or metal construction, concrete flooring, forced-air heating, central air, and a tar-and-gravel roof.

Key Highlights

• 17,967 SF office building with approximately 12,000 SF on the first floor and about 6,000 SF in the walk‑out lower level
• Both floors are ADA accessible, with two ADA‑compliant bathrooms on each level
• Open plan, cubicles, and private offices support a range of workplace configurations

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.

Lease Details

1

Office units

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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Frequently Asked Questions

What type of property is this?

Office building - Flexible office layout with included Herman Miller furnishings, an atrium, patio, and office-oriented CO-1 zoning.

Where is this office building 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: 17,967 SF office building with approximately 12,000 SF on the first floor and about 6,000 SF in the walk‑out lower level; Both floors are ADA accessible, with two ADA‑compliant bathrooms on each level; Open plan, cubicles, and private offices support a range of workplace configurations