Medical Office Building with Expansion
For Sale
$3,800,000
3010 Northgate Drive, Iowa City, IA 52245
Two-story medical office property with existing clinical improvements, an unfinished upper level, and basement support areas.
Property Size24,038 SF
Lot Size3.40 Acres
Price / SF$158.08
Days on Market472
Property Features for 3010 Northgate Drive
General Information
Standard status
Active
Size
24,038 SF
Class
Class A
Total Parking Spaces
77
Elevators
Yes
Lot size
3.40 Acres
Property subtype
Commercial
Zoning
C01
Additional Details
Highway Access
Yes
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$132,650
Amenities
fully ADA compliant
environmentally conditioned basement
ample storage
Telecom, IT server room
staff bathroom & changing facilities
Concrete
Yes
2
No
Storage
Building,Land
Public
3.42
148975
Off Street
Sprinkler/Irrigation
Building Details
Year Built
2012
Buildings
1
Stories
2
Building Size
24,038 SF
Listing Agency:
SKOGMAN REALTY COMMERCIAL
(319) 393-0900
Listed By:
Ryan Eighme
(319) 721-6099
Source:
Pinnaclerealtyia
Added: Jul 1, 2025
Changed: Oct 15
Last Checked: Oct 14 at 9:07PM
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 COMMERCIAL
Investment Insights
Based on property information with market context.
Constructed in 2012, this 24,038-square-foot medical office property includes two floors plus a finished basement. The first level is configured for physician offices, while the second floor remains in shell condition for a future interior buildout. An elevator serves the basement and upper floor, and the building is fully ADA compliant.
The environmentally conditioned basement includes storage, Telecom and IT server space, and staff bathroom and changing facilities. Building systems include a sprinkler installation, while the site provides 77 parking spaces on a concrete lot. The property is positioned near the Dodge Street exit from Interstate 80 and is zoned C01.
The environmentally conditioned basement includes storage, Telecom and IT server space, and staff bathroom and changing facilities. Building systems include a sprinkler installation, while the site provides 77 parking spaces on a concrete lot. The property is positioned near the Dodge Street exit from Interstate 80 and is zoned C01.
Key Highlights
- 24,038 SF medical office building constructed in 2012
- Two‑story layout with physician offices on the first floor
- Second floor is shelled for user‑specific design and buildout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$285,052
Cap Rate
7.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,701,040
$5.7M
Cap Rate 7%
$4,072,171
$4.1M
Cap Rate 9%
$3,167,244
$3.2M
Market Conditions
NOI Build-Up for 24,038 SF
Gross rent
$527.9K $21.96/SF
− Vacancy
−$52.8K −$2.20/SF
EGI
$475.1K $19.76/SF
− OpEx
−$190.0K −$7.91/SF
NOI
$285.1K $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%
$5,701,040
Cap Rate 7%
$4,072,171
Cap Rate 9%
$3,167,244
Alternative Uses
Best Use
Healthcare Medical
$4.07M
$3.56M – $4.75M
NOI $285,052 @ 7.0% cap · market cap 7.50%
Second Best
Office B
$3.94M
$3.45M – $4.60M
NOI $275,836 @ 7.0% cap · market cap 7.26%
Theoretical Best
Office A
$5.22M
$4.57M – $6.09M
NOI $365,531 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
232
Businesses Nearby
Well-served
Demand for This Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Similar Off Market Nearby
- Emergency Veterinary Service of Iowa City — 3030 Northgate Dr b2, Iowa City, IA 52245
Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-story medical office property with existing clinical improvements, an unfinished upper level, and basement support areas.
Where is this medical office space located?
The property is located at 3010 Northgate Drive Iowa City, IA.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: 24,038 SF medical office building constructed in 2012; Two‑story layout with physician offices on the first floor; Second floor is shelled for user‑specific design and buildout
