Redevelopment Land for Apartment
For Sale
$4,750,000
305 E Prentiss St, Iowa City, IA 52240
LAND - IowaCity, IA
Property SizeContact for details
Lot Size1.59 Acres
Days on Market312
Property Features for 305 E Prentiss St
General Information
Property type
Land
Property subtype
Other
Zoning
CI1 CC2 RFC
Subdivision
County Seat Addition
Elementary school
Longfellow
Middle school
Southeast
Directions
Just west of the Prentiss and Gilbert St intersection.
Special listing conditions
In Foreclosure
Standard status
Active
APN
Multi
Lot size
1.59 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
109454
Listing Agency:
Lepic-Kroeger, REALTORS
(319) 351-8811
Listed By:
Jeff Edberg · License #B33730000
(319) 331-6187
Added: Oct 10, 2025
Changed: Jun 30
Last Checked: Aug 17 at 10:06AM
MLS# 202506409
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 redevelopment land offering consists of 1.59 acres and is being marketed for a future apartment development. The site has City approval for 382 beds in 192 units, including 50 one-bed units, 94 two-bed units, and 48 three-bed units. The approvals also address site parking and bicycle requirements, with 298 parking spaces required and 121 bike parking spaces required. The parking plan proposes 150 spaces to be built on-site, with 148 spaces handled via fee-in-lieu rather than construction. The current owner plans to raze all existing buildings on the site prior to closing, at the owner’s cost.
The property is located within the Riverfront Crossing District and near city center, at 305 & 315 E Prentiss St and 625 S Gilbert St in Iowa City. All parties are encouraged to confirm the current status of City approvals with the City of Iowa City. Supporting information is referenced in the associated documents.
For developers and operators seeking a redevelopment parcel with documented entitlement parameters, this site provides a clear project framework, including unit mix and parking/bike requirements tied to the City-approved plan. Potential buyers should review the associated documents and verify that approvals remain current and accurately reflect the intended development scope before proceeding.
The property is located within the Riverfront Crossing District and near city center, at 305 & 315 E Prentiss St and 625 S Gilbert St in Iowa City. All parties are encouraged to confirm the current status of City approvals with the City of Iowa City. Supporting information is referenced in the associated documents.
For developers and operators seeking a redevelopment parcel with documented entitlement parameters, this site provides a clear project framework, including unit mix and parking/bike requirements tied to the City-approved plan. Potential buyers should review the associated documents and verify that approvals remain current and accurately reflect the intended development scope before proceeding.
Key Highlights
- 1.59‑acre redevelopment site near downtown Iowa City at 305 & 315 E Prentiss St and 625 S Gilbert St
- City‑approved development includes 382 beds in 192 units: 50 one‑bed, 94 two‑bed, and 48 three‑bed
- Parking requirement for the approved plan is 298 spaces, with 150 proposed (148 onsite and 150 via fee‑in‑lieu for the remainder per documents)
Property Analytics
Property Profile
Current Use
Lease Details
192
Residential units
Location Intelligence
Trade Area within ½ mile
2,598
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - City-approved redevelopment site for 192 apartment units and 382 beds, with specified parking and bike requirements.
Where is this residential land & home lot located?
The property is located at 305 E Prentiss St 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: 1.59‑acre redevelopment site near downtown Iowa City at 305 & 315 E Prentiss St and 625 S Gilbert St; City‑approved development includes 382 beds in 192 units: 50 one‑bed, 94 two‑bed, and 48 three‑bed; Parking requirement for the approved plan is 298 spaces, with 150 proposed (148 onsite and 150 via fee‑in‑lieu for the remainder per documents)
