Apartment Building with Vacant Commercial
For Sale
$5,950,000
320 2nd St, Coralville, IA 52241
Apartment complex featuring studio, two-bedroom, and three-bedroom units plus vacant commercial space on the north building.
Property Size19,786 SF
Price / SF$300.72
Days on Market101
Property Features for 320 2nd St
General Information
Standard status
Active
Size
19,786 SF
Property subtype
Multi-Family
Zoning
I2
Additional Details
Cap Rate
10%
Multifamily Units
83
Taxes and HOA fees
Annual Taxes
$30,748
Amenities
SeeRemarks
Carpet,Tile
1
LaundryRoom
None,Other
19786.0
0.0
TwoToFiveAcres
Irregular
OffStreet
Other
Building Details
Year Built
1963
Tenancy
Multi
Listing Agency:
Skogman Realty Co.
(319) 393-0900
Listed By:
Jerome Edwards
(319) 594-2525
Source:
Pinnaclerealtyia
Added: Jul 22
Changed: Oct 25
Last Checked: Oct 28 at 6:17AM
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.
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Investment Insights
Based on property information with market context.
The Iowa Lodge is a mixed-use property combining residential apartment units with additional commercial space. The short-term rental component includes 80 studio/one-bedroom units, 2 two-bedroom units, and a single three-bedroom unit. Most of the residential units are in the wrap-around building to the south, at the rear of the property. The management office is located on part of the first floor of the north building, while the remainder of that north-side commercial space is vacant and described as approximately 3,500 square feet. In addition, there is approximately 1,000 square feet of vacant commercial suite space on the second floor of the north building.
The property is located at 320 2nd St in Coralville, Iowa. The residential portion is described as serving an important low-income sector of the Coralville market while maintaining high occupancy levels. Financially, the offering is described as representing just over a 10% capitalization rate, with additional details provided in the attachments.
The property is located at 320 2nd St in Coralville, Iowa. The residential portion is described as serving an important low-income sector of the Coralville market while maintaining high occupancy levels. Financially, the offering is described as representing just over a 10% capitalization rate, with additional details provided in the attachments.
Key Highlights
- Iowa Lodge apartment complex with 80 studio/1‑bedroom units plus 2 two‑bedroom units and 1 three‑bedroom unit
- North building includes vacant commercial space: about 3,500 SF on the first floor and 1,000 SF on the second‑floor suite
- Apartment units and vacant commercial space are in a wraparound layout, with most residential units in the south wraparound building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$169,242
Cap Rate
2.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,384,840
$3.4M
Cap Rate 7%
$2,417,743
$2.4M
Cap Rate 9%
$1,880,467
$1.9M
Market Conditions
NOI Build-Up for 19,786 SF
Gross rent
$320.5K $16.20/SF
− Vacancy
−$12.8K −$0.65/SF
EGI
$307.7K $15.55/SF
− OpEx
−$138.5K −$7.00/SF
NOI
$169.2K $8.55/SF
Area
Johnson County, IA
Vacancy
4.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,384,840
Cap Rate 7%
$2,417,743
Cap Rate 9%
$1,880,467
Alternative Uses
Best Use
Apartment 5plus
$2.42M
$2.12M – $2.82M
NOI $169,242 @ 7.0% cap · market cap 2.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.30M
$3.76M – $5.01M
NOI $300,874 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
83
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
839
Businesses Nearby
Explore this area
Business Placement
Demographics for 52241, IA
22,319
Population
10,294
Households
2.2
Avg Household Size
34
Median Age
57%
College-Educated
95%
High-School Grad
13.5 sq mi
ZIP Area
1,653
Density / Sq Mi
$66,508
Median Household Income
$40,504
Median Earnings
$1,021
Median Rent
$286,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Short term rental property - Apartment complex featuring studio, two-bedroom, and three-bedroom units plus vacant commercial space on the north building.
Where is this short term rental property located?
The property is located at 320 2nd St Coralville, IA.
What is the asking price?
The asking price for this property is $5,950,000.
What are key features of this property?
This property features: Iowa Lodge apartment complex with 80 studio/1‑bedroom units plus 2 two‑bedroom units and 1 three‑bedroom unit; North building includes vacant commercial space: about 3,500 SF on the first floor and 1,000 SF on the second‑floor suite; Apartment units and vacant commercial space are in a wraparound layout, with most residential units in the south wraparound building
