Apartment Building with Vacant Commercial
320 2nd St Coralville, IA 52241
New
For Sale
$5,950,000
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 Market5
Property Features for 320 2nd St
General Information
- Standard status
- Active
- Size
- 19,786 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1963
Listing Agency:
Miehe Commercial Real Estate
(641) 990-7932
Listed By:
Katie Sisson
(641) 990-7932
Source:
Pinnaclerealtyia
Added: Jul 22
Changed: Jul 25
Last Checked: Jul 26 at 3:30AM
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 Miehe Commercial Real Estate
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $320.5k | $16.20 |
| − Vacancy | −$12.8k | −$0.65 |
| EGI | $307.7k | $15.55 |
| − OpEx | −$138.5k | −$7.00 |
| NOI | $169.2k | $8.55 |
19,786 SF · lease $16.20/SF/yr · vacancy 4.00% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Short term rental ...
FAQs
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
