Top-Floor Office Condo
327 2nd St. Coralville, IA 52241
New
327 2nd St., Coralville, IA, 52241
$2,400,000
For Sale
$2,400,000
Top-floor commercial condo with elevator access and parking, currently leased to two long-term tenants.
Property Size14,440 SF
Price / SF$166.20
Days on Market3
Property Features for 327 2nd St.
General Information
- Standard status
- Active
- Size
- 14,440 SF
Building Details
- Year Built
- 2004
Listing agency
Lepic-Kroeger, REALTORS
(319) 594-7926
Listed by
Ryan O'Leary
Source
Kwlegacyrealty
Added: Jul 20 Updated: Jul 21 at 4:58PM Checked: Jul 21 at 4:58PM
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 Lepic-Kroeger, REALTORS
Investment Insights
Based on property information with market context.
This top-floor commercial condo is offered as a turnkey investment with two existing tenants and long-term returns. The property is configured as office space within a multi-tenant building and includes elevator access for convenient use.
The building is located on the Coralville Strip, just minutes from UIHC, IRL, Coral Ridge Mall, and the University of Iowa campus. On-site parking is available, supporting tenant and visitor access.
For sale as a commercial condo with established tenancy, the offering includes reported annual gross revenue of $317,000 and NOI of $172,000.
The building is located on the Coralville Strip, just minutes from UIHC, IRL, Coral Ridge Mall, and the University of Iowa campus. On-site parking is available, supporting tenant and visitor access.
For sale as a commercial condo with established tenancy, the offering includes reported annual gross revenue of $317,000 and NOI of $172,000.
Key Highlights
- Top‑floor commercial condo built in 2004
- Currently leased to two long‑term tenants
- Annual gross revenue of $317,000 and NOI of $172,000
Local Financial Insights For Office B
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 | $259.9k | $18.00 |
| − Vacancy | −$39.0k | −$2.70 |
| EGI | $220.9k | $15.30 |
| − OpEx | −$55.2k | −$3.82 |
| NOI | $165.7k | $11.48 |
14,440 SF · lease $18.00/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.37M
$2.07M – $2.76M
NOI $165,699 @ 7.0% cap · market cap 6.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.14M
$2.74M – $3.66M
NOI $219,580 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office Units
Similar For Sale Nearby
FAQs
What type of property is this?
Office units - Top-floor commercial condo with elevator access and parking, currently leased to two long-term tenants.
Where is this office units located?
The property is located at 327 2nd St. Coralville, IA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Top‑floor commercial condo built in 2004; Currently leased to two long‑term tenants; Annual gross revenue of $317,000 and NOI of $172,000
