Top-Floor Office Condo
For Sale
$2,400,000
327 2nd St., Coralville, IA 52241
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 Market96
Property Features for 327 2nd St.
General Information
Standard status
Active
Size
14,440 SF
Amenities
parking
elevator access
Building Details
Year Built
2004
Tenancy
Multi
Listing Agency:
Lepic-Kroeger, REALTORS
Listed By:
Ryan O'Leary · License #S41249
(319) 594-7926
Source:
Kwlegacyrealty
Added: Jul 20
Changed: Oct 4
Last Checked: Oct 7 at 1:41PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$165,699
Cap Rate
6.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,313,980
$3.3M
Cap Rate 7%
$2,367,129
$2.4M
Cap Rate 9%
$1,841,100
$1.8M
Market Conditions
NOI Build-Up for 14,440 SF
Gross rent
$259.9K $18.00/SF
− Vacancy
−$39.0K −$2.70/SF
EGI
$220.9K $15.30/SF
− OpEx
−$55.2K −$3.82/SF
NOI
$165.7K $11.48/SF
Area
Johnson County, IA
Vacancy
15.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,313,980
Cap Rate 7%
$2,367,129
Cap Rate 9%
$1,841,100
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 authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
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
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - Top-floor commercial condo with elevator access and parking, currently leased to two long-term tenants.
Where is this office unit 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
