First-Floor Office Condo
327 2nd St. Coralville, IA 52241
New
327 2nd St., Coralville, IA, 52241
$2,500,000
For Sale
$2,500,000
Multi-tenant first-floor commercial condo with occupied suites, parking, and elevator access.
Property Size11,854 SF
Price / SF$210.90
Days on Market2
Property Features for 327 2nd St.
General Information
- Standard status
- Active
- Size
- 11,854 SF
Building Details
- Year Built
- 2004
Listing agency
Lepic-Kroeger, REALTORS
(319) 594-7926
Listed by
Ryan O'Leary · License #S41249
Source
Kwlegacyrealty
Added: Jul 21 Updated: Jul 22 at 7:41AM Checked: Jul 22 at 7:41AM
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 multi-tenant, first-floor commercial condo features multiple office suites with each unit occupied by long-term tenants. The property is offered as a turnkey investment, with annual gross revenue of $320,000 and NOI of $177,500. Building amenities include convenient parking and elevator access for tenant and visitor use.
The building is located on the Coralville Strip and is described as minutes from UIHC, IRL, Coral Ridge Mall, and the University of Iowa campus.
For buyers seeking an income-producing, occupied setup, this property combines a first-floor condo layout with ongoing tenant occupancy and straightforward building access via parking and an elevator.
The building is located on the Coralville Strip and is described as minutes from UIHC, IRL, Coral Ridge Mall, and the University of Iowa campus.
For buyers seeking an income-producing, occupied setup, this property combines a first-floor condo layout with ongoing tenant occupancy and straightforward building access via parking and an elevator.
Key Highlights
- Multi‑tenant first‑floor commercial condo built in 2004
- Occupied suites with long‑term tenants in place
- Annual gross revenue of $320,000 and NOI of $177,500
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 | $213.4k | $18.00 |
| − Vacancy | −$32.0k | −$2.70 |
| EGI | $181.4k | $15.30 |
| − OpEx | −$45.3k | −$3.82 |
| NOI | $136.0k | $11.48 |
11,854 SF · lease $18.00/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.94M
$1.70M – $2.27M
NOI $136,025 @ 7.0% cap · market cap 5.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.58M
$2.25M – $3.00M
NOI $180,257 @ 7.0% cap · market cap 7.21%
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 - Multi-tenant first-floor commercial condo with occupied suites, parking, and elevator access.
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 $2,500,000.
What are key features of this property?
This property features: Multi‑tenant first‑floor commercial condo built in 2004; Occupied suites with long‑term tenants in place; Annual gross revenue of $320,000 and NOI of $177,500
