First-Floor Office Condo
For Sale
$2,500,000
327 2nd St., Coralville, IA 52241
Multi-tenant first-floor commercial condo with occupied suites, parking, and elevator access.
Property Size11,854 SF
Price / SF$210.90
Days on Market95
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
Listed By:
Ryan O'Leary · License #S41249
(319) 594-7926
Source:
Kwlegacyrealty
Added: Jul 21
Changed: Oct 8
Last Checked: Oct 7 at 1:54PM
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 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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$136,025
Cap Rate
5.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,720,500
$2.7M
Cap Rate 7%
$1,943,214
$1.9M
Cap Rate 9%
$1,511,389
$1.5M
Market Conditions
NOI Build-Up for 11,854 SF
Gross rent
$213.4K $18.00/SF
− Vacancy
−$32.0K −$2.70/SF
EGI
$181.4K $15.30/SF
− OpEx
−$45.3K −$3.82/SF
NOI
$136.0K $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%
$2,720,500
Cap Rate 7%
$1,943,214
Cap Rate 9%
$1,511,389
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 authorities.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
839
Businesses Nearby
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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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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - Multi-tenant first-floor commercial condo with occupied suites, parking, and elevator access.
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 $2,500,000.
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
