Building Details

Year Built 2012

Buildings 1

Building Size 2,400 SF

Construction steel

Listing Agency: Koch Real Estate Show Phone

Listed By: Sara Kruse Show Phone

Source: Pinnaclerealtyia

Added: Aug 20 Changed: Oct 15 Last Checked: Oct 19 at 4:55AM

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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 Koch Real Estate

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Investment Insights

Based on property information with market context.

Built in 2012, this 2,400-square-foot steel warehouse provides a practical combination of enclosed workspace and exterior storage. The building includes two 16-foot garage doors, a conference room, air conditioning, radiant heat, additional interior storage, and a concrete slab foundation. An outdoor storage area accommodates equipment, materials, vehicles, or other business needs.

The property is located at 3496 Dolphin Drive in Iowa City, with access via a county road and nearby interstate connectivity. Its configuration supports warehouse operations, contractor use, service businesses, and owner-user needs.

The warehouse is currently leased through March 2027, with the tenant willing to vacate earlier if needed. The conference room’s cabinets, countertops, refrigerator, television and mount, glass door, and sink are reserved, as is the air-conditioning equipment.

Key Highlights

• 2,400 SF steel warehouse built in 2012
• Two large 16' garage doors support loading and vehicle access
• Conference room, air conditioning, radiant heat, and interior storage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$18,703

Cap Rate

6.80%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$374,060 $374.1K

Cap Rate 7%

$267,186 $267.2K

Cap Rate 9%

$207,811 $207.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,400 SF

Gross rent

$23.0K $9.60/SF

− Vacancy

−$1.0K −$0.43/SF

EGI

$22.0K $9.17/SF

− OpEx

−$3.3K −$1.38/SF

NOI

$18.7K $7.79/SF

Area

Johnson County, IA

Vacancy

4.50%

Lease Rate

$9.60 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$374,060

Cap Rate 7%

$267,186

Cap Rate 9%

$207,811

Alternative Uses

Best Use

Warehouse

$267.2K

$233.8K – $311.7K (±1% cap)

NOI $18,703 @ 7.0% cap · market cap 6.80%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$521.4K

$456.2K – $608.3K (±1% cap)

NOI $36,495 @ 7.0% cap · market cap 13.27%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Forma Construction Construction Company

Suggested Use

Top Pick Plumbing Service Building Supply (Bike/Boat/Book/etc) Store Pharmacy Home Appliance Store Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Drive-in doors

Location Intelligence

Trade Area within ½ mile

86

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 52240, IA

34,224

Population

17,035

Households

2

Avg Household Size

29

Median Age

47%

College-Educated

94%

High-School Grad

142.1 sq mi

ZIP Area

241

Density / Sq Mi

$55,189

Median Household Income

$25,508

Median Earnings

$1,065

Median Rent

$241,100

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Frequently Asked Questions

What type of property is this?

Warehouse - Commercial-zoned warehouse with loading access, air conditioning, radiant heat, and separate outdoor storage.

Where is this warehouse located?

The property is located at 3496 Dolphin Drive Iowa City, IA.

What is the asking price?

The asking price for this property is $275,000.

What are key features of this property?

This property features: 2,400 SF steel warehouse built in 2012; Two large 16' garage doors support loading and vehicle access; Conference room, air conditioning, radiant heat, and interior storage