Commercial Land with Existing
For Sale
$2,500,000
404 2nd Street, Coralville, IA 52241
C-2 zoning supports retail, service, and other commercial uses.
Property Size10,380 SF
Days on Market152
Property Features for 404 2nd Street
General Information
Standard status
Active
Size
10,380 SF
Property subtype
Retail - Freestanding
Building Details
Building Size
10,380 SF
Year Built
1963
Listing Agency:
GLD Commercial
(319) 731-3435
Listed By:
Rachel Waters · License #S71287000
Source:
Commercialcafe
Added: Apr 1
Changed: Aug 29
Last Checked: Aug 29 at 2:24PM
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 GLD Commercial
Investment Insights
Based on property information with market context.
This 2.09-acre commercial land parcel includes a 10,380-square-foot building constructed in 1963. Formerly used as an auto dealership, the structure can be adapted for a different commercial use or removed to accommodate new development. The property offers an existing improvement while retaining flexibility for a future site plan.
Located at 404 2nd Street in Coralville, the site benefits from exposure along 2nd Street, where traffic counts exceed 27,000 cars per day. Updated C-2 zoning allows a range of retail, service, and commercial uses. The property will share detention with the neighboring Corda Credit Union, with a cross easement in place.
Located at 404 2nd Street in Coralville, the site benefits from exposure along 2nd Street, where traffic counts exceed 27,000 cars per day. Updated C-2 zoning allows a range of retail, service, and commercial uses. The property will share detention with the neighboring Corda Credit Union, with a cross easement in place.
Key Highlights
- 2.09‑acre commercial land parcel in Coralville, IA
- Existing 10,380 SF building constructed in 1963
- Former auto dealership structure can be repurposed or removed
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$98,353
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,967,060
$2.0M
Cap Rate 7%
$1,405,043
$1.4M
Cap Rate 9%
$1,092,811
$1.1M
Market Conditions
NOI Build-Up for 10,380 SF
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.
Gross rent
$149.5K $14.40/SF
− Vacancy
−$9.0K −$0.86/SF
EGI
$140.5K $13.54/SF
− OpEx
−$42.2K −$4.06/SF
NOI
$98.4K $9.48/SF
Area
Johnson County, IA
Vacancy
6.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,967,060
Cap Rate 7%
$1,405,043
Cap Rate 9%
$1,092,811
Alternative Uses
Best Use
Retail
$1.41M
$1.23M – $1.64M
NOI $98,353 @ 7.0% cap · market cap 3.93%
Second Best
Industrial
$887.5K
$776.6K – $1.04M
NOI $62,124 @ 7.0% cap · market cap 2.48%
Theoretical Best
Office A
$2.25M
$1.97M – $2.63M
NOI $157,842 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
839
Businesses Nearby
94k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 53%
Shops & Services 45%
Beauty & Spa 2%
Kum & Go
Shops & Services
20,963 visits/mo
0.2 miles
Panera Bread
Dining
18,627 visits/mo
0.4 miles
Dunkin' Donuts
Dining
11,554 visits/mo
0.1 miles
BP
Shops & Services
10,326 visits/mo
0.4 miles
Hardee's
Dining
10,121 visits/mo
0.3 miles
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - C-2 zoning supports retail, service, and other commercial uses.
Where is this commercial land located?
The property is located at 404 2nd Street 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: 2.09‑acre commercial land parcel in Coralville, IA; Existing 10,380 SF building constructed in 1963; Former auto dealership structure can be repurposed or removed
