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    Mixed-Use Building with Apartment Units Title is generated by Realmo AI

    510 E Burlington, Iowa City, IA 52240

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    For Sale
    $925,000

    Two street-level commercial spaces and four apartments share dedicated parking, supporting flexible mixed-use occupancy in Iowa City.

    Type:Commercial
    Property size:
    5,184 SF
    Price / SF:
    $178/SF
    Added:
    Jun 4, 2026
    Days on Market:
    29
    Last Refresh:
    Jul 1 at 4:26 am

    Property Features for 510 E Burlington

    General Information

    Standard status
    Active
    Size
    5,184 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1971

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    Jerome Edwards

    Listing office Q4 Real Estate

    Listing date Jun 4, 2026

    Source Pinnaclerealtyia

    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 Q4 Real Estate

    HighLights

    • Mixed‑use property in Iowa City with 2 street‑level commercial spaces and 4 apartments
    • Street‑level commercial spaces are approximately 864 SF each
    • Four top‑side apartments, each approximately 864 SF, with 2 bedrooms and 2 bathrooms
    • Dedicated parking: 8 spaces for apartments, 3 for commercial units, plus 6 additional spaces that can be rented
    • Tenants rights: 24‑hour notice required to show apartments
    • Built in 1971; flooring includes carpet and vinyl; paved road frontage

    Overview

    This mixed-use property combines two street-level commercial spaces with four residential apartments. There are two commercial units of approximately 864 square feet each and four apartments of approximately 864 square feet each, with each apartment configured as two bedrooms and two bathrooms. The building provides 8 dedicated parking spaces for the apartments, along with 3 parking spaces for the commercial units and 6 additional parking spaces that can be rented to surrounding residents or commercial customers. For apartment showings, tenant rights require at least 24 hours’ notice.

    Located at 510 E Burlington in Iowa City, the building sits on a heavily traveled street, supporting visibility for the street-level retail use.

    For tenants and operators seeking a combined commercial and residential setup, the property offers separate commercial space at street level alongside four apartment units upstairs. The onsite parking mix is designed to serve both residents and commercial visitors, with the additional parking spaces providing an option to rent to nearby customers when available.

    Local Financial Insights For Retail

    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 $74.6k $14.40
    − Vacancy −$4.5k −$0.86
    EGI $70.2k $13.54
    − OpEx −$21.1k −$4.06
    NOI $49.1k $9.48
    5,184 SF · lease $14.40/SF/yr · vacancy 6.00% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $701.7K
    $614.0K – $818.7K (±1% cap)
    NOI $49,119 @ 7.0% cap · market cap 5.31%
    Second Best
    Multifamily LT 5
    $683.2K
    $597.8K – $797.1K (±1% cap)
    NOI $47,824 @ 7.0% cap · market cap 5.17%
    Theoretical Best
    Office A
    $1.13M
    $985.4K – $1.31M (±1% cap)
    NOI $78,830 @ 7.0% cap · market cap 8.52%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Keaton Construction Company Hoffman-Waters Real Estate Agency

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Iowa City
    County
    Johnson
    State
    Iowa
    Longitude
    -91.5282307
    Latitude
    41.6580431

    FAQs

    What type of property is this?
    Quadplex - Two street-level commercial spaces and four apartments share dedicated parking, supporting flexible mixed-use occupancy in Iowa City.
    Where is this quadplex located?
    The property is located at 510 E Burlington Iowa City, IA.
    What is the asking price?
    The asking price for this property is $925,000.
    What are key features of this property?
    This property features: Mixed‑use property in Iowa City with 2 street‑level commercial spaces and 4 apartments; Street‑level commercial spaces are approximately 864 SF each; Four top‑side apartments, each approximately 864 SF, with 2 bedrooms and 2 bathrooms
    More about this property
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