Standalone Bank
For Sale
$950,000
551 Westbury Dr, Iowa City, IA 52245
The former financial-services space is available for immediate occupancy.
Property Size3,898 SF
Price / SF$243.71
Days on Market18
Property Features for 551 Westbury Dr
General Information
Standard status
Active
Size
3,898 SF
Taxes and HOA fees
Annual Taxes
$52,898
Listing Agency:
Urban Acres Real Estate Corridor
(800) 746-9464
Listed By:
Michael Bails
(319) 351-8811
Source:
Exprealty
Added: Sep 22
Changed: Oct 6
Last Checked: Oct 7 at 1:51PM
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 Urban Acres Real Estate Corridor
Investment Insights
Based on property information with market context.
This 3,898-square-foot commercial property was formerly operated as a standalone bank and is available for occupancy. The address is 551 Westbury Dr in Iowa City.
Nearby businesses include the UIHC Health Center, Blackstone Restaurant, a dentist office, a financial services office, and retail locations.
Nearby businesses include the UIHC Health Center, Blackstone Restaurant, a dentist office, a financial services office, and retail locations.
Key Highlights
- 3,898 square feet of commercial space
- Former standalone bank location
- 551 Westbury Dr, Iowa City
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,436
Cap Rate
4.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$828,720
$828.7K
Cap Rate 7%
$591,943
$591.9K
Cap Rate 9%
$460,400
$460.4K
Market Conditions
NOI Build-Up for 3,898 SF
Gross rent
$60.3K $15.48/SF
− Vacancy
−$5.1K −$1.31/SF
EGI
$55.2K $14.17/SF
− OpEx
−$13.8K −$3.54/SF
NOI
$41.4K $10.63/SF
Area
Johnson County, IA
Vacancy
8.44%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$828,720
Cap Rate 7%
$591,943
Cap Rate 9%
$460,400
Alternative Uses
Best Use
Specialty Retail
$591.9K
$518.0K – $690.6K
NOI $41,436 @ 7.0% cap · market cap 4.36%
Second Best
Retail
$527.6K
$461.7K – $615.6K
NOI $36,934 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$846.8K
$740.9K – $987.9K
NOI $59,275 @ 7.0% cap · market cap 6.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
196
Businesses Nearby
Explore this area
Business Placement
Demographics for 52245, IA
21,874
Population
10,210
Households
2.1
Avg Household Size
34
Median Age
68%
College-Educated
99%
High-School Grad
8.4 sq mi
ZIP Area
2,604
Density / Sq Mi
$75,876
Median Household Income
$30,273
Median Earnings
$1,215
Median Rent
$293,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Bank - The former financial-services space is available for immediate occupancy.
Where is this bank located?
The property is located at 551 Westbury Dr Iowa City, IA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 3,898 square feet of commercial space; Former standalone bank location; 551 Westbury Dr, Iowa City
