Flex Warehouse with Office and
For Sale
$1,599,000
615 Highway 1 W, Iowa City, IA 52246
Flex-style warehouse with multiple bays, office space, and 3-phase electric power plus outdoor parking and storage.
Property Size18,390 SF
Price / SF$86.95
Days on Market184
Property Features for 615 Highway 1 W
General Information
Standard status
Active
Size
18,390 SF
Building Details
Year Built
1990
Listing Agency:
Lepic-Kroeger, REALTORS
Listed By:
Russell Yoder
(319) 750-3248
Source:
Kwlegacyrealty
Added: Apr 24
Changed: Oct 3
Last Checked: Oct 23 at 10:00AM
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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Investment Insights
Based on property information with market context.
This flex-style commercial property is configured with a warehouse/bay layout on both sides, including two large bays measuring approximately 85’ deep by 60’ wide, plus a small wash bay/storage area. Approximately 2,700 sq ft of office space separates the warehouse areas. The opposite side includes three individual bays, two of which have their own bathrooms. The building is served by 3-phase electric.
Above the office area, there are four units—two 2-bedroom and two 1-bedroom—currently utilized as offices. The property also includes added outdoor parking and storage space.
The layout supports an owner-operator arrangement, with the ability to use one portion of the building while leasing other portions.
Above the office area, there are four units—two 2-bedroom and two 1-bedroom—currently utilized as offices. The property also includes added outdoor parking and storage space.
The layout supports an owner-operator arrangement, with the ability to use one portion of the building while leasing other portions.
Key Highlights
- 1990‑built flex‑style commercial/warehouse with loading dock on a 200 x 176 lot
- Two large bays on one side, approx. 85 deep x 60 wide, plus a small wash bay/storage area
- Office area of approx. 2,700 sq ft separating the warehouse bays
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$110,064
Cap Rate
6.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,201,280
$2.2M
Cap Rate 7%
$1,572,343
$1.6M
Cap Rate 9%
$1,222,933
$1.2M
Market Conditions
NOI Build-Up for 18,390 SF
Gross rent
$165.5K $9.00/SF
− Vacancy
−$8.3K −$0.45/SF
EGI
$157.2K $8.55/SF
− OpEx
−$47.2K −$2.56/SF
NOI
$110.1K $5.98/SF
Area
Johnson County, IA
Vacancy
5.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,201,280
Cap Rate 7%
$1,572,343
Cap Rate 9%
$1,222,933
Alternative Uses
Best Use
Industrial
$1.57M
$1.38M – $1.83M
NOI $110,064 @ 7.0% cap · market cap 6.88%
Second Best
Flex RnD
$1.18M
$1.03M – $1.38M
NOI $82,503 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$3.99M
$3.50M – $4.66M
NOI $279,646 @ 7.0% cap · market cap 17.49%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
626
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
Demographics for 52246, IA
22,829
Population
10,627
Households
2.1
Avg Household Size
29
Median Age
67%
College-Educated
95%
High-School Grad
16.7 sq mi
ZIP Area
1,367
Density / Sq Mi
$55,088
Median Household Income
$28,598
Median Earnings
$1,049
Median Rent
$327,100
Median Home Value
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Flex-style warehouse with multiple bays, office space, and 3-phase electric power plus outdoor parking and storage.
Where is this flex space located?
The property is located at 615 Highway 1 W Iowa City, IA.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: 1990‑built flex‑style commercial/warehouse with loading dock on a 200 x 176 lot; Two large bays on one side, approx. 85 deep x 60 wide, plus a small wash bay/storage area; Office area of approx. 2,700 sq ft separating the warehouse bays
