Flex Building with Multiple
615 Highway 1 W Iowa City, IA 52246
New
615 Highway 1 W, Iowa City, IA, 52246
$1,599,000
For Sale
$1,599,000
Flex/industrial building features large vehicle bays, office area, and separate bays with bathrooms.
Property Size18,390 SF
Price / SF$86.95
Days on Market2
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
(319) 750-3248
Listed by
Russell Yoder
Source
Kwlegacyrealty
Added: Jul 21 Updated: Jul 22 at 11:35AM Checked: Jul 22 at 11:35AM
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
Investment Insights
Based on property information with market context.
This flex building is set up for multiple uses, with two large bays on one side measuring approximately 85’ deep by 60’ wide, plus a small wash bay/storage area. The sides are separated by approximately 2,700 sq ft of office area. On the opposite side, there are three individual bays, including two bays equipped with their own bathrooms.
The building is serviced by 3-phase electric. Above the office area are four units—two 2-bedroom and two 1-bedroom—currently utilized as offices but noted as convertible back to apartments. Additional outdoor parking and storage space are included.
The overall layout supports an owner-operator configuration, with space available for operating in one portion while leasing other areas.
The building is serviced by 3-phase electric. Above the office area are four units—two 2-bedroom and two 1-bedroom—currently utilized as offices but noted as convertible back to apartments. Additional outdoor parking and storage space are included.
The overall layout supports an owner-operator configuration, with space available for operating in one portion while leasing other areas.
Key Highlights
- 1990‑built flex/industrial building with two large vehicle bays (approx. 85’ deep x 60’ wide) plus a small wash bay/storage area
- Approx. 2,700 SF office area separates the bays from the opposite side with three individual bays
- Opposite side includes three bays, with two bays equipped with their own bathrooms
Local Financial Insights For Warehouse
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 | $176.5k | $9.60 |
| − Vacancy | −$7.9k | −$0.43 |
| EGI | $168.6k | $9.17 |
| − OpEx | −$25.3k | −$1.38 |
| NOI | $143.3k | $7.79 |
18,390 SF · lease $9.60/SF/yr · vacancy 4.50% · expense 15.00%
Alternative Uses
Best Use
Office B
$3.01M
$2.64M – $3.52M
NOI $211,025 @ 7.0% cap · market cap 13.20%
Second Best
Warehouse
$2.05M
$1.79M – $2.39M
NOI $143,310 @ 7.0% cap · market cap 8.96%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
SERVPRO of Iowa City/Coralville
HVAC Service
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FAQs
What type of property is this?
Flex space - Flex/industrial building features large vehicle bays, office area, and separate bays with bathrooms.
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/industrial building with two large vehicle bays (approx. 85’ deep x 60’ wide) plus a small wash bay/storage area; Approx. 2,700 SF office area separates the bays from the opposite side with three individual bays; Opposite side includes three bays, with two bays equipped with their own bathrooms
