Building Details

Year Built 2007

Listing Agency: Fischels Commercial Group Show Phone

Listed By: Tina Wing Show Phone

Source: Pinnaclerealtyia

Added: Mar 27 Changed: Oct 3 Last Checked: Oct 9 at 5:00PM

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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 Fischels Commercial Group

Investment Insights

Based on property information with market context.

Located in Olde Towne Village, these eastside office suites offer high visibility from Rochester Ave/Herbert Hoover Hwy. The offering combines two well-maintained suites: a 3855-square-foot top-floor suite and a 1579-square-foot first-floor suite. The building, constructed in 2007, features a common entry and elevator service. The top floor includes 11 private windowed offices, a kitchenette, a large conference room, a waiting area, a reception area, and three ADA-compliant bathrooms. The first floor provides four large private windowed offices, a reception area, and two ADA-compliant bathrooms. The building has a total of 7,710 square feet and provides 50 off-street parking spaces. Note that a first-floor unit owned by James Investment Group is not included in this offering. The property is in very good condition and available at the end of February 2026. The property is ideal for an owner-user.

Key Highlights

• High visibility location on Rochester Ave/Herbert Hoover Hwy.
• Combination of two well‑maintained suites totaling 5434 SF (3855 SF top floor + 1579 SF first floor).
• Potential for high CAP rate (over 11% at $12 NNN market rent).

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$62,355

Cap Rate

5.94%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,247,100 $1.2M

Cap Rate 7%

$890,786 $890.8K

Cap Rate 9%

$692,833 $692.8K

Market Conditions

NOI Build-Up for 5,434 SF

Gross rent

$97.8K $18.00/SF

− Vacancy

−$14.7K −$2.70/SF

EGI

$83.1K $15.30/SF

− OpEx

−$20.8K −$3.82/SF

NOI

$62.4K $11.48/SF

Area

Johnson County, IA

Vacancy

15.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,247,100

Cap Rate 7%

$890,786

Cap Rate 9%

$692,833

Alternative Uses

Best Use

Office B

$890.8K

$779.4K – $1.04M (±1% cap)

NOI $62,355 @ 7.0% cap · market cap 5.94%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.18M

$1.03M – $1.38M (±1% cap)

NOI $82,632 @ 7.0% cap · market cap 7.87%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

James Investment Group ... Financial Advisor Kaylee Lenz Physician Derrick Clark Counselor Sandra Kessler Foster Care Service Adam J Woods Physician

Suggested Use

Top Pick Real Estate Agency Restaurant Law Firm Dental Office Hair Salon Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

197

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

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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What type of property is this? Where is this office units located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Office units - Office suites with high visibility, ideal for owner-user.

Where is this office units located?

The property is located at 673 Westbury Dr Iowa City, IA.

What is the asking price?

The asking price for this property is $1,050,000.

What are key features of this property?

This property features: High visibility location on Rochester Ave/Herbert Hoover Hwy.; Combination of two well‑maintained suites totaling 5434 SF (3855 SF top floor + 1579 SF first floor).; Potential for high CAP rate (over 11% at $12 NNN market rent).