Eastside Office Suites For
For Sale
$1,050,000
673 Westbury Dr, Iowa City, IA 52245
Office suites with high visibility, ideal for owner-user.
Property Size5,434 SF
Price / SF$193.23
Days on Market152
Property Features for 673 Westbury Dr
General Information
Standard status
Active
Size
5,434 SF
Property subtype
Commercial
Zoning
CC2
Taxes and HOA fees
Annual Taxes
$38,494
Amenities
Carpet,CeramicTile
Elevator,ZeroStepEntry
Irregular
CountyRoad,Paved
Building Details
Year Built
2007
Listing Agency:
Lepic-Kroeger, REALTORS
(319) 270-3747
Listed By:
Tina Wing · License #B33730000
(319) 270-3747
Source:
Pinnaclerealtyia
Added: Mar 27
Changed: Aug 23
Last Checked: Aug 25 at 5:03AM
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.
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$62,355
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.94%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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
NOI $82,632 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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).
