Office Suites with
New
For Sale
$1,050,000
673 Westbury Dr Unit Ste 102 & 201, Iowa City, IA 52245
The offering combines office space on the first and top floors, served by a shared entrance and elevator.
Property Size7,710 SF
Price / SF$193.23
Days on Market5
Property Features for 673 Westbury Dr Unit Ste 102 & 201
General Information
Standard status
Active
Size
7,710 SF
Total Parking Spaces
50
Elevators
Yes
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Property Use
Office
Taxes and HOA fees
Annual Taxes
$38,494
Amenities
kitchenette
conference room
waiting area
reception
ADA bathrooms
Building Details
Year Built
2007
Buildings
1
Building Size
7,710 SF
Tenancy
Multi
Listing Agency:
Lepic-Kroeger, REALTORS
Listed By:
Jeff Edberg · License #B33730000
(319) 331-6187
Source:
Blankandmccune
Added: Oct 26
Changed: Oct 27
Last Checked: Oct 26 at 3:50PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This office offering includes suites on the first and top floors of a building constructed in 2007. The top-floor suite contains 3,855 square feet, with 11 private offices, a kitchenette, conference room, waiting area, reception area, and three ADA bathrooms. The 1,579-square-foot first-floor suite has four private offices, reception, and two ADA bathrooms. Both suites feature windowed offices, and the building is described as being in very good condition.
A common entrance and elevator serve the building, which has 50 off-street parking spaces and 7,710 square feet in total. The offering excludes a separate first-floor unit owned by James Investment Group. The property has visibility from Rochester Ave and Herbert Hoover Hwy.
A common entrance and elevator serve the building, which has 50 off-street parking spaces and 7,710 square feet in total. The offering excludes a separate first-floor unit owned by James Investment Group. The property has visibility from Rochester Ave and Herbert Hoover Hwy.
Key Highlights
- Two office suites: 3,855 square feet on the top floor and 1,579 square feet on the first floor
- Top floor includes 11 private windowed offices, kitchenette, conference room, waiting area, reception, and 3 ADA bathrooms
- First floor includes 4 large private windowed offices, reception, and 2 ADA bathrooms
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
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.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
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
Frequently Asked Questions
What type of property is this?
Office unit - The offering combines office space on the first and top floors, served by a shared entrance and elevator.
Where is this office unit located?
The property is located at 673 Westbury Dr Unit Ste 102 & 201 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: Two office suites: 3,855 square feet on the top floor and 1,579 square feet on the first floor; Top floor includes 11 private windowed offices, kitchenette, conference room, waiting area, reception, and 3 ADA bathrooms; First floor includes 4 large private windowed offices, reception, and 2 ADA bathrooms
