Building Details

Year Built 2001

Listing Agency: Watts Group Realty Show Phone

Listed By: Juliana Corona Show Phone

Source: Pinnaclerealtyia

Added: Aug 17 Changed: Oct 6 Last Checked: Oct 5 at 3:39PM

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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 Watts Group Realty

Investment Insights

Based on property information with market context.

This 2,280-square-foot commercial building was constructed in 2001 and features a concrete slab grade. The property is subject to an NNN lease extending through March 2027, with a renewal option in place. Its commercial zoning and building configuration support the existing service-oriented use described for the property, including auto repair or light service operations.

Located at 824 Orchard Street in Iowa City, the property fronts a paved county road identified with highway access. The adjacent building at 121 W Benton St. is also offered for sale, providing an additional nearby commercial property for consideration.

Key Highlights

• 2,280‑square‑foot commercial building constructed in 2001
• NNN lease runs through March 2027 with a renewal option
• 7.14% cap rate based on current income

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$21,603

Cap Rate

9.19%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$432,060 $432.1K

Cap Rate 7%

$308,614 $308.6K

Cap Rate 9%

$240,033 $240.0K

Market Conditions

NOI Build-Up for 2,280 SF

Gross rent

$32.8K $14.40/SF

− Vacancy

−$2.0K −$0.86/SF

EGI

$30.9K $13.54/SF

− OpEx

−$9.3K −$4.06/SF

NOI

$21.6K $9.48/SF

Area

Johnson County, IA

Vacancy

6.00%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$432,060

Cap Rate 7%

$308,614

Cap Rate 9%

$240,033

Alternative Uses

Best Use

Retail

$308.6K

$270.0K – $360.1K (±1% cap)

NOI $21,603 @ 7.0% cap · market cap 9.19%

Second Best

Industrial

$194.9K

$170.6K – $227.4K (±1% cap)

NOI $13,646 @ 7.0% cap · market cap 5.81%

Theoretical Best

Office A

$495.3K

$433.4K – $577.9K (±1% cap)

NOI $34,671 @ 7.0% cap · market cap 14.75%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Fox Pest Control Garden Center

Suggested Use

Top Pick Big Box & Wholesale Store Storage Facility HVAC Service Garden Center (Bike/Boat/Book/etc) Store Locksmith

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

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

1,440

Businesses Nearby

239k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 55% Shops & Services 21% Groceries 12% Office Supplies 5%

McDonald's Dining

37,057 visits/mo 0.2 miles

Aldi Groceries

28,506 visits/mo 0.4 miles

Culver's Dining

26,507 visits/mo 0.4 miles

Kum & Go Shops & Services

26,219 visits/mo 0.1 miles

Starbucks Dining

24,488 visits/mo 0.2 miles

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

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this nnn properties 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?

NNN property - Commercial building with an active NNN lease, renewal option, and service-oriented layout.

Where is this nnn property located?

The property is located at 824 Orchard Street Iowa City, IA.

What is the asking price?

The asking price for this property is $235,000.

What are key features of this property?

This property features: 2,280‑square‑foot commercial building constructed in 2001; NNN lease runs through March 2027 with a renewal option; 7.14% cap rate based on current income