Konomi Japanese Restaurant and
For Sale
$1,800,000
843 Quarry Road 140, Coralville, IA 52241
Restaurant and commercial condo package includes Konomi Japanese Restaurant with full kitchen, dining room, and off-street parking.
Property Size5,150 SF
Price / SF$349.51
Days on Market49
Property Features for 843 Quarry Road 140
General Information
Standard status
Active
Size
5,150 SF
Property subtype
Business Op
Zoning
C-Comm
Financials
Asking Price
$1,800,000
Business Included
Yes
Additional Details
Furnished
Yes
Equipment Included
Yes
Taxes and HOA fees
Annual Taxes
$29,178
Amenities
Carpet,Concrete
Yes
No
Display Window(s)
Storage
Building,Business,See Remarks
Public
Condo
Off Street
Sprinkler/Irrigation
Building Details
Year Built
2006
Listing Agency:
Century 21 Signature RE- Waverly
(319) 393-0900
Listed By:
Alex Miller
Source:
Pinnaclerealtyia
Added: Jul 27
Changed: Sep 12
Last Checked: Sep 13 at 5:41AM
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 Century 21 Signature RE- Waverly
Investment Insights
Based on property information with market context.
A package offering a restaurant business together with the underlying commercial condominium. The offering includes the established Konomi Japanese Restaurant and an approximately 5,150-square-foot commercial condo. The restaurant layout features a finished dining room, sushi bar, hibachi tables, a full commercial kitchen, and a bar, along with quality furniture, fixtures, and equipment (FF&E).
The property is located at 843 Quarry Road 140 in Iowa River Landing, within a mixed-use commercial environment surrounded by retail, restaurants, hotels, offices, entertainment, and residential developments. The exterior includes sprinkler/irrigation, and the condo is served by public water. Parking is off street.
Interior amenities include storage, with heating and air conditioning. Flooring includes carpet and concrete, and the unit has display window(s). Built in 2006, the condominium provides a straightforward owner-operator or investor setup centered on continuing restaurant operations in place or introducing a new concept.
The property is located at 843 Quarry Road 140 in Iowa River Landing, within a mixed-use commercial environment surrounded by retail, restaurants, hotels, offices, entertainment, and residential developments. The exterior includes sprinkler/irrigation, and the condo is served by public water. Parking is off street.
Interior amenities include storage, with heating and air conditioning. Flooring includes carpet and concrete, and the unit has display window(s). Built in 2006, the condominium provides a straightforward owner-operator or investor setup centered on continuing restaurant operations in place or introducing a new concept.
Key Highlights
- Includes Konomi Japanese Restaurant business and the underlying commercial condo
- Approximately 5,150‑square‑foot commercial condominium
- Dining room, sushi bar, hibachi tables, full commercial kitchen, and bar
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
$54,745
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
3.04%
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%
$1,094,900
$1.1M
Cap Rate 7%
$782,071
$782.1K
Cap Rate 9%
$608,278
$608.3K
Market Conditions
NOI Build-Up for 5,150 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
$79.7K $15.48/SF
− Vacancy
−$6.7K −$1.31/SF
EGI
$73.0K $14.17/SF
− OpEx
−$18.2K −$3.54/SF
NOI
$54.7K $10.63/SF
Area
Johnson County, IA
Vacancy
8.44%
Lease Rate
$15.48 /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%
$1,094,900
Cap Rate 7%
$782,071
Cap Rate 9%
$608,278
Alternative Uses
Best Use
Specialty Retail
$782.1K
$684.3K – $912.4K
NOI $54,745 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$978.9K – $1.31M
NOI $78,313 @ 7.0% cap · market cap 4.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
716
Businesses Nearby
203k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 30%
Hotels & Casinos 21%
Dining 20%
Shops & Services 15%
Trader Joe's
Groceries
61,018 visits/mo
0.3 miles
Kum & Go
Shops & Services
31,125 visits/mo
0.4 miles
Von Maur
Apparel
26,601 visits/mo
0.3 miles
Homewood Suites
Hotels & Casinos
24,821 visits/mo
0.2 miles
McDonald's
Dining
20,527 visits/mo
0.4 miles
Demographics for 52241, IA
22,319
Population
10,294
Households
2.2
Avg Household Size
34
Median Age
57%
College-Educated
95%
High-School Grad
13.5 sq mi
ZIP Area
1,653
Density / Sq Mi
$66,508
Median Household Income
$40,504
Median Earnings
$1,021
Median Rent
$286,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant and commercial condo package includes Konomi Japanese Restaurant with full kitchen, dining room, and off-street parking.
Where is this conventional restaurant located?
The property is located at 843 Quarry Road 140 Coralville, IA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Includes Konomi Japanese Restaurant business and the underlying commercial condo; Approximately 5,150‑square‑foot commercial condominium; Dining room, sushi bar, hibachi tables, full commercial kitchen, and bar
