640 Ia-1 Iowa City, IA 52246
- Retail properties
- 8,414 SF
- 2.04 lot acres
Current Use by Public Records
- Retail properties
Property Details for 640 Ia-1
- Year built
- 2007
- Lot size
- 2.04 lot acres
- Property size
- 8,414 SF
- Property type
- Retail properties
Description
This exceptional retail property, located at 640 IA-1 in Iowa City, IA 52246, is offered at $2,300,000. The 8,414 square foot building sits on a 2.04-acre lot and was constructed in 2007. Currently, the property boasts 50% occupancy with two long-term leases in place. A significant portion of the building (5,277 square feet) is vacant, previously occupied by a bank, and features a drive-through (660 square feet). This space is ideally suited for a financial institution, given its existing layout, including multiple offices, cubicles, teller stations, a conference room, and a vault. The existing tenant, Jensen Eye Care, occupies 3,137 square feet with a high-quality build-out. There's also a 500-square-foot lease for a cell tower on the exterior. The property benefits from a high daily traffic count of 23,400 cars and is zoned CC2, allowing for both office and retail uses. The APN is 1016433001. The property is offered as a Triple Net (NNN) lease. Further lease information is available upon request. Showings require 24-hour notice for the existing tenant. Floor plans are available. The sale includes negotiable personal property such as security cameras, a cash machine change counter, and an ATM.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Iowa City
- County
- Johnson
- State
- Iowa
- Longitude
- -91.5484
- Latitude
- 41.6481
