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Property profile & analytics
FOR LEASE
Commercial real estate
2834 Northgate Dr Iowa City, IA 52245
Individually Owned
Absentee Owner
Free & Clear
Property ID
US25-1459862
For Lease
1 / 50
$11 SF/Yr
2834 Northgate Dr, Iowa City, IA 52245
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Property summary
AI-generated overview
This exceptional two-story office building, located at 2834 Northgate Drive in Iowa City, IA 52245, presents a significant investment opportunity. Spanning 17,967 square feet, the property features a versatile layout including open floor plan areas, private offices, and cubicles. All cubicles and furniture are high-quality Herman Miller brand and are included in the sale price. The building boasts a distinctive first-floor atrium and an east-facing patio, ideal for employee use or client gatherings. The first floor encompasses approximately 12,000 square feet, while the walk-out lower level offers an additional 6,000 square feet. Both floors are ADA accessible, each equipped with two ADA-compliant restrooms. Ample parking is provided with 85 spaces. The property sits on a 1.98-acre lot and is zoned CO-1, permitting office, medical, and service uses. Currently under lease, the building can be delivered vacant to a new owner or tenant within 30 days of a fully executed contract. The asking price is $2,850,000, translating to $158.62 per square foot. The property's APN is 0736452003. This is a Net Net Net (NNN) lease property with multiple tenants. This presents a rare opportunity to acquire a well-maintained, strategically located office building in a thriving Iowa City market.
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1996
Construction
STEEL FRAME
Total area
12,300 SF
Lot
1.98 ac (86,075 SF)
APN
736452003
UPID
US25-1459862
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Businessolver Business Management Consultant
-
New LVL Today Incoporated Marketing & Advertising
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.45M
Comparable Approach
Comparable
$1.60M
Blend (final)
Blend
$1.69M
Owner & transaction history
GROWTH C LIBERTY II
GROWTH C LIBERTY II
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$2.3M
+54.5%
Retail stores
$1.9M
+32.9%
Office building
$1.6M
+8.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Iowa City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Iowa City submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,575,000
6.5%
$1,450,000
7%
$1,350,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,455,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$2,250,000
Change: +55% · Conversion: Difficult
RETAIL STORES
$1,935,000
Change: +33% · Conversion: Easy
OFFICE BUILDING
$1,585,000
Change: +9% · Conversion: Easy
WAREHOUSE, STORAGE
$1,365,000
Change: -6% · Conversion: Difficult
Blend value · Realmo final
$1.69M
Range $1.52M – $1.85M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$137 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$80,430
Tax year 2023
Assessed value
$2,274,360
Assessed 2024
Previous assessed
$2,274,360
+0.0% YoY
Effective rate
3.54%
On assessed value
Assessed land
$439,700
Assessed improvement
$1,834,660
Land market value
$439,700
Improvement market value
$1,834,660
Total market value
$2,274,360
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
For Lease
Year built
1996
Construction
STEEL FRAME
Heating
YES
Cooling
YES
Stories
1
Total area
12,300 SF
Lot
1.98 ac (86,075 SF)
APN
736452003
UPID
US25-1459862
Jurisdiction
JOHNSON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$1.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.3M
RETAIL STORES
Est. value
$1.9M
OFFICE BUILDING
Est. value
$1.6M
WAREHOUSE, STORAGE
Est. value
$1.4M
COMMERCIAL (GENERAL) Current
NEIGHBORHOOD: SHOPPING CENTER
RETAIL STORES
OFFICE BUILDING
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1996
Construction
STEEL FRAME
Heating
YES
Cooling
Yes
Stories
1
Lot
1.98 ac
Current owner
From public records · entity-resolved
GROWTH C LIBERTY II
Individual
Free & Clear · 0 yrs held
Mailing address
1700 S 1ST AVE STE #1, IOWA CITY, IA 52240-6077
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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