2839 Northgate Dr Iowa City, IA 52245-9569
Property profile & analytics
2839 Northgate Dr Iowa City, IA 52245-9569
- Commercial real estate
- 26,093 SF
- 3.86 lot acres
Property ID
US25-1478516
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Shive-Hattery, Inc. Architecture & Engineering / Architecture Firm / Engineering Consultant
- Trinity Health / Business Management Consultant
Property Details for 2839 Northgate Dr
- Year built
- 1999
- Construction
- STEEL FRAME
- Lot size
- 3.86 lot acres
- Property size
- 26,093 SF
- Property type
- Commercial real estate
- APN
- 736451008
- APU
- 736451008
Description
This exceptional Class A office building, located at 2839 Northgate Dr in Iowa City, IA, presents a compelling investment opportunity. The property encompasses 26,093 square feet on a 3.83-acre lot and features a single tenant, Shive-Hattery, a prominent architecture and engineering firm, under a triple-net (NNN) lease. The lease commenced December 1st, 2024, and extends for three years, ensuring a stable income stream. The building, constructed in 1999 and renovated in 2024, boasts a grand entryway, luxurious conference rooms, a modern break room, and ample parking (161 spaces, a 17:1,000 SF ratio). A rear loading dock enhances operational efficiency. The property's high-quality finishes and amenities reflect its Class A designation. The asking price is $4,500,000, representing a 9.85% capitalization rate. The property is zoned C-Commercial, offering flexibility for future development. The building's recent roof replacement further enhances its value and reduces future maintenance costs. This is a rare opportunity to acquire a high-quality, income-producing asset in a desirable Iowa City location with a strong, long-term tenant.
Value Estimations
based on Realmo’s proprietary methodology
-
CAP approach
- CAP Return
- Estimation
- 6%
- $3,335,000
- 6.5%
- $3,080,000
- 7%
- $2,860,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $2,932,000
- AI Estimate
- $3,669,000
Market price range: $1.68M - $5.33MMarket price range: $1.57M - $5.80M -
Alternative Use
- Use
- Estimation
- COMMERCIAL (GENERAL)
- $3,090,000 Current use
- NEIGHBORHOOD: SHOPPING CENTER
- $4,775,000 Change: +55% Conversion: Difficult
- RETAIL STORES
- $4,105,000 Change: +33% Conversion: Easy
- OFFICE BUILDING
- $3,365,000 Change: +9% Conversion: Easy
- WAREHOUSE, STORAGE
- $2,900,000 Change: -6% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Iowa City
- County
- Johnson
- State
- Iowa
- Longitude
- -91.4923
- Latitude
- 41.6876
- CBSA code
- 26980
- CBSA name
- IOWA CITY, IA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$149,778
$871,600
$3,300,970
$4,172,570
-
$871,600
$3,300,970
$4,172,570
