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    3273 Ridgeway Dr Coralville, IA 52241-2038
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    Property profile & analytics

    3273 Ridgeway Dr Coralville, IA 52241-2038

    View on Map
    • Office buildings
    • 41,041 SF
    • 5.84 lot acres
    Off-Market
    Property ID
    US25-2382438
    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.
    Value Estimations
    $6,285,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details for 3273 Ridgeway Dr

    Year built
    2013
    Construction
    STEEL FRAME
    Lot size
    5.84 lot acres
    Property size
    41,041 SF
    Property type
    Office buildings
    APN
    624477002
    APU
    624477002

    Description

    This exceptional 18,000-square-foot executive office space at 3273 Ridgeway Dr, Coralville, IA 52241, presents a unique opportunity. Built in 2014, this property offers flexible layouts, accommodating spaces ranging from 8,000 to 10,000 contiguous square feet. Currently, the entire 18,000 square feet is vacant and ready for immediate occupancy. The building sits on a generous 5.84-acre lot, providing ample parking for tenants and visitors. The I1 zoning allows for a variety of uses, including retail, office, and restaurant options. This second-generation space boasts a high-quality build and includes the potential for a shared conference room and common area restrooms. The landlord is a co-tenant and will install a new tenant entrance. Utilities are included in the operating expenses. Floor plans are available upon request. The property's convenient location offers easy access to Coralville and North Liberty amenities and restaurants. Property APN is 0624477002.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $8,370,000
      6.5%
      $7,730,000
      7%
      $7,175,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,058,000
      Market price range: $3.13M - $7.98M
      AI Estimate
      $5,066,000
      Market price range: $2.33M - $6.61M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $5,290,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $7,510,000
      Change: +42% Conversion: Difficult
      RETAIL STORES
      $6,455,000
      Change: +22% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $4,860,000
      Change: -8% Conversion: Easy
      WAREHOUSE, STORAGE
      $4,560,000
      Change: -14% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Coralville
    County
    Johnson
    State
    Iowa
    Longitude
    -91.6018
    Latitude
    41.7166
    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
    $235,716
    $2,035,100
    $4,916,600
    $6,951,700
    -
    $2,035,100
    $4,916,600
    $6,951,700

    Comparable in this City

    • Value Estimation
      $1,890,000
      11,331 SF

      2658 Crosspark Rd

      OFFICE BUILDING • 11,331 SF
      2658 Crosspark Rd, Coralville, IA 52241-3409
      View Details
    • Value Estimation
      $1,095,000
      9,240 SF

      2461 10th St

      OFFICE BUILDING • 9,240 SF
      2461 10th St, Coralville, IA 52241-1201
      View Details
    • Value Estimation
      $2,275,000
      20,032 SF

      1101 5th St

      OFFICE BUILDING • 20,032 SF
      1101 5th St, Coralville, IA 52241-2903
      View Details
    • Value Estimation
      $1,365,000
      12,786 SF

      200 9th St, Unit 4

      OFFICE BUILDING • 12,786 SF
      200 9th St, Coralville, IA 52241-2241
      View Details
    • Value Estimation
      $625,000
      5,197 SF

      804 13th Ave

      OFFICE BUILDING • 5,197 SF
      804 13th Ave, Coralville, IA 52241-1739
      View Details
    • Value Estimation
      $1,905,000
      15,180 SF

      2855 Heartland Dr

      OFFICE BUILDING • 15,180 SF
      2855 Heartland Dr, Coralville, IA 52241-2733
      View Details

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    Similar Nearby for Lease

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    • $15 SF/Yr
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      Coralville Office Space For Rent

      Second floor office space in prime Coralville location.
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    • $15 SF/Yr
      101,059 SF

      Coralville Office Space For Rent

      Second floor office space with views in prime Coralville location.
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    • $650 /Mo

      Office Space in Coralville, IA

      Office share with utilities and internet included in Coralville.
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      Class A Office Space

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      Professional Office/Retail Space Available

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      View Details
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    Coralville, IA 52241-2038
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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