Listed by Skogman Commercial Group Iowa City
$2,200,000
2937 Sierra Ct SW
Details
APN 1020457003
Property Type Retail, Office
Sub Type Executive Office, Medical Office
Square Footage 37,875
Occupancy 80%
Tenancy Multi
Lease Type NNN
Price per SqFt $58
Year Built 1999
Acreage 2.400
Zoning CI-1
Investment Type Value Add
2937 Sierra Ct SW, Iowa City, IA 52240
Marketing description
Value add investment. 37,875 SF office investment opportunity offered at $2.2 million ($58/SF), an extremely competitive price point for a building of this size in Iowa City. The property is partially leased to established tenants including University of Iowa Community HomeCare and Mass Markets, creating in-place income with significant upside through lease-up of the remaining 2nd and 3rd floor vacancy. Large floor plates and flexible suite configurations allow for a variety of office, medical, service, or back-office users. Rare opportunity to acquire a substantial commercial building with immediate income. At 80% occupancy the building could be worth $3.0 mil at an 9% cap rate, see attached Proforma.
Investment highlights
- 37,875 SF office investment opportunity offered at $2.2 million ($58/SF)
- Extremely competitive price point for a building of this size in Iowa City
- Partially leased to established tenants including University of Iowa Community HomeCare and Mass Markets
- In-place income with significant upside through lease-up of remaining 2nd and 3rd floor vacancy
- Large floor plates and flexible suite configurations
- Suitable for office, medical, service, or back-office users
- At 80% occupancy the building could be worth $3.0 mil at a 9% cap rate
Listing Contacts
Listed by Skogman Commercial Group Iowa City
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$--
$--
Valuation Metrics
0
DSCR
--
Cap Rate
--
ROI
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
