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113 Iowa Ave 2,888 SF 100% Leased Retail Building Iowa City, IA 52240 $1,664,964 CAD ($576.51 CAD/SF) 5.50% Cap Rate
Investment Highlights
- Located in the heart of Downtown Iowa City near the Pedestrian Mall and University of Iowa campus.
- Multi-tenant mixed-use asset featuring ground-floor retail occupancy and residential space above.
- Positioned along Iowa Avenue with direct exposure in one of the city's most active commercial corridors.
- Surrounded by restaurants, bars, retail shops, hotels, offices, and cultural venues that generate consistent pedestrian activity.
- Walking distance to University of Iowa academic buildings, healthcare facilities, and downtown parking structures.
- Convenient access to Interstate 80, Highway 1, and the greater Iowa City-Coralville market.
Executive Summary
Sale to be part of a 1031 exchange
Cash financing is the only way to pencil to around a 5% cap rate. Building main floor and basement (1900 sq. ft) leased by retail tenant through January 31, 2030. Tenant has three 5 year options. Residential space above (988 sq. ft) fully rented without lease which could make easier for renovation options.
Cash financing is the only way to pencil to around a 5% cap rate. Building main floor and basement (1900 sq. ft) leased by retail tenant through January 31, 2030. Tenant has three 5 year options. Residential space above (988 sq. ft) fully rented without lease which could make easier for renovation options.
Property Facts
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
2,888 SF
Building Class
B
Year Built
1900
Price
$1,664,964 CAD
Price Per SF
$576.51 CAD
Cap Rate
5.50%
NOI
$91,563 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.83
Lot Size
0.08 AC
Zoning
CB10 - Central business district.
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Wedge Pizza
- Accommodation and Food Services
- -
- $36.07 CAD
- Triple Net
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Wedge Pizza | Accommodation and Food Services | - | $36.07 CAD | Triple Net | - |
Exceptionally walkable
90/100
Moderately drivable
60/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 1010311012 | Improvements Assessment | $592,297 CAD |
| Land Assessment | $434,972 CAD | Total Assessment | $1,027,269 CAD |
Property Taxes
Parcel Number
1010311012
Land Assessment
$434,972 CAD
Improvements Assessment
$592,297 CAD
Total Assessment
$1,027,269 CAD
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113 Iowa Ave
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