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2937 Sierra Ct
Iowa City, IA 52240
Office Property For Sale
Investment Highlights
- Significant upside through lease-up of second and third-floor vacancies suitable for diverse office and service uses.
- Projected stabilized valuation of approximately $3.0 million at a 9% cap rate enhances long-term investment appeal.
- Large, efficient floor plates and adaptable layouts support operational flexibility and multi-tenant configurations.
- Competitive acquisition price of $2.2 million, equating to $58 per SF, in a strong regional office market.
Executive Summary
This offering represents a compelling value-add office investment opportunity in the Iowa City market. Totaling 37,875 SF, the property is priced at $2.2 million ($58 per SF), establishing a cost basis that is highly competitive in the region. The asset benefits from in-place income supplied by recognized tenants, including University of Iowa Community HomeCare and Mass Markets, providing immediate cash flow. Additional upside exists through lease-up of remaining vacancies on the second and third floors, which offer versatile configurations suitable for traditional office, medical, service, and back-office uses. Large and efficient floor plates enhance operational flexibility for multiple tenant types. According to the pro forma, achieving stabilized occupancy of approximately 80% positions the property at an estimated valuation of $3.0 million, anchored by a 9% cap rate. Investors seeking both current income and appreciation potential will find this asset aligned with long-term value objectives in a robust Iowa City submarket.
Property Facts
Sale Type
Investment NNN
Property Type
Office
Building Size
37,875 SF
Building Class
B
Year Built
1999
Price
$2,200,000
Price Per SF
$58.09
Cap Rate
9%
NOI
$198,000
Percent Leased
68%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
12,000 SF
Building FAR
0.36
Lot Size
2.40 AC
Zoning
CI-1
Parking
156 Spaces (4.12 Spaces per 1,000 SF Leased)
Amenities
- Air Conditioning
Property Taxes
| Parcel Number | 1020457003 | Improvements Assessment | $2,819,740 |
| Land Assessment | $407,500 | Total Assessment | $3,227,240 |
Property Taxes
Parcel Number
1020457003
Land Assessment
$407,500
Improvements Assessment
$2,819,740
Total Assessment
$3,227,240
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