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$ 1,350,000
Est. payment | /mo
4,480 Sqft Lot
$ 1,350,000
Est. payment | /mo
4,480 Sqft Lot
Key Details
Property Type Commercial
Sub Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 202605069
Year Built 1974
Tax Year 2021
Lot Size 4,480 Sqft
Acres 0.38
Property Sub-Type Commercial
Property Description
Great passive income play in the heart of Iowa City. Situated along the W Benton Street corridor with strong visibility and easy access serving the University of Iowa community and surrounding neighborhoods. This is a true absolute NNN; tenant handles everything including taxes, insurance, HVAC, maintenance, and roof. Landlord just collects a check. Lease runs through July 2033 with two 10-year renewal options, so you're looking at a potential hold to 2053. Annual 2% rent bumps are baked in throughout the initial term and both extensions. Priced at $1,350,000 reflecting a 7.42% cap rate on current NOI. Good fit for a 1031 buyer or anyone looking for low-hassle NNN income in a stable university town market.
Location
State IA
County Johnson
Zoning CC2
Direction North on Highway 6, west on Benton St - parcels located on the corner of Benton St and Orchard St.
Interior
Heating Other
Cooling Other
Flooring Other
Exterior
Utilities Available See Remarks
Roof Type Other
Building
Lot Size Range Half To One Acre
Structure Type Other
Others
Tax ID 1016194013
Acceptable Financing Other
Listing Terms Other
Special Listing Condition Standard
Listed by Skogman Realty Co.
NEARBY SCHOOL & BUSINESS