2937 Sierra Ct SW #Entire Building, Iowa City, IA 52240
2937 Sierra Ct SW #Entire Building, Iowa City, IA 52240
2937 Sierra Ct SW #Entire Building, Iowa City, IA 52240
2937 Sierra Ct SW #Entire Building, Iowa City, IA 52240
2937 Sierra Ct SW #Entire Building, Iowa City, IA 52240
2937 Sierra Ct SW #Entire Building, Iowa City, IA 52240
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JJ Johannes

JJ Johannes

+1(319) 540-1002
$ 2,200,000
Est. payment | /mo

0.87 Acres Lot

Save
$ 2,200,000
Est. payment | /mo
Save

0.87 Acres Lot

Key Details

Property Type Commercial

Sub Type Commercial

Listing Status Active

Purchase Type For Sale

MLS Listing ID 202603021

Year Built 1999

Annual Tax Amount $112,308

Tax Year 2024

Lot Size 0.869 Acres

Acres 2.4

Lot Dimensions NA

Property Sub-Type Commercial

Property 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.

Location

State IA

County Johnson

Zoning CI-1

Direction Take Melrose west to Mormon Trek, then head south to IWV Rd and turn into Sierra Ct SW. 2937 Sierra Ct SW is at the end of the cul-de-sac.

Interior

Interior Features Elevator

Heating Central

Cooling Central Air

Flooring Concrete Slab Grade

Exterior

Utilities Available Electricity Available, Natural Gas Available

Roof Type Other

Building

Lot Size Range Two To Five Acres

Structure Type Glass

Others

Tax ID 1020457003

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition Standard

Listed by Skogman Realty Co.

NEARBY SCHOOLS & PROPERTIES

JJ Johannes

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(319) 540-1002

jj@thejohannesgroup.com

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2937 Sierra Ct SW #Entire Building