1210 S Gilbert St | Iowa City, IA 52240
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1210 S Gilbert St
Iowa City, IA 52240
Office Property For Sale
Executive Summary
The South Gilbert Center is a leased commercial strip center for sale. This 10,400 SF building is just south of downtown Iowa City & the University of Iowa & directly across the street from Big Grove Brewery, a popular dining & entertainment center. South Gilbert Street sees 11,800 cars per day. There are two suites vacant, but lease proposals are on the table. The rent shown in the proforma shows the new rent of $17.15 for the Euro Foods store that increases to that rate in May, 2024. The South Gilbert Center has always been a good performer, rents well, & has plenty of off-street parking in its own parking lot. Current tenants include Thai Spice, Norva Salon, Advanced Services Temp Agency & Euro Foods, an international food & bakery store. The strip is stable & shows a 7.1% cap rate based on the actual owner's operation
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
10,400 SF
Building Class
C
Year Built
1970
Price
$1,976,000
Price Per SF
$190
Percent Leased
86%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
10,400 SF
Building FAR
0.32
Lot Size
0.74 AC
Opportunity Zone
Yes
Zoning
Commercial
Parking
60 Spaces (7.79 Spaces per 1,000 SF Leased)
PROPERTY TAXES
| Parcel Number | 1015306001 | Improvements Assessment | $814,950 |
| Land Assessment | $203,200 | Total Assessment | $1,018,150 |
PROPERTY TAXES
Parcel Number
1015306001
Land Assessment
$203,200
Improvements Assessment
$814,950
Total Assessment
$1,018,150
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