1410 S 1st Ave
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
1410 S 1st Ave
23,553 SF Flex Building Iowa City, IA 52240 For Sale
Investment Highlights
- Long-term lease (20 years) in a new retro-fit-to-suit facility
- Annual CPI increases to operating cost reimbursements
- Lease guaranteed by the full faith and credit of the United States of America
- Location in a healthy submarket anchored by the University of Iowa
Executive Summary
The Newmark Government Capital Markets team, on behalf of Ownership, is pleased to present qualified investors with the opportunity to acquire a brand new retrofit-to-suit United Department of Veterans Affairs (“VA”) Administration Building in Iowa City, Iowa (the “Property”). The Property, retrofitted in 2024, is a 32,200 rentable square foot state-of-the-art administration building that is 100% occupied by the VA. Per the lease, the VA occupies 23,553 RSF and 8,647 ABOA SF is deemed “free space” allowing the VA to expand should they have a need. The Property features a first-generation lease with the VA which commenced in December 2023 and extends twenty (20) years, expiring in November 2043. The first ten (10)years of the lease are firm (non-cancellable) and feature annual CPI increases to Operating Cost reimbursements. Additionally, the Shell Rent increases every five (5) years by a rate of 3.0%. The Property represents a conscious effort by the VA to execute its strategic plan of removing administrative / office space from its Medical Center Campus (3.4 miles away) to allow for more clinical space. The Property will handle all administrative services for the Iowa City VA Health Care System.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$536,261
|
$22.77
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $536,261 |
| Annual Per SF | $22.77 |
Property Facts
Utilities
- Lighting
- Gas
- Water
- Sewer
- Heating
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
- Veterans Affairs
- Health Care and Social Assistance
- 32,200 SF
- -
- Modified Gross
- Oct 2043
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
| Veterans Affairs | Health Care and Social Assistance | 32,200 SF | - | Modified Gross | Oct 2043 |
1 of 1
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $2,844,620 (2024) | |
| Land Assessment | $915,420 (2024) | Total Assessment | $3,760,040 (2024) |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$915,420 (2024)
Improvements Assessment
$2,844,620 (2024)
Total Assessment
$3,760,040 (2024)
zoning
| Zoning Code | C-Commercial (Industrial/Commercial) |
| C-Commercial (Industrial/Commercial) |
1 of 6
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
1410 S 1st Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.