1100 5th St | Coralville, IA 52241
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1100 5th St
Coralville, IA 52241
Retail Property For Sale
Executive Summary
This is a fully leased medical office building that was first leased on April 1, 2018. Located near the 12th Ave and 5th Street intersection that sees around 10,000 cars per day. There is a total of 7,736 square feet of leased space on the first and second floors configured as reception, office, and medical procedure areas. There is an additional 1,455 square feet in the lower level that is configured for storage and break room for employees. The entire suite was improved by the tenant without any amortization of TIs in the lease, so the Tenant has a large investment in the space. The finishes are high end and in excellent condition. This property is part of an office condo (HPR-Horizontal Property Regime) that has recently been divided and resurveyed. The divided portion was sold to an investor and the resurvey resulted in 7823 upper-level feet and 1801 basement feet. The lease precedes the HPR, so it is the ruling document with regard to leasable and usable square feet.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
41,565 SF
Building Class
C
Year Built
1998
Price
£1,732,940
Price Per SF
£42
Net Initial Yield
10.18%
NOI
£176,445
Percent Leased
100%
Tenancy
Multiple
Number of Floors
2
Building FAR
0.41
Lot Size
2.30 AC
Opportunity Zone
Yes
Zoning
CPUD-2
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