Active
1210 Gilbert St
Iowa City IA, 52240
$1,976,000
Active
Commercial
Built in 1970
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. 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. A Pro-forma is in the associated Documents.
202400930
MLSⓇ ID
February 16, 2024
Listed
May 9, 2024
Updated
Map
1210 Gilbert St
Iowa City IA, 52240
Interior Features
Floor Description
Other
Fireplace
No
Cooling
Yes
Cooling Description
Central Air
Heating
Yes
Heating Description
Natural Gas, Forced Air
Exterior/Building Features
Lot Size
0.24 Acres
Roof
Other
Other Property Details
Taxes
$28,622
Tax Frequency
Annually
Garage
No
View
No
County
Johnson
Pool
No
Zoning
CI-1
Courtesy of Lepic-Kroeger, REALTORS, ,
Listing Contact: 319-331-6187
All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor The Jill Armstrong Team shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
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