5865 Saratoga RdAsbury, IA 52002

Property Details for 5865 Saratoga Rd

Year built

1992

Lot size

0.81 AC

Property size (Sq ft)

11,600 SF

Zone code

CO

Property type

Office buildings

APN

10-20-152-006

APU

1020152006

Description

This mixed-use property in Asbury, Iowa, offers a unique redevelopment opportunity. The 11,600-square-foot building, constructed in 1992, features a well-maintained office build-out including private offices, meeting spaces, conference rooms, a reception area, restrooms, a breakroom, and open workspaces. The existing layout is easily adaptable for multiple tenants or a single user. Plumbing and metering are already in place for potential subdivision. A bonus garage space with an overhead door is included, and the building is fully sprinklered. The property also includes a separate 2.85-acre lot with an 800-square-foot drive-up structure, restroom, and canopy. This flat, level lot offers multiple access points and is zoned for various uses. The combined property boasts 76 parking spaces and four ingress/egress points on Saratoga Road. Located one mile west of the NW Arterial and Asbury Plaza, this site benefits from excellent proximity to schools, a city park, and the high-traffic Asbury Road connector. Asbury's strong demographics, including high median incomes and home values, and significant residential growth make this an attractive investment. The property will be vacant upon the current tenant's move-out in October 2024. The asking price is $2,340,000 ($150/sq ft), with land valued at $4/sq ft. The property includes two buildings on two parcels (APN: 1020152006, 1020152007) and is zoned C.

• CAP approach

  CAP return

  Valuation

  6%

  $2,094,518

  6.5%

  $1,933,401

  7%

  $1,795,301

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,177,669

  Geo Method

  $1,510,900

• Alternative Use

  Use

  Valuation

  Residential

  $2,397,417

  Hospitality

  $2,196,021

  Educational

  $1,827,064

  Medical

  $1,889,899

  Retail

  $2,842,100

Location Insight

City

Asbury

County

Dubuque

State

Iowa

Latitude

42.5093

Longitude

-90.7578

CBSA code

20220

CBSA name

DUBUQUE, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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