1 S Frederick Ave 9,510 SF 100% Leased Retail Building Oelwein, IA 50662 $199,000 ($20.93/SF)

This mixed-use commercial property presents a compelling investment opportunity with multiple income streams and a proven track record of successful operations. The building includes seven revenue-generating spaces: five well-positioned upper-level apartments and two retail storefronts. Residential units feature a diverse mix of three one-bedroom apartments and two two-bedroom apartments, allowing for flexible tenancy and strong occupancy potential. On the first level, a spacious retail area is currently vacant, ideal for an owner-user or new tenant, while the secondary retail suite is leased, delivering immediate income stability.
Significant capital improvements spanning the past 15 years underscore the property’s durability and long-term value, including updated windows, upgraded roof structures, water heater, sidewalks, and modernized sewer and water lines. A full exterior wall replacement completed in 2026 offers enhanced structural integrity and curb appeal. Additionally, the property’s roofing system carries a transferable warranty, minimizing future maintenance obligations. Investors will appreciate the versatility of this asset, whether as an owner-occupied retail hub paired with residential income or as a portfolio addition with upside potential.