14 N Elm St 4,789 SF 100% Leased Retail Building Colfax, IA 50054 $625,000 ($130.51/SF)

This investment opportunity consists of an established laundromat and a collection of apartment units, creating multiple income streams from both commercial and residential operations. Located in Colfax, Iowa, the property benefits from a long-standing customer base for the laundromat while also generating recurring rental income from the apartment component.
Ownership has completed a series of capital improvements that enhance the property's functionality and reduce near-term maintenance requirements. The laundromat's plumbing and electrical systems were updated in 2018, helping support ongoing operations. Additional improvements include new asphalt installed in 2020, a water softener replacement in 2024, and a new water heater in 2025. The exterior was remodeled in 2025, contributing to the property's overall upkeep and presentation.
The residential portion of the property has also received meaningful updates, with four apartment units renovated between 2022 and 2025. These improvements support tenant retention and provide a more modern living environment. The combination of updated infrastructure, apartment renovations, and an operating business creates a diversified investment profile with income generated from multiple sources.
Situated in the community of Colfax, the property offers local service-oriented demand through the laundromat while benefiting from residential occupancy provided by the apartment units. The asset presents an opportunity for investors seeking a property with an established operating history, recent improvements, and multiple revenue streams.