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201 N Main St 7,526 SF 100% Leased Retail Building Elkader, IA 52043 $623,000 ($82.78/SF) 6.91% Cap Rate
EXECUTIVE SUMMARY
Own a piece of Elkader’s charm in this historic building operating as a retail/cafe and 4 short term overnight suites on the second floor. Completely remodeled. All new utilities and furnishings. Located on a prominent corner just steps from the Turkey River. Purchase as is, or divide the main floor space into two storefronts to create even more revenue sources. Upstairs, the four fully furnished units short term rental units generate steady income and attract travelers seeking comfort, character, and access to the area’s scenic beauty. Guests and patrons alike enjoy walking to restaurants, shops, the Opera House, and the iconic Keystone Bridge. From kayaking and fishing on the river to hiking the Driftless Region, adventure is at your doorstep. A turnkey opportunity combining income, location, and small-town charm
Located on the northwest corner of N Main St. and Cedar St. If buyer purchases as a turnkey business all items are negotiable. Two websites, all furnishings, linens, towels, kitchenware will remain with the 2nd floor suites. Pre-qualified buyers with lender approved paperwork. Upon implemented NDA, sellers will release income and sales figures. Sellers advise that the property offers a 6.2% CAP rate.
Located on the northwest corner of N Main St. and Cedar St. If buyer purchases as a turnkey business all items are negotiable. Two websites, all furnishings, linens, towels, kitchenware will remain with the 2nd floor suites. Pre-qualified buyers with lender approved paperwork. Upon implemented NDA, sellers will release income and sales figures. Sellers advise that the property offers a 6.2% CAP rate.
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Building Size
7,526 SF
Building Class
B
Year Built/Renovated
1895/2021
Price
$623,000
Price Per SF
$82.78
Cap Rate
6.91%
NOI
$43,028
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.23
Lot Size
0.14 AC
Frontage
50’ on MAIN ST
PROPERTY TAXES
| Parcel Number | 22-25-23-301-004 | Improvements Assessment | $190,710 |
| Land Assessment | $18,150 | Total Assessment | $208,860 |
PROPERTY TAXES
Parcel Number
22-25-23-301-004
Land Assessment
$18,150
Improvements Assessment
$190,710
Total Assessment
$208,860
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201 N Main St
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