331 S Main St 8,100 SF 100% Leased Retail Building Spillville, IA 52168 $379,000 ($46.79/SF)

The Wenzil Taylor Building presents a rare opportunity to acquire a fully operational hospitality asset housed within a landmark structure listed on the National Register of Historic Places. Located in Spillville, Iowa, a community recognized for its Czech heritage and tourism appeal within the Driftless Region, the property combines boutique lodging, food and beverage operations, and a distinctive historic setting that is difficult to replicate. The offering includes seven furnished guest rooms with private baths, a restaurant, two bars, a commercial kitchen, furnishings, equipment, and an established operational framework.
A defining feature of the property is its hand-laid limestone tunnel system, which serves as a unique dining environment beneath vaulted stone ceilings. Local lore connects the tunnels to Prohibition-era bootlegging activity, a story reinforced through displayed period photographs and speakeasy-themed elements throughout the building. Additional historic features include stained glass sourced from Chicago, antique chandeliers from New York, a historic front desk, and preserved architectural details that contribute to the property's character and guest experience.
The property is positioned for continued hospitality, event, and tourism-related use while offering potential value through historic preservation incentives. Marketing materials indicate eligibility for Iowa's 25% Historic Tax Credit and the Federal 20% Historic Tax Credit program on qualifying rehabilitation expenditures, subject to buyer verification. Combined with an offering price of $379,000 and the inclusion of operational assets, the property offers an opportunity to acquire an established lodging and food-and-beverage business within a historically significant structure that serves as a destination experience.