320 2nd St, Coralville, IA 52241
320 2nd St, Coralville, IA 52241
320 2nd St, Coralville, IA 52241
320 2nd St, Coralville, IA 52241
320 2nd St, Coralville, IA 52241
320 2nd St, Coralville, IA 52241
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JJ Johannes

JJ Johannes

+1(319) 540-1002
$ 5,950,000
Est. payment | /mo

0.45 Acres Lot

Save
$ 5,950,000
Est. payment | /mo
Save

0.45 Acres Lot

Key Details

Property Type Commercial

Sub Type Commercial

Listing Status Active

Purchase Type For Sale

MLS Listing ID 202604573

Year Built 1963

Annual Tax Amount $30,748

Tax Year 2024

Lot Size 0.454 Acres

Acres 2.62

Lot Dimensions Irregular

Property Sub-Type Commercial

Property Description

"Pride of pocketbook" with genuine upside income potential. The Iowa Lodge is both a short term rental and commercial rental property. The short term rentals consist of 80-studio/1 bedroom units, 2, two-bedroom units and a single 3-bedroom unit. Most of the residential units are in the wrap around building to the south, the rear of the property. The management office is on part of the first floor of the north property but the balance of about 3,500 feet is vacant commercial property in need of a tenant. There is also 1,000 feet on the second floor of the north building that is a commercial suite sitting vacant. A buyer can take a fresh look at the property and create new income streams from the vacant commercial property. The residential portion of the property serves an important low income sector of the Coralville market and maintains high occupancy levels. The property is also in a developing area to both the west and the east and has a secondary value as a future development property on the Coralville Strip with a grandfathered sign. Financially, this property represents just over a 10% capitalization rate. See attachments for the full pro-forma.

Location

State IA

County Johnson

Zoning I2

Direction One the Coralville Strip, southside of the road, just east of the Clear Creek Trail and just west of the new Gather Iowa development.

Interior

Heating Natural Gas, Forced Air

Cooling Central Air, Window Units

Flooring Carpet, Ceramic Tile

Exterior

Utilities Available Cable Available, Electricity Available, Natural Gas Available, Sewer Available, City Water

Roof Type Composition

Building

Lot Size Range Two To Five Acres

Structure Type Brick,Frame

Others

Tax ID 1008205005

Acceptable Financing Cash

Listing Terms Cash

Special Listing Condition Standard

Listed by Lepic-Kroeger, REALTORS

NEARBY SCHOOLS & PROPERTIES

JJ Johannes

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(319) 540-1002

jj@thejohannesgroup.com

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320 2nd St