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JJ Johannes

jj@thejohannesgroup.com +1(319) 540-1002

$ 5,950,000

Est. payment | -/mo

1 Bath

Save

$ 5,950,000

Est. payment | -/mo

Save

1 Bath

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Subdivision Coralville Commercial

MLS Listing ID 202604575

HOA Y/N No

Abv Grd Liv Area 19,786

Year Built 1963

Annual Tax Amount $30,748

Tax Year 2024

Lot Dimensions Irregular

Property Sub-Type Multi Family

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 On the Coralville Strip, east of the Clear Creek Trail and west of the new Gather Iowa Development.

Rooms

Basement See Remarks

Interior

Interior Features None, Other

Heating Natural Gas, Forced Air

Cooling Window Units, Central Air

Flooring Carpet, Tile

Fireplaces Type None

Appliance Range Or Oven, Refrigerator, Microwave

Laundry Laundry Room

Exterior

Exterior Feature Other

Parking Features Off Street

Community Features Sidewalks, Street Lights, Close To School, Close To Shopping, On Bus Line, Other

Utilities Available City Sewer, City Water

Total Parking Spaces 4

Building

Lot Description Two To Five Acres

Structure Type Wood,Brick,Frame

New Construction No

Schools

Elementary Schools Lincoln

Middle Schools Southeast

High Schools City

Others

HOA Fee Include None

Tax ID 1008205005

Acceptable Financing Cash

Listing Terms Cash

Special Listing Condition Standard

Listed by Lepic-Kroeger, REALTORS

NEARBY SCHOOLS & PROPERTIES

"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

320 2nd St Coralville, IA 52241