Sale Price $5,950,000 - MLS: 202604573
"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.
MLS #: 202604573
Sale Price: $5,950,000
Year Built: 1963
Sq Ft: 19786.0
Business: Other
Construction: Brick, Frame
Floor Type: Carpet, Ceramic Tile
Financing:
Utilities: Cable Available, Electricity Available, Natural Gas Available, Sewer Available, City Water
Acreage: 2.62
Lot: Irregular
Frontage: County Road, Paved, Highway
Energy Generation:
Heat/Cooling: Natural Gas, Forced Air, Central Air, Window Units
Information deemed reliable but not guaranteed
 | Edge Realty Group 319-351-3355 |
Listing Office: Lepic-Kroeger, REALTORS - Agent: Jeff Edberg - Information furnished by Iowa City Area Association of Realtors