320 2nd St
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.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $5,950,000 |
| Year Built: | 1963 |
| Opportunity Zone: | No |
| Property Website | Click Here |
| Number of Bedrooms: | 0 |
| Number of Bathrooms: | 1 |
ID: 3yd-ICAARIA-202604575
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