20
See all 20 photos
$850,000
Est. payment /mo
1.95 Acres Lot
New
1220 Main Street Keokuk, IA 52632
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UPDATED:
12/19/2024 08:44 PM
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
MLS Listing ID 709132
HOA Y/N No
Year Built 1957
Annual Tax Amount $19,142
Lot Size 1.950 Acres
Acres 1.95
Property Description
This well-maintained retail strip center offers a solid investment with substantial growth potential. W/ 26,200 sq ft across three units, the property includes two stable, long-term tenants, Goodwill Industries and Rent-A-Center, generating a total NOI of $88,152. With one unit currently vacant, there's an opportunity to further increase cash flow by leasing the remaining 7,000 sq ft at an attractive $8 per square foot. Projected stabilization with market-adjusted rents could increase the NOI to an estimated $137,000, providing a strong upside for investors.
Key property highlights: Recent renovations in 2015, a solid roof, updated mechanicals, and a recently resurfaced parking lot with ample parking (144 spaces). Functional design with 13'8" ceiling heights, three bay doors, and flexible layout options, making it adaptable to various retail or service-based tenants.This location benefits from excellent visibility on Main Street, which serves as Keokuk's main commercial road & also functions as Highways 218 and 61. With 12,100 vehicles passing daily, the property has strong exposure and accessibility from both local and interstate traffic. Positioned across from Walgreens and blocks from Highway 136, this location draws customers from Iowa, Illinois, and Missouri,and as a regional shopping destination. As an investment property, this retail strip center has a unique combination of stability, growth potential, and strategic location, the primary economic hub of Lee County.
Key property highlights: Recent renovations in 2015, a solid roof, updated mechanicals, and a recently resurfaced parking lot with ample parking (144 spaces). Functional design with 13'8" ceiling heights, three bay doors, and flexible layout options, making it adaptable to various retail or service-based tenants.This location benefits from excellent visibility on Main Street, which serves as Keokuk's main commercial road & also functions as Highways 218 and 61. With 12,100 vehicles passing daily, the property has strong exposure and accessibility from both local and interstate traffic. Positioned across from Walgreens and blocks from Highway 136, this location draws customers from Iowa, Illinois, and Missouri,and as a regional shopping destination. As an investment property, this retail strip center has a unique combination of stability, growth potential, and strategic location, the primary economic hub of Lee County.
Location
State IA
County Lee
Area Other
Zoning C
Interior
Fireplace No
Exterior
Private Pool No
Building
Sewer Public Sewer
Water Public
Others
Tax ID 044521251830090
Monthly Total Fees $1, 595
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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Listed by Keller Real Estate Services
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