$278,000.00

216/220 E 1st StreetIndependence, IA 50644

216/220 E 1st Street, Independence, IA
  • 216/220 E 1st Street, Independence, IA
  • 216/220 E 1st Street, Independence, IA
  • 216/220 E 1st Street, Independence, IA
  • 216/220 E 1st Street, Independence, IA
  • 216/220 E 1st Street, Independence, IA
  • 216/220 E 1st Street, Independence, IA
Great investment opportunity downtown Independence IA. This sale includes the building and some equipment from the restaurant side but does not include the sale of either business. Both tenants have 5-year leases with option and pay for all utilities. There is additional income potential in an office/retail space that is currently vacant in the front of the building in the lower level. This building was built with concrete floors between the levels along with the roof. Both units have a usable dry basement and on the restaurant side it is set up as a party room. Walk in cooler and walk in freezer stay with the building along with the hood and Ansel system. There is city parking lot in the back of the building for plenty of off-street parking along with some private parking spaces directly behind the building.
MLS ID #:
20205792

Property Address:
216/220 E 1st Street
Independence, IA 50644

County:
Buchanan

Region:
Outside the Metro Area

Location:
Downtown

Year Built:
1664

Property Type:
Commercial

Sub-Type:
Office/Retail

Building Description:
1 Story, Basement, Multi-Tenant

Insulation:
Roof

Date Listed:
November 19th, 2020

Status:
Active

Price:
$278,000.00

Ownership:
Individual

Possession:
At Closing, Subject to Tenant Right

Gross Taxes:
$3,756.00

Tax Year:
2019

Tax Incentives:
In City Limit

Gross Op Income:
$36,600.00 Actual

Net Op Income:
$31,244.00 Actual

Gross Op Expense:
$5,356.00 Actual

Multi-Tenant:
Yes

Tenant Pays:
Cooling, Electric, Gas, Heating, Internal Maintenance, Janitorial, Mechanical Maintenance, Snow/Lawn, Trash, Water/Sewer

Possible Financing:
Cash Convention

Terms/Lease:
N/A

Sale/Lease Type:
Normal Sale

For Sale:
Yes

Ivestment:
Yes

Zoning:
Commercial

Potential Use:
Office, Other Potential Uses, Retail

Legal Desc:
Brief legal; S & M W3/4 LOT 7 BLK 3

Parking:
6

Included:
Building, Land, Other Sale/Lease Includes

Total Avail Sq Ft:
14,400 sq ft

Total Building Sq Ft:
14,400 sq ft

Office SqFt:
900 sq ft

Retail SqFt:
13,500 sq ft

Lot Sq Footage:
10230

Acres:
0.2350

Frontage/Access:
City Street, Inside Lot

Exterior:
Brick

Roof Construction:
Comp Roll, Flat, Membrane, Other Roof Construction

Wall Construction:
Block

Floor Construction:
Concrete, Reinforced Concrete

Utilities Available:
Electric, Fiber Optics, Gas, Phone, Sewer, Water

Sewer Type:
City Sewer

Heating:
Forced Air, Gas, Individual Units, Zones

Cooling:
Central, Individual Control, Individual Units

Realtor/Equal Housing Lender Listing provided courtesy of Allen Real Estate Company, LLC.
Listing Agent: Nathan Trappe
IDX information is provided exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed accurate by the MLS.

Additional Photos

  • 216/220 E 1st Street, Independence, IA 50644
  • 216/220 E 1st Street, Independence, IA 50644
  • 216/220 E 1st Street, Independence, IA 50644
  • 216/220 E 1st Street, Independence, IA 50644
  • 216/220 E 1st Street, Independence, IA 50644
  • 216/220 E 1st Street, Independence, IA 50644

Property Location Map


View Larger Map

Request Showing

If you would like to speak to an agent about viewing this property, please fill out and submit the form below. An agent will then contact you to schedule a showing of this property.

*Denotes required fields.


  • Reload Image