Coralville · Johnson County · active
"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.
No seller disclosure is attached to this listing in the MLS. Ask the listing agent for the Seller’s Property Disclosure Statement before you write an offer.
Read the full disclosure yourself. This is an automated summary of one document, not the document itself, and not legal, structural, or inspection advice. It cannot show which boxes the seller checked, and it may miss or misread items. You must read the complete Seller’s Property Disclosure Statement before you make an offer and before you decide whether to order or waive any inspection. Waiving an inspection on the strength of this summary is not something we can support.
Documents are supplied by the listing brokerage through the ICAAR MLS and are reproduced here as filed. They are deemed reliable but not guaranteed.
320 2nd St, Coralville, IA, 52241
