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    116 N Illinois St Lake City, IA 51449

    For Sale
    $110,000

    Retail, Commercial Sale - Lake City, IA

    Days on Market:
    31
    Last Refresh:
    Dec 14 at 1:06 am

    Property Features for 116 N Illinois St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    863307466003
    Parking features
    On Street

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1900
    Number of units
    1
    Building materials
    Brick, Metal Siding
    Architectural style
    Other

    Exit Realty Frontier (515) 227-7355

    Listing agent Emily Melody (515) 227-7355 License #***

    Listing date Nov 14, 2025

    MLS# 6333743 Listing URL

    Copyright © 2025 NoCoast MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Established Restaurant and Bar Fixture

    This established restaurant and bar, known as One More Wheel, is available for purchase. A fixture in Lake City for decades, this location has operated for nearly 40 years, previously known as Jalisco’s and the Wagon Wheel. The building has served as a community gathering spot. The sale includes all restaurant trade fixtures. This property is located in Lake City, Iowa.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Jalisco Mexican Restaurant ... Mexican Restaurant

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lake City
    County
    Calhoun
    State
    Iowa
    Longitude
    -94.732271
    Latitude
    42.268003

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    FAQs

    What type of property is this?
    Restaurant - Popular restaurant and bar in Lake City, Iowa for sale.
    Where is this restaurant located?
    The property is located at 116 N Illinois St Lake City, IA.
    What is the asking price?
    The asking price for this property is $110,000.
    What are key features of this property?
    This property features: - Established restaurant location with a 40-year history as a community gathering spot.; - Includes all restaurant trade fixtures, allowing for immediate operation.; - Building loaded with character.
    (515) 227-7355
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    116 N Illinois St Lake City, IA 51449
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    Lake City, IA 51449
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    116 N Illinois St Lake City, IA 51449
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