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    LeMars Hotel with Event Room Title is generated by Realmo AI

    1201 Hawkeye Ave. SW, Le Mars, IA 51031

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    For Sale
    $1,399,999

    COMMERCIAL - LeMars, IA

    Lot size:
    2.30 Acres
    Added:
    Mar 5, 2026
    Days on Market:
    93
    Last Refresh:
    Jun 6 at 1:06 am

    Property Features for 1201 Hawkeye Ave. SW

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Standard status
    Active
    APN
    1217376004
    Lot size
    2.30 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    PT SE 1/4 SW 1/4 17-92-45 2.4 AC CITY LANDS LEMARS
    Tax Annual Amount
    26616

    Building Details

    Year built
    1989
    Roof type
    Shingle

    We can help!

    Listing Contact
    Lisa Pageler
    Lisa Pageler

    Listing agent Lisa Pageler License #B30185

    Listing office 1st Choice Realty 20 Central Ave NE, LeMars, IA

    Listing date Mar 5, 2026

    MLS# 832037

    Copyright © 2026 Northwest Iowa Regional Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High‑traffic location in LeMars, Iowa, near a stop light, with proximity to restaurants, grocery stores (Hy‑Vee, Wal‑Mart), and other retail.
    • 60‑unit hotel with a variety of room types, including deluxe and standard suites, king rooms, and double bed rooms.
    • Includes an 1800 SF event room with potential for conversion into a dining/bar area.
    • Ample parking with 64 marked spots and a large gravel area for trucks/trailers.
    • On‑site amenities include complimentary breakfast, coin‑operated laundry, vending machines, and security cameras.
    • Located in LeMars, the 'Ice Cream Capital of the World', near major employers (Wells Enterprises, Kemps Dairy) and the Floyd Valley Health Care & Clinic.

    Overview

    This commercial property in LeMars, Iowa, features a 60-unit hotel with interior corridors. The unit mix includes 2 deluxe suites, 4 standard suites, 10 standard rooms with king beds, 43 rooms with two double beds, and 1 standard suite with a queen bed that is ADA compliant. All fixtures, furniture, and equipment are included in the sale. Each room has a PTAC unit and newer carpet. The property is located in a high-traffic area near a stop light. The 60 rooms are spread across three floors. A complimentary breakfast is offered in the dining area. Security cameras are in place. There is an on-site coin-operated laundry and vending area. An area is available for an exercise room, currently used for storage. Attached is an 1800-square-foot event room with potential for conversion into a dining or bar area, including stools, chairs, tables, and a hotdog roller. It has its own bathroom, water heater, and electrical panel. The site has 64 marked parking spots and a large gravel area for trucks and trailers. The shingles on the main building were replaced in 2016, with several updates in 2017. The property is within walking distance of 4 Brothers Restaurant, Hy-Vee, Wal-Mart Super Store, and Dollar Tree. LeMars hosts several events that draw outside visitors, including a 5-day County Fair, HomeTown Christmas, and Brown's Theater. Downtown LeMars features an Ice Cream Parlor, Alley Art, shops, Brown's Event Center, and dining choices. The LeMars Industrial Park is home to corporations such as Wells Enterprises (Blue Bunny Ice Cream), Kemps Dairy, Bodeans, and Schuster Trucking. Floyd Valley Health Care & Clinic and the city airport are nearby. Le Mars is the county seat of Plymouth County, located 20 miles north of Sioux City. The lot size is 2.3 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Le Mars Inn ... Hotel & Motel

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Le Mars
    County
    Plymouth
    State
    Iowa
    Longitude
    -96.183314
    Latitude
    42.780506

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    FAQs

    What type of property is this?
    Hotel - 60-unit hotel with event room in high-traffic area.
    Where is this hotel located?
    The property is located at 1201 Hawkeye Ave. SW Le Mars, IA.
    What is the asking price?
    The asking price for this property is $1,399,999.
    What are key features of this property?
    This property features: High‑traffic location in LeMars, Iowa, near a stop light, with proximity to restaurants, grocery stores (Hy‑Vee, Wal‑Mart), and other retail.; **60‑unit hotel with a variety of room types, including deluxe and standard suites, king rooms, and double bed rooms.**; Includes an 1800 SF event room with potential for conversion into a dining/bar area.
    (712) 546-5550
    We can help!
    Listing Contact
    Lisa Pageler
    Lisa Pageler
    Real Estate License ID: B30185
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

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

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