Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    240 Center St Elgin, IA 52141

    For Sale
    $150,000

    Historic Restaurant, Income Potential, Updated

    Property size:
    4,892 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    308
    This exceptional commercial property, located at 240 Center Street in Elgin, Iowa, presents a unique investment opportunity. Situated in the picturesque town known as "Little Switzerland," this building enjoys a prime location near the Turkey River and Gilbertson's campground, ensuring high visibility and foot traffic. The property's history as the former Dotzy's restaurant adds to its charm, featuring a distinctive penny mosaic floor and a legacy as a recipient of the 2019 Iowa Cattleman's Top 10 Burger award. The building offers significant income potential with two existing apartments: a two-bedroom unit and a one-bedroom unit, both located at the rear of the first floor and currently generating rental income. Significant improvements have been made to the property, including a new TPO membrane roof installed in 2021, updated kitchen flooring, and the complete restoration of the second story to create usable space. The building encompasses 4,892 square feet and sits on a 0.1-acre lot. This property is ideal for a variety of commercial uses and offers a compelling blend of history, income generation, and recent renovations. The asking price is $150,000.

    Property Features for 240 Center St

    General Information

    Property type
    Other commercial real estate
    Square Feet
    4,892 SF
    Lot Size
    4,356 SF

    Building Details

    Year Built
    1945
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Valley Community Coalition Addiction Treatment Center

    Suggested Use

    Realty agency Restaurant Law Firm Hair Salon Clothing Store Auto Repair Shop Gym & Fitness Wholesale Shop Accounting Firm Bar & Pub

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

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Fayette
    State
    Iowa
    Longitude
    -91.63016
    Latitude
    42.95758

    Nearby Comparable

    • $269,500
      300 SF

      Established Commercial Property in Clermont, IA

      Turnkey business opportunity in a historic location near Turkey River.
      304 Mill St, Clermont, IA 52135
      View Details
    • $950,000

      Northeast Iowa Hunting and Recreational Farm

      94.74-acre surveyed hunting and recreational farm in Northeast Iowa.
      Tbd Acorn Rd, Wadena, IA 52169
      View Details
    • $980,000
      100.40 Acres

      Secluded Iowa Hunting and Recreational Farm

      100.4-acre surveyed farm with diverse terrain and abundant wildlife.
      Tbd Acorn Rd, Wadena, IA 52169
      View Details
    • $95,000
      736 SF

      Postville Commercial Building - Prime Location

      Remodeled commercial space, high visibility, drive-thru approved.
      139 Lawler St, Postville, IA 52162
      View Details
    • $175,800
      Pending

      Iowa Pasture and Recreational Land

      35.157 acres of fenced pasture and recreational land.
      Highway 150, Fayette, IA 52142
      View Details

    FAQs

    What type of property is this?
    Commercial real estate - Historic Restaurant, Income Potential, Updated
    Where is this commercial real estate located?
    The property is located at 240 Center St Elgin, IA.
    What is the asking price?
    The asking price for this property is $150,000.
    (319) 231-9037
    Request Owner's contact information
    240 Center St Elgin, IA 52141
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    240 Center St
    Elgin, IA 52141
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    240 Center St Elgin, IA 52141
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.