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    240 Center St Elgin, IA 52141

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    For Sale
    $150,000

    Historic Restaurant, Income Potential, Updated

    Property size:
    4,892 SF

    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

    We can help!

    Listing Contact
    Jeff Marcks
    Jeff Marcks

    Listing Agency: EXIT Realty Driftless Group Listing Agent: Jeff Marcks

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    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 Profile Insight Report Location Intelligence

    Current Use by Public Records

    Valley Community Coalition Medical Clinic

    Suggested Use

    Real Estate Agency Restaurant Law Firm Hair Salon Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store Accounting Firm Bar & Pub Kitchen & Bath Showroom

    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

    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
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    240 Center St
    Elgin, IA 52141
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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.

    More about this property
    240 Center St Elgin, IA 52141
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    We can help!
    Listing Contact
    Jeff Marcks
    Jeff Marcks
    (319) 231-9037
    Learn more
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