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    14 N Elm St Colfax, IA 50054

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    For Sale
    $720,000

    Profitable laundromat with six fully leased apartments in Colfax.

    Property size:
    4,789 SF

    Property Features for 14 N Elm St

    General Information

    Size
    4,789 SF

    Building Details

    Year built
    1979

    Source: Scott Obstarczyk Agent Scott Obstarczyk

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

    Overview

    Laundromat with Apartment Investment

    This property features a thriving laundromat and six well-maintained apartments, presenting a solid and reliable investment opportunity in Colfax, Iowa. Constructed in 1979, the property offers a steady income stream from the laundromat, which benefits from a loyal customer base, and additional rental income from the apartments. The laundromat's plumbing and electric systems were updated in 2018, and new asphalt was installed in 2020. Further improvements include a water heater replacement planned for 2025, an exterior remodel also planned for 2025, and a water softener update in 2024. Five of the apartment units have been updated between 2022 and 2025. The apartment mix includes three 1-bedroom units, two 2-bedroom units (one with a garage), and a studio apartment, all fully leased. The property is located in the heart of Colfax, near local amenities such as the Colfax Country Club and the Chichaqua Valley Trail. The property size is 4789 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Colfax Laundromat Laundromat

    Suggested Use

    Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Colfax
    County
    Jasper
    State
    Iowa
    Longitude
    -93.2439047
    Latitude
    41.6777865

    Nearby Similar for Sale

    • $325,000
      2,135 SF

      Colfax, IA Daycare Center for Sale

      Profitable Childcare Center - 2,135 sq ft
      31 State St, Colfax, IA 50054
      View Details

    FAQs

    What type of property is this?
    Apartment building - Profitable laundromat with six fully leased apartments in Colfax.
    Where is this apartment building located?
    The property is located at 14 N Elm St Colfax, IA.
    What is the asking price?
    The asking price for this property is $720,000.
    What are key features of this property?
    This property features: - Steady income stream from established laundromat business; - Six fully leased apartments providing additional rental income; - Recent updates to key infrastructure: laundromat plumbing/electric (2018), new asphalt (2020), water softener (2024), water heater (2025), exterior remodel (2025)
    (515) 208-1252
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    14 N Elm St Colfax, IA 50054
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    Colfax, IA 50054
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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
    14 N Elm St Colfax, IA 50054
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