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    Thriving Hardware Store in Elgin, IA Title is generated by Realmo AI

    249 Center Street, Elgin, IA 52141

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    Claim this Listing
    For Sale
    $225,000

    COMMERCIAL - Elgin, IA

    Added:
    Apr 23, 2026
    Days on Market:
    22
    Last Refresh:
    May 14 at 6:06 am

    Property Features for 249 Center Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Bathrooms
    2
    Rooms
    Bathroom 2, Bathroom 1
    Basement
    Crawl Space
    Standard status
    Active
    APN
    0814279002

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    2
    Flooring type
    Concrete, Wood
    Building materials
    Brick, Block

    We can help!

    Listing Contact
    Jeff Marcks
    Jeff Marcks

    Listing agent Jeff Marcks

    Listing office EXIT Realty Driftless Group 227 Center St, Elgin, IA

    Listing date Apr 23, 2026

    MLS# 154446

    Copyright © 2026 East Central Iowa Association 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

    • Thriving hardware store with a long‑standing reputation.
    • Diverse revenue streams from hardware sales, small‑engine repair, equipment rentals, and bulk foods.
    • Includes an upper‑level apartment for owner occupancy or rental income.
    • Located in the center of charming Elgin, Iowa.
    • Constructed of durable brick and block.
    • Features both forced air heating and central air cooling.

    Overview

    Located in the center of Elgin, Iowa, Strahm Hardware is a local business. The store serves contractors, farmers, and DIYers, offering small-engine repair and sales, equipment rentals, and an expanding selection of bulk foods. The property includes an upper-level apartment or living quarters, offering the option for on-site living or rental income. The property is zoned commercial.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Strahm Hardware Building Supply

    Suggested Use

    Restaurant Real Estate Agency Law Firm Big Box & Wholesale Store Auto Repair Shop Hair Salon Gym & Fitness Center Kitchen & Bath Showroom Food Market Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Fayette
    State
    Iowa
    Longitude
    -91.62824
    Latitude
    42.95702

    FAQs

    What type of property is this?
    Storefront property - Established hardware store with living quarters in Elgin, Iowa.
    Where is this storefront property located?
    The property is located at 249 Center Street Elgin, IA.
    What is the asking price?
    The asking price for this property is $225,000.
    What are key features of this property?
    This property features: Thriving hardware store with a long‑standing reputation.; Diverse revenue streams from hardware sales, small‑engine repair, equipment rentals, and bulk foods.; Includes an upper‑level apartment for owner occupancy or rental income.
    (319) 231-9037
    We can help!
    Listing Contact
    Jeff Marcks
    Jeff Marcks
    Learn More
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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
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