Council Bluffs Turnkey Commercial
For Sale
$380,000
Pending
2701 HARRY LANGDON Boulevard, Council Bluffs, IA 51503
COMMERCIAL - COUNCIL BLUFFS, IA
Property Size2,880 SF
Days on Market485
Property Features for 2701 HARRY LANGDON Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Basement
Full
Subdivision
Area 8
Standard status
Pending
APN
7443 06 377 004
Size
2,880 SF
Taxes and HOA fees
Tax Year
2023
Tax Description
AUD SUB LT 5 MALLETTS SUB LTS 1,2 & 3 LYING N OF HWY EX N150'
Legal Description
AUD SUB LT 5 MALLETTS SUB LTS 1,2 & 3 LYING N OF HWY EX N150'
Utilities
Utilities
Phone Available
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
1920
Building materials
Frame
Roof type
Flat
Listing Agency:
Better Homes and Gardens Real Estate The Good Life Group
(402) 932-5989
Listed By:
Dalton Petersen · License #S67442000
(402) 881-2074
Added: Apr 28, 2025
Changed: Aug 4
Last Checked: Aug 25 at 2:06PM
MLS# 25-728
Copyright © 2026 Southwest 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.
Investment Insights
Based on property information with market context.
This turnkey business, a Council Bluffs staple for over 100 years, is ready for new ownership. Currently operated as a bar, the 2,880-square-foot building could easily accommodate a full-service restaurant and bar with the addition of a kitchen. Situated on just over a half-acre, the property features an asphalt parking lot with ample parking and excellent road frontage on Harry Langdon Boulevard. Its location provides close interstate access and is just minutes from downtown Council Bluffs, Omaha, and the metro area.
Key Highlights
- Building built in 1920 with frame construction
- 2,880 sq ft building with flat roof
- Central air cooling; forced air natural gas heating
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,615
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.06%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$612,300
$612.3K
Cap Rate 7%
$437,357
$437.4K
Cap Rate 9%
$340,167
$340.2K
Market Conditions
NOI Build-Up for 2,880 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$44.6K $15.48/SF
− Vacancy
−$3.8K −$1.31/SF
EGI
$40.8K $14.17/SF
− OpEx
−$10.2K −$3.54/SF
NOI
$30.6K $10.63/SF
Area
Pottawattamie County, IA
Vacancy
8.44%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$612,300
Cap Rate 7%
$437,357
Cap Rate 9%
$340,167
Alternative Uses
Best Use
Specialty Retail
$437.4K
$382.7K – $510.3K
NOI $30,615 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$550.0K
$481.3K – $641.7K
NOI $38,501 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
587
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 100%
Americinn
Hotels & Casinos
587 visits/mo
0.4 miles
Demographics for 51503, IA
37,330
Population
16,154
Households
2.3
Avg Household Size
41
Median Age
30%
College-Educated
94%
High-School Grad
121.7 sq mi
ZIP Area
307
Density / Sq Mi
$76,064
Median Household Income
$46,986
Median Earnings
$964
Median Rent
$252,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Sam's Club Cafe — 3221 Manawa Centre Dr, Council Bluffs, IA 51501
- Sam's Club Cafe — 3221 manawa center dr, council bluffs, ia 51501
- Bido's Place
- Driftwood Inn Inc. — 2701 Harry Langdon Blvd, Council Bluffs, IA 51503
- Oskies — 1851 Madison Ave, Council Bluffs, IA 51503
Frequently Asked Questions
What type of property is this?
Bar & Pub - Turnkey bar with ample parking and great road frontage.
Where is this bar & pub located?
The property is located at 2701 HARRY LANGDON Boulevard Council Bluffs, IA.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Building built in 1920 with frame construction; 2,880 sq ft building with flat roof; Central air cooling; forced air natural gas heating
