Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Redevelopment Opportunity on 3.5 Acres Title is generated by Realmo AI

    905 S WASHINGTON ST, Bloomfield, IA 52537

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Former motel ideal for apartment conversion or mixed-use redevelopment.

    Type:Hospitality
    Lot size:
    3.50 Acres
    Added:
    May 12, 2026
    Days on Market:
    22
    Last Refresh:
    May 14 at 9:31 pm

    Property Features for 905 S WASHINGTON ST

    General Information

    Standard status
    Active
    Lot size
    3.50 Acres
    Property subtype
    Hospitality

    Building Details

    Year Built
    1978

    We can help!

    Listing Contact
    Ben Grotzke
    Ben Grotzke

    Listing agent Ben Grotzke License #IA S66165

    Listing office LPT Realty

    Listing date May 12, 2026

    Source Crexi

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

    All listing content including descriptions, pricing, images are the copyrighted material of LPT Realty

    HighLights

    • Approx. 3.5 acres with redevelopment potential for apartments, workforce housing, or extended stay concept.
    • Additional parcel included, generating supplemental income during redevelopment.
    • Existing motel structure is ideal for conversion or repositioning into multifamily units.
    • Large footprint allows for future expansion, additional amenities, storage, or parking.
    • High‑demand rental market with strong long‑term potential.
    • Potential tax incentives, redevelopment grants, or value‑add upside.

    Overview

    This former motel property, situated on approximately 3.5 acres, presents a redevelopment opportunity with upside potential. The existing layout is suited for conversion into apartments, workforce housing, an extended stay concept, or a mixed-use development. The site allows for future expansion, additional amenities, storage, parking, or new construction. Strong demand for affordable housing and rentals in the area enhances the appeal for investors, developers, and operators seeking appreciation. The offering includes an additional parcel that generates supplemental income, providing immediate cash flow while redevelopment plans and improvements are implemented. Potential tax incentives, redevelopment grants, or value-add upside may be available. The property is located in Bloomfield, IA.
    Location Intelligence

    Current Use by Public Records

    Southfork Motel and Grill Restaurant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Bloomfield
    County
    Davis
    State
    Iowa
    Longitude
    -92.412535
    Latitude
    40.743617

    Nearby Similar for Sale

    • $189,000

      20 Acres on Highway 63

      20 acres of land suitable for building along Highway 63.
      Hwy 63, Bloomfield, IA 52537
      View Details
    • $89,000

      Commercial Land on Highway 63

      3.58 acres of commercial land with high traffic volume.
      702 S Washington Street, Bloomfield, IA 52537
      View Details
    • $42,000

      Bloomfield Land Opportunity

      6 acre lot perfect for building or hobby farm.
      0003 220th Street, Bloomfield, IA 52537
      View Details
    • $149,000
      1,044 SF

      Bloomfield Duplex Investment Opportunity

      Fully occupied duplex in Bloomfield, Iowa with strong rental income.
      402 S Columbia Street, Bloomfield, IA 52537
      View Details
    • $45,000

      Land Near Troy, Iowa

      4.5 acre building spot west of Troy, Iowa.
      0002 215th Street, Bloomfield, IA 52537
      View Details
    • $290,000

      Bloomfield Commercial Building with Apartments

      Established commercial building with retail space and two apartments.
      108 S Madison Street, Bloomfield, IA 52537
      View Details
    • $28,000

      Residential Lot in Country Club

      Residential lot in Country Club Estates Subdivision.
      17 Country Club Drive, Bloomfield, IA 52537
      View Details

    FAQs

    What type of property is this?
    Commercial land - Former motel ideal for apartment conversion or mixed-use redevelopment.
    Where is this commercial land located?
    The property is located at 905 S WASHINGTON ST Bloomfield, IA.
    What is the asking price?
    The asking price for this property is $900,000.
    What are key features of this property?
    This property features: Approx. 3.5 acres with redevelopment potential for apartments, workforce housing, or extended stay concept.; Additional parcel included, generating supplemental income during redevelopment.; Existing motel structure is ideal for conversion or repositioning into multifamily units.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Ben Grotzke
    Ben Grotzke
    Real Estate License ID: IA S66165
    Learn More
    Request Owner's contact information
    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.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    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
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    905 S WASHINGTON ST, BLOOMFIELD, IA
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!