36 W 4th St Dubuque, IA 52001

The Canfield Hotel, a six-story historic property, is located at 36th W 4th Street in Dubuque, Iowa. This 29,442 square foot hotel features classic brick architecture and contains 54 rooms. The room breakdown includes 6 standard rooms with 1 queen bed, 42 standard rooms with 1 double bed, 1 family room with 2 queen beds, and 5 family rooms with 2 double beds. The 4th and 5th floors have undergone recent upgrades, featuring new carpet, paint, furniture, and bedding. The hotel has a new central AC unit installed in 2023, a new water heater installed in 2023, electrical upgrades on the 4th and 5th floors completed in 2023, and a rubber roof maintained and updated in 2022. The hotel features two commercial-grade washers and dryers and utilizes a key-entry system for its guest rooms. There is also a dedicated parking lot across the street for overflow parking. The hotel has an onsite bar that can accommodate up to 100 guests, complies with all fire and safety regulations, and comes fully equipped with a karaoke system, lighting, and a transferable liquor license. The sale also includes approximately $22,000 in bar inventory. The hotel is fully staffed, with a hotel manager and bar manager already in place. The Canfield Hotel offers flexible revenue streams with a mix of nightly guests and extended stay tenants. Currently, 24-30 rooms are utilized for extended stay guests, with the remaining rooms available for nightly rentals. Nightly rates range from $70-80 per night, and extended stay rates range from $750-1200/month. The average daily rental rate is $45, with current occupancy at 55%. The property is located in Dubuque, Iowa, a regional tourist destination featuring the city's unique architecture, casinos and river location.