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    Property profile & analytics

    240 Center St Elgin, IA 52141

    • Turn key restaurants
    • 7,480 SF
    • 0.10 lot acres
    For Sale
    View listing
    $150,000
    Value Estimation
    Last Sale
    Apr 30, 2021
    $42,000
    Location Intelligence
    Property ID
    US25-2274441
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Valley Community Coalition / Addiction Treatment Center

    Property Details for 240 Center St

    Year built
    1945
    Construction
    CONCRETE
    Lot size
    0.10 lot acres
    Property size
    7,480 SF
    Property type
    Turn key restaurants
    APN
    814277024
    APU
    814277024

    Description

    This exceptional commercial property, located at 240 Center Street in Elgin, Iowa, presents a unique investment opportunity. Situated in the picturesque town known as "Little Switzerland," this building enjoys a prime location near the Turkey River and Gilbertson's campground, ensuring high visibility and foot traffic. The property's history as the former Dotzy's restaurant adds to its charm, featuring a distinctive penny mosaic floor and a legacy as a recipient of the 2019 Iowa Cattleman's Top 10 Burger award. The building offers significant income potential with two existing apartments: a two-bedroom unit and a one-bedroom unit, both located at the rear of the first floor and currently generating rental income. Significant improvements have been made to the property, including a new TPO membrane roof installed in 2021, updated kitchen flooring, and the complete restoration of the second story to create usable space. The building encompasses 4,892 square feet and sits on a 0.1-acre lot. This property is ideal for a variety of commercial uses and offers a compelling blend of history, income generation, and recent renovations. The asking price is $150,000.

    Value Estimation

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Fayette
    State
    Iowa
    Longitude
    -91.6302
    Latitude
    42.9576

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $1,266
    $4,950
    $78,010
    $82,960
    -
    $4,950
    $78,010
    $82,960

    Comparable in this City

    • Value Estimation by Request
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      318 Ml Ave

      BAKERY • 4,968 SF
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    • Value Estimation by Request
      2,450 SF

      112 Ctr St

      SERVICE STATION (FULL SERVICE) • 2,450 SF
      112 Ctr St, Elgin, IA 52141-9312
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    • Value Estimation by Request
      5,486 SF

      227 Ctr St

      RETAIL STORES (PERSONAL SERVICES) • 5,486 SF
      227 Ctr St, Elgin, IA 52141-9334
      View Details
    • Value Estimation
      $45,000
      6,197 SF

      249 Ctr St

      RETAIL STORES (PERSONAL SERVICES) • 6,197 SF
      249 Ctr St, Elgin, IA 52141-9334
      View Details
    • Value Estimation by Request
      1,386 SF

      245 Ctr St

      RETAIL STORES (PERSONAL SERVICES) • 1,386 SF
      245 Ctr St, Elgin, IA 52141
      View Details
    • Value Estimation by Request
      2,200 SF

      314 Ml Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,200 SF
      314 Ml Ave, Elgin, IA 52141
      View Details

    Similar Nearby for Sale

    • $399,000
      7,892 SF

      Thriving Bar and Restaurant Opportunity

      Established bar and restaurant in Harpers Ferry, Iowa for sale.
      112 N 3Rd St, Harpers Ferry, IA 52141
      View Details
    • $150,000
      4,892 SF

      Elgin Commercial Building - Prime Location

      Historic Restaurant, Income Potential, Updated
      240 Center St, Elgin, IA 52141
      View Details
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    240 Center St
    Elgin, IA 52141
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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
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