131 2Nd StDavenport, IA 52801

Property Details for 131 2Nd St

Year built

1887

Lot size

0.26 AC

Property size (Sq ft)

3,477 SF

Property type

Retail properties

Property subtype

Retail space

APN

L0010-33D

APU

L001033D

Description

This exceptional Class A office condominium, located at 131 W 2nd St in Davenport, IA, presents a unique investment opportunity. The 79,573 square foot space occupies the entire third floor of the historic Redstone Building, a four-story structure situated in the heart of downtown Davenport. This vibrant location offers unparalleled access to a variety of amenities, including theaters, hotels, restaurants, shops, and the Mississippi River, all within walking distance. The building itself boasts a recently remodeled common area, secure card access, and elevator service. Convenient covered parking is available adjacent to the building. The main level features two established restaurants, and the second and fourth floors house thriving businesses, indicating a strong and active commercial environment. Currently vacant and in shell condition, this space is ready for immediate tenant build-out, allowing for complete customization to suit diverse business needs. The property is zoned C-D, offering flexibility in potential uses. The sale price is $1,495,000, inclusive of a $300,000 tenant improvement allowance; without the allowance, the price is $1,195,000. Lease options are also available, ranging from 1,500 to 11,705 square feet (subdividable), with lease rates and tenant improvement allowances varying based on lease term length. This 0.66-acre property offers incredible Mississippi River views and presents a compelling opportunity for businesses seeking a prestigious and convenient downtown location.

• CAP approach

  CAP return

  Valuation

  6%

  $922,886

  6.5%

  $851,895

  7%

  $791,045

• Comparable approach

  Method

  Valuation

  Relative Method

  $889,550

  Geo Method

  $1,141,256

• Alternative Use

  Use

  Valuation

  Residential

  $718,605

  Hospitality

  $658,238

  Educational

  $547,647

  Medical

  $566,481

  Retail

  $851,895

Location Insight

City

Davenport

County

Scott

State

Iowa

Latitude

41.521

Longitude

-90.5751

CBSA code

19340

CBSA name

DAVENPORT-MOLINE-ROCK ISLAND, IA-IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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