300 Main St Keokuk, IA 52632

This distressed retail property, River City Mall, presents a compelling value-add investment opportunity in Keokuk, Iowa. The 208,492 square foot, multi-tenant shopping center, built in 1969 and renovated in 2003, sits on a 9.09-acre lot (APN: 04-45-21-25-480-0180) and features two, one-story buildings with 41 units. Currently, the occupancy rate is 23%, with 10 credit-rated tenants, including Dollar General, generating a NOI of $0. The asking price is $600,000 ($2.88/sq ft, $66,000/acre), reflecting a pro-forma cap rate of 29%. The property is zoned C-Commercial and benefits from a high-traffic location on Highway 218, averaging 10,700 vehicles daily, and its proximity to the Mississippi River. While requiring significant renovations, including roof repairs, the property includes a closed three-screen cinema—the only one within a 35-minute radius. The property's size and location offer substantial redevelopment potential. The sale is considered distressed. Lee County offers various business incentives, including Opportunity Zones and tax abatements. The property's strategic location, coupled with the available incentives and the potential for revitalization, makes it an attractive investment for those seeking a significant upside. The property's location offers easy access to major transportation routes including US Highways 218 and 61, as well as the Burlington Northern Santa Fe Railway and the Mississippi River.