405 Main St Marshalltown, IA 50158-1928

This exceptional 231,400 square foot former hospital complex presents a unique redevelopment opportunity. Situated on a 7.04-acre lot in Marshalltown, Iowa's Downtown Urban Renewal District, this six-building, six-story property offers significant potential for mixed-use development. The city actively supports a major redevelopment project, providing access to substantial financial incentives, including tax abatement and Tax Increment Financing (TIF) rebates. Previously owned and operated by Unity Point, the property boasts 241 parking spaces and is zoned MU. Renovations were completed in 2004 and 2007. The property, vacant since Spring 2022, is ideally suited for a variety of uses, including market-rate and/or low-income multifamily housing, senior housing, assisted living facilities, retail, restaurants, and medical/office spaces. The seller is open to considering 1031 exchanges and offering financing up to 50% of the purchase price for qualified buyers. A one-week due diligence period is offered, with a fully refundable 5% earnest money deposit. The property's address is 405 E Main St, Marshalltown, IA 50158, and its APN is 8418-35-226-002, 005, and 006. A virtual tour is available.