407 Blondeau St, Unit 101 Keokuk, IA 52632-5653

Property Details for 407 Blondeau St

Year built

1860

Lot size

0.16 lot acres

Property size

13,500 SF

Property type

Investment properties

Property subtype

Live-work space

APN

04-45-21-25-436-0360

APU

44521254360360

Description

This exceptional mixed-use property in Keokuk, Iowa, presents a compelling investment opportunity. Located at 407 Blondeau St, this historically significant building boasts a blend of residential and commercial space, perfectly suited for a value-add strategy. The 12,031 square foot building, constructed in 1925 and extensively renovated in 2013, comprises six units: four apartments and two commercial spaces (retail/office). The property sits on a 0.72-acre lot and is zoned C-Commercial and L-Residential 3+, offering flexibility for future development. Currently operating at 100% occupancy, the property generates a strong pro-forma NOI of $67,464, resulting in a 10% pro-forma cap rate. Significant upgrades include an ADA-compliant elevator, an energy-efficient sedum rooftop garden, and private garages – rare features in a building of this age. The property benefits from its location in an Opportunity Zone and includes surplus land adjacent to the building, presenting additional development or sale potential. The current lease type is gross, with multiple tenants. The building is a two-story structure, classified as Class B. While there are no existing pet fees, garage fees, or event venue charges for the rooftop and outdoor gathering space, there's potential to add revenue streams such as pet park or grill station amenities. The absence of extended stay or short-term lease options also presents an opportunity for increased income. This fully renovated, up-to-code property offers a predictable cost basis for future improvements, unlike many comparable mixed-use properties. The APN is 044521254360360.