121 5Th St Storm Lake, IA 50588

This exceptional commercial property, located at 121 E 5th St in Storm Lake, Iowa, offers 16,813 square feet of versatile office space, spread across two stories and a finished basement. Built in 1972, this Class B building boasts 13,644 square feet on the main and second floors, featuring numerous offices, restrooms, large work areas, and a conference room. The finished basement adds another 3,196 square feet, including a kitchen, office, restroom, and storage. The property includes a concrete parking lot. A deed restriction prohibits banking or insurance use. However, the property is zoned commercial and presents potential for conversion to apartments or condos, potentially benefiting from Iowa state grants and tax credit programs. The asking price is $399,500 ($23.76/sq ft). The 2023 assessed value is $545,340, significantly lower than the 2022 assessed value of $887,480. The lot size is 0.4 acres, and the APN is 1403208012. This is a unique opportunity to acquire a substantial, well-located commercial property in a thriving community.