315 Adams StCreston, IA 50801

Property Details for 315 Adams St

Year built

1900

Lot size

0.19 AC

Property size (Sq ft)

11,954 SF

Property type

Turn key restaurants

APN

501460011

APU

501460011

Description

This mixed-use property at 315 W Adams Street, Creston, IA, presents a unique investment opportunity on a 0.19-acre lot. The building features a large street-level commercial space ideal for a restaurant or other retail business. Existing restaurant equipment is included, comprising two hot buffet tables, one cold buffet, an ice cream cabinet, pop dispenser, rice steamers, a sprinkler-equipped grill, a commercial dishwasher, stainless steel sinks, a meat slicer, stainless steel work tables, shelving, and a walk-in cooler. Additionally, there's a separate open party room and a large meeting room/convention space with a private entrance. Upstairs, ten large hotel rooms, each with a full bath, offer significant rental income potential. Four pairs of rooms have connecting doors. Some existing furnishings are included, such as beds/bed frames, multiple apartment-sized refrigerators, dressers, and small tables and chairs. Multiple water heaters are also in place. The motel rooms are a valuable asset given the scarcity of such accommodations in Creston. The building's flooring is somewhat dated but otherwise in rentable condition. The basement contains exercise equipment, suggesting potential for a fitness center. The asking price is $335,000, offering a strong return on investment considering the potential rental income from the hotel rooms alone. The commercial space's revenue could easily cover operating expenses.

• CAP approach

  CAP return

  Valuation

  6%

  $3,078,702

  6.5%

  $2,841,878

  7%

  $2,638,887

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,537,533

  Geo Method

  $1,537,533

• Alternative Use

  Use

  Valuation

  Residential

  $2,397,231

  Hospitality

  $2,195,850

  Educational

  $1,826,922

  Medical

  $1,889,752

  Retail

  $2,841,878

Location Insight

City

Creston

County

Union

State

Iowa

Latitude

41.0576

Longitude

-94.3645

Property Tax & Assessments

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