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Listed by Trisha Rea Bridge City Realty
$ 335,000
Est. payment /mo
Active
328 E Main ST Ottumwa, IA 52501
3,484 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID NOC6337395
Style Business
Year Built 1880
Annual Tax Amount $3,830
Tax Year 2024
Lot Size 3,484 Sqft
Acres 0.08
Lot Dimensions 22X149
Property Description
A rare opportunity to acquire a fully operational, income-generating mixed-use property in the heart of downtown Ottumwa. This handsome, historic, two-story brick building, offers immediate revenue from both floors and the kind of downtown presence that takes a long time to establish. The first floor is configured as a working retail and bar/eatery space, currently home to two established local businesses with a loyal customer base and a recognized brand. The space is flexible, rent-ready, and suited to a wide range of commercial uses — retail, food and beverage, professional services, or creative enterprise. New ownership can continue existing operations, welcome a new commercial tenant, or reimagine the space entirely. The second floor is a comfortable two-bedroom, one-bathroom, walk-up apartment currently generating income as a licensed short-term rental with verified SuperHost status on Airbnb — a designation that reflects documented guest demand and operational excellence, and transfers significant value to a new owner. The apartment converts readily to a long-term residential lease, with realistic monthly rental income for a qualified tenant. Additional upside includes the potential to add a rear deck overlooking the Des Moines River, enhancing the property's appeal for both commercial and residential occupants. Combined annual gross income potential from both floors nears $40,000 in passive rent alone. This is a property that works from day one.
Location
State IA
County Wapello
Direction North Jefferson St to E Main St
Interior
Heating Forced Air
Exterior
Parking Features Outside
Utilities Available Electric Common, Heating Common, Hot Water Common
View Y/N true
Accessibility None
Total Parking Spaces 10
Building
Sewer City Sewer/Connected
Water Public
Architectural Style Business
Structure Type Brick
Schools
School District 5049 - Ottumwa
Others
Energy Description Natural Gas
Acceptable Financing NOC6337395
Listing Terms NOC6337395
NEARBY SCHOOL & BUSINESS