1220 Main StKeokuk, IA 52632

This stabilized shopping center in Keokuk, IA, offers a compelling investment opportunity. Located on high-traffic Main Street (12,100 vehicles daily), this 26,200 square foot property features three units, including a Goodwill franchisee and a corporate-guaranteed tenant. The property boasts a current NOI of $88,152, with a pro-forma NOI of $137,000 achievable through lease adjustments and filling the currently 82% occupied space. Recent renovations in 2015 ensure the building is in excellent condition, featuring 144 parking spaces, 13'8" ceilings, and three bay doors. The property sits on a 1.95-acre lot and benefits from high visibility across from Walgreens and near Highway 136. Built in 1957 and expanded in 1976, this Class B, single-story building is zoned C-Commercial. The asking price is $850,000, representing a current cap rate of 10.37% and a pro-forma cap rate of 16.12%. The remaining lease term on existing tenants is two years. This property presents a strong combination of stable income and significant upside potential, making it an ideal addition to any investment portfolio. The property's prime location and recent renovations make it an attractive option for both current tenants and future lease prospects. The ample parking and functional layout cater to a variety of retail or service-based businesses. The property's strategic location draws customers from a wider regional area, enhancing its appeal and potential for increased revenue. This is a rare opportunity to acquire a well-maintained, high-performing retail property in a thriving commercial area.