101 Third Street, Knoxville, IA 50138
sale
$3,750,000
|
Other
Courtesy Of Realty ONE Group Impact
Fully renovated, premium mixed-use commercial and residential property located at 101-105 S. 3rd St, Knoxville, Iowa. Positioned in the heart of downtown Knoxville, the property presents a highly diversified, cash-flowing asset leveraging three distinct revenue engines: stabilized long-term residential rentals, high-yield short-term rentals (STRs), and a highly lucrative, scalable wedding and event venue opportunity. The property has recently undergone extensive capital improvements, featuring high-end, modern finishes throughout the residential units and commercial spaces. Historically, the street-level commercial space has housed long-standing local businesses, providing a bedrock of community integration and foot traffic, such as Candi's Flowers which has operated in the Knoxville area since 1983. Recently, current ownership executed a strategic pivot to maximize the property's yield per square foot. By meticulously redesigning and completely renovating the upper floors into premium residential spaces, the building has been transformed into a modern, institutional-grade asset capable of capturing massive seasonal tourism spikes while maintaining baseline profitability through long-term leases.
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Property Features
- Age: Over 50 Years Old
- Appliance: Dishwasher
- Appliance: Cooktop
- Appliance: Microwave
- Appliance: Refrigerator
- Appliance: Dryer
- Cooling System: Central Air
- Exterior Type: Brick
- Heating System: Natural Gas
- Legal Description: ORIG BLK 1 LOT 4
- MLSID: 745325
- Roof Type: Rubber
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