121 5th St., Storm Lake, IA 50588

$495,000

Property Description

This Quality Commercial building features 13,644 sq.ft. of office area plus a finished basement with an additional 3,196 sq.ft. This property has been a fixture in this community since 1972. The main floor includes 10 offices, 2 restrooms, and a large lobby/ work station area. On the second floor there are 7 additional offices, a large conference room, a kitchen area, 4 restrooms, and a large work station area. The finished basement includes a kitchen area, work station area, 1 office, a restroom, and mechanical/storage rooms. There is a deed restriction preventing the property from being used for any banking or insurance purposes. This property could be converted to apartments or condos and the state of Iowa has had Grants and Tax credit programs available to offset the cost. Gross Real Estate Taxes shown in listing are based on the 2022 assessed value of $887,480. The 2023 assessed value of this property is $545,340! Also included with this property is the concrete parking lot to the north of the building.

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Listing courtesy of Real Estate Specialists.