3 Storefronts with Over 27,000 sq.ft of space!!
Having not changed hands in over 94 years, makes this a once in a lifetime offering of a historic commercial building located in the vibrant downtown district of Iowa City!
Steffes Group is honored to be selected to sell for the Ruth V. Swisher Revocable Trust, utilizing the auction method of marketing to sell this remarkable property. This auction presents a rare opportunity for the real estate investor, real estate developer or entrepreneur!
Auction Property Address
117, 119, 121 & 123 East College Street, Iowa City, Iowa.
Four units sell as one price, to one bidder!
Auction to be held at the
E.W. Lehman Ballroom (Second floor)
201 South Linn Street, Iowa City, Iowa
Auction to be held on
Thursday, August 3, 2017 at 1:00 PM
Registration for the auction begins at 12:00 Noon with appetizers & drinks.
Tuesday, July 11th and July 18th from 9-10 AM
The iconic building will sell as one unit and offers three unique storefronts with second and third story space with potential future revitalization and renovation. The property is in a highly desirable location of the Ped Mall in the Iowa City Downtown District.
Current storefront tenants include the
The Union Bar - theunionbar.com
Revival & Revival 119 - revivaliowacity.com
The property has not changed hands in 94 years. Own an amazing income producing piece of history. The last time this building was sold dates back to 1923.
The Ped Mall plays host to many events, festivals & concerts. The Ped Mall is the place to dine, shop, entertain & live! downtowniowacity.com
Click Here for Google's 360 view of the property.
College Street is a part of the StreetScape plan to renew & update the Pedestrian Mall area(Ped Mall) starting in 2018. This will include many updates & improvements including new & improved public gathering places, performance space, lighting frame work, updating infrastructure & more. Find out more at iowa-city.org
Four units sell as one price, to one bidder!
117 & 119 East College Street
Revival & Revival 119
This side of the building has 4,277 sq.ft. of space on the main level offering two storefronts with an adjoining open entryway between the two retail areas.
117 East College features an inviting storefront glass window display along with a large retail showroom with a pressed metal ceiling and open entryway to the adjoining retail area. This side of the store has a rear storage room, bathroom, air conditioner unit and access to the basement storage area. The rear entrance has 3 - 4 off street parking spaces.
119 East College features an Art Deco style storefront with a glass window showcase, open retail space and access to the basement storage area. This side also has a middle room, bathroom, back office & storage area with alley access and a GFA furnace & central air. The Weil McLain boiler heats both storefronts & upstairs.
The second floor has 2,880 sq.ft. of space with five studio rooms. The third floor has 2,880 sq.ft. of space with a large open hall space with a room divider and hardwood floors. The second & third floors are ready to be rejuvenated and renovated. The building is situated on a 33’x150’ lot.
117 & 119 East College main level storefronts & basements are currently leased.
Click Here for this lease information. The second & third floors are vacant.
117 & 119 East College Street Items not included:
All items of tenant’s, Attached signage, Dressing rooms, Lattice suspended ceiling, Lighting, Attached & unattached shelving & displays, Alarm & surveillance system.
Real Estate Taxes – Parcel #1010380006
(117 & 119 East College Street)
Gross/Net Taxes: $27,992.00
Assessed Value: $892,880.00
121 & 123 East College Street
The Union Bar
This side of the building has 7,050 sq.ft. of space on the main level with six bar areas. The main level has a front bar area with a built in surround bar, dance floor area and two restrooms. The rear of the building has a large dance floor with a stage, bar area, VIP bar area, storage rooms & alley access.
The second level has 7,050 sq.ft. of space with a front room with two bars and two restrooms. The back bar has an atrium overlooking the first floor dance floor. Two restrooms are located at the rear of the second floor. The second floor has front and rear stairways.
The third floor is accessed by a shared common stairway with 119 East College Street. The third floor has 3,760 sq.ft. of space with two large open hall spaces and three smaller rooms. The third floor is ready to be repurposed or renovated to its former glory.
The basement has two offices, several storage rooms, two walk in coolers (one nonfunctional), storage areas, ¾ bath, front & rear stairways. The building currently has three rooftop air conditioner units and one furnace/air unit. The building is equipped with a Fire-Lite Alarms MS-9200UDLS Addressable Fire Alarm Control Panel and sprinkler system. The building is situated on a 47’x150’ lot.
121 & 123 East College main level, second floor & basement are currently leased.
Click Here for this lease information. The third floor is vacant.
121 & 123 East College Street Items not included: All items of tenant’s, Bar items, Tables, Chairs, TV’s, Games, ATM, Sound & lighting, Sound stage, Surveillance system, Attached signage, Ice machines, Office furniture, Attached & unattached shelving & displays, and ceiling fans.
121 & 123 East College Street Items included: Two walk in coolers, Fire alarm system.
Real Estate Taxes – Parcel #1010380005
(121 & 123 East College Street)
Gross/Net Taxes: $48,430.00
Assessed Value: $1,527,730
TERMS OF THE AUCTION
TERMS: A 10% down payment will be due on the day of the auction. This will be due following the close of the auction and upon signing of the contracts between buyer & seller. Forms of down payment include cash, personal check, business check or cashier’s check. The balance will be due at closing with a projected date of October 3, 2017, upon delivery of merchantable abstract of title and a trustee’s warranty deed and all objections have been met.
POSSESSION: Projected date of October 3, 2017. (Subject to current tenant’s leases)
REAL ESTATE TAXES: To be prorated to date of possession on the basis of the last available tax statement. Seller shall pay any unpaid real estate taxes payable in prior years. Subsequent taxes and or special assessments, if any, to be paid by buyer.
PROVISIONS OF THE AUCTION:
~ 117 & 119 East College main level storefronts & basements are currently leased for a term commencing January 1, 2017 for a period of five (5) years with a provision for one (1) five (5) year renewal term. Terms of said lease as follows: $4,900 per month. The second & third floors are vacant. Copies of lease are available for review.
~ 121 & 123 East College main level, second floor & basement are currently leased for a term commencing April 1, 2017 and ending March 31, 2020, with an automatically renew for the property for four (4) additional terms of three (3) years unless Tenant gives notice not to renew. The fourth term would be April 1, 2029 to December 31, 2031. Terms of said lease as follows:
Year Beginning April 1 & Monthly Rent
2017: $12,500.00 2023: $14,000.00 2029: $15,500.00
2018: $12,500.00 2024: $14,000.00 2030: $15,500.00
2019: $12,500.00 2025: $14,000.00 2031: $15,500.00 ending 12/31/31
2020: $13,250.00 2026: $14,750.00
2021: $13,250.00 2027: $14,750.00
2022: $13,250.00 2028: $14,750.00
~ The third floor is vacant. Copies of lease are available for review.
~ The rent will be prorated to the date of possession, any security deposits, if any, will be transferred at closing.
~ This auction sale is not contingent upon Buyer’s financing or any other Buyer contingencies.
~ Purchasers who are unable to close due to insufficient funds or otherwise, will be in default and the deposit money will be forfeited.
~ This real estate is selling subject to any and all covenants, restrictions, encroachments and easements, as well as all applicable zoning laws.
~ All dimensions and descriptions are approximations only based upon the best information available and are subject to possible variation. Sketches may not be drawn to scale and photographs may not depict the current condition of the property. Bidders should inspect the property and review all the pertinent documents and information available and verify all information to their satisfaction, as each bidder is responsible for evaluation of the property and shall not rely upon the Seller, Broker or Auctioneer, their Employees or Agents.
~ The Seller, Broker and Auctioneers do not warrant with respect to the existence or nonexistence of any pollutants, contaminants or hazardous waste prohibited by federal, state or local law. Buyer is responsible for inspection of the property prior to purchase for conditions including but not limited to water quality, and environmental conditions that may affect the usability or value of the property. If in the future a site clean-up is required it shall be at the expense of the buyer.
~ The buyer acknowledges that they have carefully and thoroughly inspected the real estate and are familiar with the premises. The buyer is buying this real estate in its “as is” condition and there are no expressed or implied warranties pertaining to the same.
~ Steffes Group, Inc. is representing the Seller.
~ Any announcements made the day of sale take precedence over advertising.
Ruth V. Swisher Revocable Trust – Seller
Farmers & Merchants Bank & Trust - Trustee | Kelli S. Johnson – Trust Officer
221 Jefferson Street, Burlington, IA
Sara L. Haas of Aspelmeier, Fisch, Power, Engberg & Helling, P.L.C – Attorney for Trust
321 North 3rd Street, Burlington, IA
For details contact the sale manager, Nate Larson of Steffes Group
319.385.2000 or 319.931.3944
The Auction Process – Why Auction?
The auction method of marketing is widely used to sell from multi-million dollar farmland to collector cars to desirable properties of all kinds.
True Price Discovery
The open competitive bidding of an auction determines the market value and establishes the highest price a consumer is willing to pay. No More. No Less.
The auction process efficiently & effectively markets the property, through an open and transparent transaction, while establishing true market value, via competitive bidding. Come to the auction and bid your price, as it will be true price discovery on auction day.
Online Bidding Available
Online bidding is being offered for this auction. Online bidders must register 24 hours in advance of the auction for approval. If you are the successful bidder online there will be a $1,000 online buyer’s premium added to the winning bid.
Steffes Group, Inc., 605 East Winfield Avenue, Mt. Pleasant, IA 52641