Ackley, IA Commercial Real Estate

These two Ackley, IA commercial buildings will be offered at auction. These properties offer excellent opportunities for the DIYer to finish the renovation on these two commercial properties that are ripe with opportunity for positive cash flow. 

301 Mitchell, Ackley is on a 20' x 100' corner lot. The building is classified as a commercial building and is brick in construction. The building was built in 1890 and is 2,000 square feet on the main level with a second-story and full unfinished basement. The building is heated by forced air and has a rubber roof. The building has been updated with all new wiring and PEX plumbing but offers plenty of opportunities for your DIY touches. The main floor was a former restaurant, now used as an office and sales shop in the front with a workshop in the back including 3-phase electrical. 

The upper level has two apartment areas. There is an efficiency apartment area on the south end that is close to completion (approximately 75%) with supplemental electric heat. The north end has a 2-bedroom apartment that is approximately 50% completed. A definite DIY opportunity to turn some sweat equity into cash. 

The building has been updated with newer windows and roof and does have a portion of the exterior wall that is in need of some repair. An estimate is being obtained for the repair. 

712 Main, Ackley is on a 24' x 100' lot. The building is classified as a commercial/multi-residential building. The building was built in 1890 and is 1,680 square feet with a 468 square foot addition that was built in 2015. The primary structure is 2-stories with a full basement and has a tar/gravel roof. The building is currently used as storage. The upper level has an apartment remodel that is in progress, and the basement is unfinished. This property offers an excellent opportunity for sweat equity updates to turn this property into a solid cash flow property. 

The public may preview and inspect the property from 10a to 3p on November 11, from 11a to 2p on November 12, and contact Paul McCartan, call/text (515) 320-7600 with any questions. 

Michael A Smith of Craig, Smith and Cutler LLP is acting as attorney for the seller and will handle all aspects of closing on behalf of Grafe Auction Company and Seller.