Remarks

The Novelty Iron Works complex provides a stabilized mixed-use investment with additional conversion opportunity. Located in Dubuque, Iowa's Historic Millwork District, this accumulation of four parcels contained within a full city block is a dynamic adaptive reuse property that allows for plenty of room for adding value post-acquisition. Originally built for the manufacture of steam engines, a portion of the property was completely renovated in 2014 to its current modern industrial design. It now boasts 76 residential units, 13+ individual commercial spaces, an 80-space surface parking lot and approximately 98,000 sq. ft. of vacant space across five floors ready for conversion. The fully-leased residential apartment dwellings range from affordable efficiencies to 2500+ sq. ft. luxury executive suites. The commercial spaces are anchored by long-term tenants including Backpocket Brewery & Arcade and an 8000 sq ft event center - one of the most sought-after venues in the area. In aggregate, the commercial spaces enjoy ongoing vacancy rates of less than 5%. The available conversion space offers several dedicated exterior access points, existing shared elevator and has already been retrofitted with new windows & some mechanicals creating good value-add investment opportunity. Dubuque, Iowa is located on the Upper Mississippi River at the border of both Wisconsin & Illinois and is a regional hub of tourism with the nearby Field of Dreams baseball complex, multiple casinos with entertainment venues and is a favorite stop for travelers on American Cruise Lines and Viking Mississippi river cruises.

Details

MLS#: 149047
Price: $25,000,000

Style: COMMERCIAL
Baths Full: 100
Sq Ft: 262707
Year Built: 1908

County: Dubuque
Lot Size: 93,915