328 E Main St, Ottumwa, IA 52501

Property Description

A rare opportunity to acquire a fully operational, income-generating mixed-use property in the heart of downtown Ottumwa. This handsome, historic, two-story brick building, offers immediate revenue from both floors and the kind of downtown presence that takes a long time to establish. The first floor is configured as a working retail and bar/eatery space, currently home to two established local businesses with a loyal customer base and a recognized brand. The space is flexible, rent-ready, and suited to a wide range of commercial uses — retail, food and beverage, professional services, or creative enterprise. New ownership can continue existing operations, welcome a new commercial tenant, or reimagine the space entirely. The second floor is a comfortable two-bedroom, one-bathroom, walk-up apartment currently generating income as a licensed short-term rental with verified SuperHost status on Airbnb — a designation that reflects documented guest demand and operational excellence, and transfers significant value to a new owner. The apartment converts readily to a long-term residential lease, with realistic monthly rental income for a qualified tenant. Additional upside includes the potential to add a rear deck overlooking the Des Moines River, enhancing the property's appeal for both commercial and residential occupants. Combined annual gross income potential from both floors nears $40,000 in passive rent alone. This is a property that works from day one.