201 N Main St Elkader, IA 52043
Estimated payment $4,010/month
About This Home
Welcome to the GEAR Elkader, a rare investment opportunity in the heart of downtown Elkader, Iowa. Ideally situated on a high-visibility corner lot, this beautifully maintained two-story building combines historic charm, income-generating short-term rentals, and flexible commercial space—all just steps from the picturesque Turkey River. The main level is currently home to a thriving coffee shop and retail store specializing in camping and outdoor gear, making it a destination for both locals and visitors exploring northeast Iowa. With two distinct storefront entrances and a spacious layout, the commercial space offers future potential to be divided into two separate businesses, ideal for cafes, boutiques, galleries, outfitters, or shared office space. Oversized windows flood the space with natural light and provide panoramic views of downtown life, creating an inviting atmosphere for customers. Upstairs, the second story features four fully furnished short term rental units, thoughtfully designed to welcome travelers looking for comfort, style, and proximity to nature. Each suite showcases its own charm, offering guests modern amenities with a cozy, small-town feel. The Goldfinch Suites has earned a reputation as a top-rated stay in the area, drawing outdoor adventurers, wedding guests, and travelers exploring the beauty of Clayton County. Business travelers working at MTS and CJ Moyna, as well as traveling nurses, find the suites accommodating and conveniently located. With strong occupancy rates and excellent reviews, this turnkey short-term rental operation is ready for a seamless ownership transition. Step outside, and youre immersed in the charm of historic Elkader. From the inn, guests and patrons can walk to local restaurants, artisan shops, the historic Opera House, and the iconic Keystone Bridge. The Turkey River is just a block away, offering kayaking, tubing, and fishing in one of Iowa’s most scenic river valleys. Nearby attractions include the Osborne Nature Center, Motor Mill Historic Site, Big Springs Trout Hatchery and miles of trails for hiking and biking through the rolling hills and limestone bluffs that define the Driftless Region. Whether you're an investor looking for multiple income streams, an entrepreneur ready to run your own shop, or someone who dreams of living upstairs while running a business below, the Goldfinch Suites are a cornerstone property with unmatched potential in a town known for hospitality, beauty, and community spirit. Don't miss your chance to own a piece of Elkader’s historic downtown. The Goldfinch Suites offers character, cash flow, and charm—all in one remarkable package. If purchased as a turnkey business, sellers are willing to train new owners on current business practices for 30 days at their expense. Business websites:
Property Details
Property Type
- Other
Est. Annual Taxes
- $4,142
Year Built
- Built in 1895
Lot Details
- 6,098 Sq Ft Lot
- Sprinkler System
- Property is zoned Commerical/Residential
Parking
- On-Street Parking
Home Design
- Mixed Use
- Brick Exterior Construction
- Plaster Walls
- Rolled or Hot Mop Roof
- Rubber Roof
- Stone Exterior Construction
Interior Spaces
- 6,956 Sq Ft Home
- Carpet
- Unfinished Basement
- Basement Fills Entire Space Under The House
Utilities
- Forced Air Heating and Cooling System
- Gas Water Heater
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $4,142 | $182,290 | $16,500 | $165,790 |
| 2023 | $3,142 | $182,290 | $16,500 | $165,790 |
| 2022 | $2,972 | $120,350 | $15,000 | $105,350 |
| 2021 | $2,374 | $120,350 | $15,000 | $105,350 |
| 2020 | $2,374 | $97,525 | $17,840 | $79,685 |
| 2019 | $2,274 | $97,525 | $17,840 | $79,685 |
| 2018 | $2,274 | $93,185 | $17,061 | $76,124 |
| 2017 | $2,292 | $93,185 | $17,061 | $76,124 |
| 2015 | $1,992 | $86,845 | $15,900 | $70,945 |
| 2014 | $2,314 | $86,845 | $15,900 | $70,945 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 08/09/2025 08/09/25 | Price Changed | $694,000 | -7.5% | $100 / Sq Ft |
| 06/10/2025 06/10/25 | For Sale | $750,000 | -- | $108 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $125,000 | None Available | |
| Warranty Deed | $80,000 | None Listed On Document |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $200,000 | New Conventional | |
| Closed | $182,590 | New Conventional |
Source: NorthWest Illinois Alliance of REALTORS®
MLS Number: 202503102
APN: 22-25-23-301-004
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