Sealed Bid Auction: 302 10th Street, Corning, Iowa 50841 - Bids due on or before Thursday, November 20th, 2025, at 5:00 PM (CST)!
Peoples Company is presenting a Sealed Bid Auction for a 16.50% ownership stake in the commercial property at 302 310th Street, Corning, Iowa. This sale represents an opportunity to acquire a shared stake in an established income-producing property situated in the heart of Corning, Iowa, within central Adams County. The property offers convenient access to local amenities and regional transportation routes, positioning it well for continued long-term stability and growth within the Corning community.
The brick building, originally built in 1968 and added on in 1979 and 2001, includes over 8,696 square feet of combined floor space, storage, an equipment shed, along with a 10' x 10' concrete loading dock and metal canopy entrance. The building is well-maintained a...
The brick building, originally built in 1968 and added on in 1979 and 2001, includes over 8,696 square feet of combined floor space, storage, an equipment shed, along with a 10' x 10' concrete loading dock and metal canopy entrance. The building is well-maintained and suitable for a range of commercial uses. It offers a combination of practical layouts and essential infrastructure, such as electrical, plumbing, and HVAC systems, that support both current and future tenants. Investors will benefit from the property's existing income stream, and the offering is ideal for those seeking exposure to commercial real estate ownership without assuming the full capital requirements of a complete purchase. In addition, the concrete parking lot consists of 26,000 square feet and is located on the east side of the building.
The current tenant is HyVee, Inc., and has an existing triple net lease through 2030, with an option to renew the lease for future years. The current annual lease rent is $22,972 and is scheduled to rise in 2026 to $24,580. Please contact the listing agents for further details and to request copies of the lease agreements before placing your bid.
The sale will be conducted through a sealed bid process, allowing interested parties to submit confidential written offers on or before Thursday, November 20th, 2025, at 5:00 PM (CST). Bidders are encouraged to submit their total dollar bid for the 16.50% ownership interest. Successful bidders will complete due diligence before placing a written bid. All customary expenses, including taxes, insurance, and maintenance, will be allocated proportionally based on the final ownership percentage. Closing will take place on or before Friday, December 12th, 2025.
This sealed bid offering provides an opportunity to partner in a stable commercial asset with proven income and potential for appreciation under shared ownership. For additional details or to receive bid instructions, please contact Andrew Zellmer, ALC (712.898.5913; or Doug Bear, ALC (515.745.3192; ).
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Research Parcel InformationIn Corning, Iowa: Travel through town on Iowa Highway 148 and turn onto 10th Street. The property (302 10th Street, Corning, Iowa 50841) is located immediately northwest of the Iowa Highway 148 and 10th Street intersection, currently known as the Hy-Vee Store.