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Adams County, IA
0.89 Acres M/L

302 10th Street
Corning, IA 50841

Listing

#18668

Senior Land Agent

Andrew Zellmer, ALC

Office: 515.222.1347
Mobile: 712.898.5913
AndrewZ@PeoplesCompany.com

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Land Agent

Doug Bear, ALC

Office: 515.222.1347
Mobile: 515.745.3192
Doug.Bear@PeoplesCompany.com

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Property Info

Description

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 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; AndrewZ@PeoplesCompany.com) or Doug Bear, ALC (515.745.3192; Doug.Bear@PeoplesCompany.com ).

Legal Description

An undivided sixteen and one-half (16.5) percent interest in Lot 48, the East 5 feet of Lot 49, and Lots 77 and 78 and 79 in the Original Town of Corning, Iowa, (except the West 8 feet of Lot #78 heretofore deeded to the City of Corning) and the West 8 feet of alley running North and South between Lots 77 and 78 in the Original Plat of Corning. Exact legal description to be taken from Abstract.

Directions

In 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.

Parcel Number: 4539100
School District: Corning Community School District
General Area: City of Corning, Iowa
Net Taxes: $6,054.00
Water: City of Corning, Iowa
Sewer: City of Corning, Iowa
Building Type: Brick
Zoning: Commercial
Year Built: 1968, 1979, 2001

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Auction Details & Terms

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Sale Terms and Conditions: Peoples Company is handling the sale of a 16.50% ownership stake in the commercial property at 302 310th Street, Corning, Iowa 50841, through a Sealed Bid Auction.

Sealed Bid Submittal Process & Deadline: Sealed Bids, in written or electronic format, for the Property will be due no later than 5:00 P.M. CST, on Thursday, November 20th, 2025, to the following:

Peoples Company
c/o Andrew Zellmer, ALC or Doug Bear, ALC
12119 Stratford Drive
Clive, Iowa 50325
AndrewZ@PeoplesCompany.com or Doug.Bear@PeoplesCompany.com

Sealed Bids for the Property shall be submitted on the Sealed Bid Submittal Form that can be obtained by contacting Listing Agents, Andrew Zellmer, ALC (712.898.5913; AndrewZ@PeoplesCompany.com) or Doug Bear, ALC (515.745.3192; Doug.Bear@PeoplesCompany.com). Handwritten bids, if legible, may be acceptable in the Seller and Broker’s sole discretion. Please complete each blank field provided in the Sealed Bid Submittal Form. Bids can be submitted via mail or email, but must be received by the deadline date to be considered.

Upon the receipt of all submitted bids, the Seller may accept or reject any bid or offer or enter into negotiations with one or more Bidders. Upon the Seller’s acceptance of any bid or offer, the winning Bidder(s) and Seller shall enter into a binding Offer to Buy. The Seller shall not be obligated or bound to sell the Property until the Seller has entered into a fully executed, definitive Offer to Buy.

Agency: Peoples Company and its representatives are agents of the Seller. Winning bidder(s) acknowledge that they are representing themselves in completing the sales transactions.

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Adams County, IA