Discover an exceptional investment opportunity in historic downtown Fort Madison, Iowa, with this commercial property featuring two storefronts totaling 4,624 sq. ft., as well as four 1-bedroom and one 2-bedroom upstairs apartments showcasing original hardwood floors and built-ins awaiting refurbishment. The main floor offers high tin ceilings and original woodwork, creating a versatile space ideal for retail, offices, a restaurant, or showrooms. Both buildings have a newer membrane roof, ensuring durability and reduced maintenance costs. An adjoining graveled lot provides ample parking or potential for an outdoor venue, enhancing its appeal for various business opportunities. This property combines income-generating potential with historic charm, making it a rare find in downtown real estate. Don’t miss out—contact us today to explore this unique opportunity! Final auction of the Faeth Family Legacy – Iconic cigar store and bar of Fort Madison, Iowa that served the Fort Madison community for over 100 years.

Commercial real estate auction in Fort Madison, Iowa:

• 836, 832 & 830 Avenue G, Fort Madison, Iowa
• Online Only Auction
• Bidding Ends: Wednesday, January 22nd AT 10:00 A.M.
• No real estate buyers’ premium!

Terms:

• $10,000 earnest money deposit due at the end of the auction with the remainder due on or before February 24, 2025. The seller will provide a current abstract at their expense. Real Estate sells “as is, where is”. Sale is not contingent on Buyer’s financing or any other contingencies. Sale is subject to Seller’s confirmation.
• Real Estate Taxes: Taxes will be prorated to the date of closing.
• Reservations: Building signs, floor safes, 1933/34 World’s Fair Chicago mahogany & marble bar along with matching marble wall & art deco wall sconces, bar stools, Lozier shelving and all other personal property
• Inclusions: Any remaining personal property at the time of closing
• Closing: Closing will take place on or before February 24, 2025. The balance of the purchase price will be payable at closing by guaranteed check or wire transfer.
• Possession: At closing upon payment in full.

William R. Faeth III, Seller; Fehseke Law Office, attorney for the seller

Auctioneer’s Note: Formerly known as Faeth’s Cigar Store, this property was an iconic downtown neighborhood bar and sporting goods business, offering tremendous potential for revitalization. The apartments, unoccupied since the 1990s, provide great income opportunities with restoration. Additionally, grants and funding may be available through Downtown Revitalization Programs from the State of Iowa. We strongly encourage all interested parties to contact the Auction Company for a private showing. The auction will be conducted online only, allowing each bidder to conveniently participate using an electronic device from anywhere!

Also selling personal property (Begins closing at 11:00 AM).  Personal property is not included in real estate sales price. The auction will feature a unique collection of historical artifacts, memorabilia, and rare items from this cherished family business. Key highlights include: ornate 30’ mahogany bar with marble back wall and Art Deco sconces: Purchased at the 1933/34 World's Fair in Chicago, IL, and installed by Bill's grandfather, this stunning bar embodies classic design. Vintage bar stools: Classic seating that has served generations. Iconic Faeth’s Neon building sign: a piece of Fort Madison’s history, lighting up Faeth’s legacy for decades. Bar advertisements and memorabilia: A collection of vintage promotional materials and souvenirs from the cigar store and bar’s storied past. Antique combination floor safes all in working condition, complete with combinations. Vintage baseball cards and literature: rare cards and publications, perfect for collectors of early 20th-century sports memorabilia. Iowa Hawkey football programs including several bowl games, these programs are a tribute to Iowa’s sporting history. Early Chicago Cubs and St. Louis Cardinals scorecards; a rare chance to own pieces of baseball history. Bottle coolers. Reloading equipment.

Pickup/Removal of Personal Property: All small items must be picked up Friday, January 24th from 12:00PM – 1:00PM. Buyers of the neon sign, Worlds Fair bar and combination safes will have 20 days for removal.  Buyer’s Premium of 18% will be added to all personal property purchases!  All personal property sells “as is, where is”.  All items must be removed during the designated pickup time or will otherwise be subject to forfeiture without refund!!