116 N Illinois Street Lake City, IA ^$ 110,000

116 N Illinois Street

^$ 110,000

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116 N Illinois Street

Lake City, IA, 51449

^$ 110,000

Bedrooms-- Baths--

Monthly Estimate*

^$ 686

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Commercial Property for sale in Lake City, IA

for $110,000. This building was built in 1900.

One More Wheel is on the Market!! This popular watering hole and family restaurant has been a fixture in Lake City for decades. Previously known as Jalisco’s and the Wagon Wheel, this location has served as the community’s favorite gathering spot for nearly 40 years. It’s always been the place where good food, great conversation, and lifelong friends come together. Now is your chance to take the reins and carry One More Wheel into the next generation. The building is loaded with character and comes with all restaurant trade fixtures included, so you can hit the ground running!

Commercial Active

Price

^$ 110,000

Property Type

Commercial

Taxes

^$ 1,494

Style

Retail

Year Built

1900

Town/City

Lake City

County/Region

Calhoun

MLS | Web ID

6333743

Features

General

Sewer City Sewer/Connected

Heating Forced Air

Utilities Electric Separate Heating Separate

Garage Spaces 0

Architectural Style Retail

Construction Materials Brick Metal Siding

Year Built 1900

Tax Year 2024

Current Use Restaurant

Accessibility No Stairs Internal No Stairs External

County Calhoun

Property Type Commercial Sale

Contingency None

Possible Use None

Status Active

Directions from Hwy 175 (Main St) Head North on Illinois St. Property is On the East side of the street facing the square

Association Name WCIR

Open Parking Spaces 10

Number Of Units Total 1

Lot Size Units Acres

Tax Annual Amount 1494

Living Area Units Square Feet

Standard Status Active

Legal Description O.T. BLOCK 4 TR LOTS 7 & 8

Exterior

Parking Features On Street

Water Source Public

Lot Dimensions 22'*124'

* Excluded Features

List By

Emily Melody

Listing Agent

Exit Realty Frontier

Broker

saleswithemily@gmail.com

Affordability Calculator

$811

Per Month

Monthly Principal & Interest: $686
Monthly Property Taxes: $125
Monthly Home Insurance: --

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Down Payment

Loan Term

Interest Rate

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Yearly Home Insurance

Default based on a 30-year fixed rate of 6.375% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

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THE TIME TO SELL IS NOW! What's my home worth?

Nearby

Trends
Schools

Commerical listings in Lake City, IA

Average List Price ^$99,967

Percent of Sale Price 9%

About Lake City, IA

2,054 Population

-8% Since 2002

^$44,750 Median Income

47.71 Median Age

21% Households with Children

View more area information

Trends Information provided by ATTOM Data Solutions.

2872932 Elementary School

2872966 Middle School

Unknown High School High School

See complete school information

Pricing History

Date	Price	Price Change	Description
11/15/2025	$110,000		Listed Price

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116 N Illinois Street, Lake City, IA, 51449 is a Commercial Property for sale at $110,000. 116 N Illinois Street was built in 1900. The property's zip code is 51449 which is in Lake City, IA

*Information deemed reliable but not guaranteed.

Financial calculator disclaimer: Default based on a 30-year fixed rate of 6.375% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

The data relating to real estate on this web site comes in part from the Internet Data Exchange (IDX) Program of the Iowa Association of REALTORS service.

The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Data is deemed reliable but is not guaranteed accurate by the the MLS. The MLS may, at its discretion, require use of other disclaimers as necessary to protect participants and/or the MLS from liability. Data is updated as of 12/7/2025.

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116 N Illinois Street

Commercial Property for sale in Lake City, IA

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