HOME & ACREAGE AUCTION – KEOKUK, IA

Keokuk, Iowa

HOME & ACREAGE AUCTION

AUCTION ENDS WEDNESDAY, JUNE 24, 2026 at 10:00 A.M.

3565 Hwy. 218, Keokuk, Iowa

(Located on the north edge of the City Limits)

Open House/ Inspection: Wednesday June 10^th from 4:30 PM. – 6:00 PM.

General Description: Located just outside the Keokuk city limits along Highway 218, this 2.61± acre property offers a unique combination of residential living and commercial opportunity. The acreage is improved with a 1½-story home featuring 3 bedrooms, 1,306 square feet of living space, an attached 2-car garage, and updates including vinyl siding, vinyl windows, and a metal roof. In addition to the home, the property includes a large commercial automotive shop offering approximately 7,724 square feet, complete with three automotive bays w/overhead doors, office space, large parts/storage room w/overhead door, paint booth bay, upholstery room, restrooms, and an apartment. An attached RV bay further enhances the functionality of the building. The property also features a detached 2-car garage and a dilapidated mobile home. With excellent Highway 218 visibility, this location offers strong potential for a variety of commercial or business uses, while still providing a residential component. An existing billboard lease provides additional income of $2,500 annually.

Auctioneer’s Note: Auctioneer’s Note: Rare opportunity to purchase a highly visible Highway 218 property offering both commercial and residential potential. This versatile 2.61± acre tract features a well-equipped automotive shop, additional improvements, and a 3-bedroom home, making it ideal for a business owner, investor, or anyone seeking a live/work setup. Bid with confidence and convenience—online bidding allows you to participate from anywhere using your computer or mobile device.

Terms: $10,000 earnest money deposit due by check or wire transfer at the conclusion of the auction, with the balance due on or before July 24, 2026. The seller will provide a current abstract at their expense. Real estate sells “as is, where is,” with no warranties expressed or implied. The sale is not contingent upon Buyer’s financing, appraisal, inspections, final walkthrough, or any other contingencies. In the event the Buyer does not close pursuant to the terms of the purchase agreement, the earnest money deposit shall be forfeited.

Real Estate Taxes: Taxes will be prorated to the date of closing.

Septic Systems: It will be the Buyer’s sole responsibility and expense to inspect and or update the septic system as required of the Iowa Time of Transfer Law.

Billboard Lease: This real estate is being sold subject to an existing billboard lease, which will transfer to the new property owner. The lease currently generates $2,500 annually. Any 2026 lease payments received by the Seller shall be retained by the Seller. For a copy of the lease agreement, please contact the Auction Company.

Inclusions: Window treatments, built in shelving, and any remaining personal property at the time of closing.

Reservations: All appliances & personal property inside the home.  Shop equipment to include air compressors, unattached work benches, Forward automotive lift, hanging chain hoists and all other equipment and personal property

Closing: Closing will take place on or about July 26, 2026. The balance of the purchase price will be payable at closing by guaranteed check or wire transfer.

Possession: At closing upon payment in full.

NO REAL ESTATE BUYER’S PREMIUM!

CARL A . STORMS – SELLER

Christy Popejoy – Attorney for Seller

Auction Conducted by

FRAISE AUCTION & REAL ESTATE

319-367-5744

www.fraiseauction.com

OPEN HOUE/INSPECTION: WEDNESDAY, JUNE 10TH FROM 4:30-6:00PM AT 3565 HIGHWAY 218, KEOKUK, IA (LOCATED ON THE NORTH EDGE OF THE CITY LIMITS)

NOT APPLICABLE

COREY FRAISE 319-470-0115