Canfield Hotel 36 W 4th St

Introducing the Canfield Hotel, a six-story historic property located at 36th W 4th Street in the heart of Dubuque, Iowa. This charming 54-room hotel, built with classic brick architecture, offers a rare opportunity to own a well-established hospitality asset with both standard overnight accommodations and extended stay rooms. The Canfield’s prime downtown location, proximity to local attractions, and loyal customer base make it an attractive investment for hotel operators looking to capitalize on Dubuque’s steady tourism and business traffic.
Property Overview:
•Size: 29,442 square feet over six floors
Room Breakdown:
•6 Standard rooms with 1 queen bed
•42 Standard rooms with 1 double bed
•1 Family room with 2 queen beds
•5 Family rooms with 2 double beds
• Current Usage: 24-30 rooms utilized for extended stay guests, with the remaining rooms available for nightly rentals
Occupancy & Rates:
•Nightly rates range from $70-80 per night
•Extended stay rates range from $750-1200/month
•Average daily rental rate is $45, with current occupancy at 55%
The 4th and 5th floors have undergone recent upgrades, featuring new carpet, paint, furniture, and bedding. Additionally, the hotel boasts several key mechanical improvements including:
• Brand-new central AC unit (2023)
• New water heater (2023)
• Electrical upgrades on the 4th and 5th floors (2023)
• Rubber roof maintained and updated (2022)
The hotel features two commercial-grade washers and dryers and utilizes a key-entry system for its guest rooms. There is also a dedicated parking lot across the street for overflow parking.
With a mix of nightly guests and extended stay tenants, the Canfield Hotel offers flexible revenue streams. Currently, dynamic pricing is not utilized due to absentee ownership, presenting an immediate opportunity for a hands-on operator to optimize rates, especially during peak seasons and local events. The absence of online booking platforms (such as Expedia, Booking.com, etc.) also offers a growth area for future revenue. The property collects about 50% of its revenue in cash, offering additional flexibility.
An added attraction is the popular onsite bar, which has become a local favorite with karaoke nights 3-4 times a week, even drawing in the mayor and other local patrons. The bar, which can accommodate up to 100 guests, complies with all fire and safety regulations and comes fully equipped with a karaoke system, lighting, and a transferable liquor license. The bar staff, including a dedicated bar manager, will remain in place, providing a turnkey operation. The sale also includes approximately $22,000 in bar inventory.
The Canfield Hotel is fully staffed, with a hotel manager and bar manager already in place. Both are expected to stay post-sale, allowing for a seamless transition for the new owner.
With the potential for higher occupancy rates, dynamic pricing, and the addition of online booking platforms, the Canfield Hotel is primed for revenue growth. Coupled with the flexibility of extended stay accommodations and the popularity of the on-site bar, this hotel offers a unique investment opportunity in a vibrant community.
Key Features:
•54-room hotel with extended stay capabilities
• Prime downtown location in Dubuque
• Significant recent mechanical upgrades
• Established bar with karaoke and dedicated staff
• New ownership can implement dynamic pricing and online bookings for enhanced revenue
• Fully staffed, providing a smooth operational transition
Don’t miss this rare opportunity to acquire a historic, revenue generating hotel in a growing market. Contact us today for more details or to schedule a private showing of the Canfield Hotel.
LOCATION:
Dubuque is a city in and the county seat of Dubuque County, Iowa, located along the Mississippi River. At the time of the 2020 census, the population of Dubuque was 59,667. The city lies at the junction of Iowa, Illinois, and Wisconsin, a region locally known as the Tri-State Area. It serves as the main commercial, industrial, educational, and cultural center for the area. Geographically, it is part of the Driftless Area, a portion of North America that escaped all three phases of the Wisconsin Glaciation. Dubuque is a regional tourist destination featuring the city's unique architecture, casinos and river location. It is home to five institutions of higher education. Dubuque has historically been a center of manufacturing, the local economy also includes health care, publishing, and financial service sectors.
For those of you not familiar with Dubuque, IA it is located approximately:
•Chicago, IL (approx. 3.5–4 hours)
•Milwaukee, WI (approx. 2.5–3 hours)
•Madison, WI (approx. 1.5–2 hours)
•Des Moines, IA (approx. 3–3.5 hours)
•Minneapolis-St. Paul, MN (approx. 4.5–5 hours)
•Quad Cities (Davenport, IA / Moline, IL) (approx. 1.5 hours)
•Cedar Rapids, IA (approx. 1.5 hours)
•Rockford, IL (approx. 2 hours)
Dubuque has an unemployment rate of 4.6%. The US average is 6.0%.
Dubuque has seen the job market decrease by -6.5% over the last year. Future job growth over the next ten years is predicted to be 22.9%, which is lower than the US average of 33.5%.
The Sales Tax Rate for Dubuque is 7.0%. The US average is 7.3%.
The average income of a Dubuque resident is $32,429 a year. The US average is $37,638 a year.
The Median household income of a Dubuque resident is $58,691 a year. The US average is $69,021 a year.
The median home cost in Dubuque is $208,400. Home appreciation the last 10 years has been 55.3%. Home Appreciation in Dubuque is up 13.6%.
Renters make up 33.5% of the Dubuque population.
Renting a two-bedroom unit in Dubuque costs $940 per month, which is 34.3% cheaper than the national average of $1,430 and close to the state average of $930.
Dubuque violent crime is 14.1. (The US average is 22.7)
Dubuque property crime is 42.4. (The US average is 35.4)