102 S Main Street, Leon, IA 50144
- $430,000
- 28
- BD
- 15,651
- SqFt
- List Price
- $430,000
- Status
- ACTIVE
- Days on Market
- 206
- Price Change
- ▼ $10,000 1789173357
- MLS#
- 734599
- Subtype
- Multi Family
- Style
- Three Story
- Architectural Style
- Three Story
- Year Built
- 1920
- Bedrooms
- 28
- Living Area
- 15,651
- Lot Size
- 17,640
- Acres
- 0.41
- MLS Area Major
- Leon
Property Description
Located prominently on Main Street in the heart of Leon, this three-story, 24-unit apartment building presents a rare value-add opportunity in a supply-constrained small-town market. The property features a strong unit mix of 3 studios, 15 one-bedroom/one-bath units, 5 two-bedroom/one-bath units, and 1 three-bedroom unit, supporting broad rental demand and long-term stability. With both in-place income and operational flexibility, a new owner has the ability to thoughtfully renovate, reposition, and increase rents through strategic improvements. Communities like Leon often experience consistent rental demand due to limited multifamily inventory, making well-managed apartment buildings an attractive and essential housing option. Interior updates such as flooring, paint, fixtures, and kitchen and bath enhancements offer clear upside potential to elevate overall performance and asset value. Additional features include four garages for added income potential and shared on-site laundry. Multifamily assets of this scale rarely become available in smaller Midwest markets, making this a compelling opportunity for investors seeking cash flow, growth, and long-term appreciation. Shown by appointment only.
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Additional Information
- Taxes
- $5,902
- Property Description
- Three Story
- Zoning
- Mul R
- Flooring
- Carpet, Vinyl
- Appliances
- Cooktop, Dryer, Refrigerator, Stove, Washer
- Heating
- Electric, Forced Air, Gas, Hot Water, Natural Gas
- Air Conditioning
- Window Unit(s)
- Stories
- 3
- Roof
- Rolled/Hot Mop
- Foundation
- Block
- Parking Features
- Detached, Garage
- Garage Spaces
- 4
- School District
- Central Decatur
Mortgage Calculator
Listing courtesy of Sandy Delzell with Iowa Realty Indianola
Data courtesy of the Des Moines Area Association of REALTORS