Conway, IA Multi Residential Properties for Sale

Garrison House — Turnkey Hospitality Investment in the Heart of Clarinda A rare opportunity to own a fully operating, multi-revenue hospitality property generating over $270,000 in combined annual income. Garrison House pairs a beloved full-service restaurant and coffee house with a charming Bed & Breakfast and Airbnb operation — all under one roof, one address, and one seamless guest experience. The Restaurant & Coffee House A local favorite serving up food, beverage, retail, and catering, this concept has built a loyal following with over $220,000 in annual sales. With strong gross margins and an established payroll and operations team already in place, this is a business ready for a new owner to step in and grow — whether through expanded catering, event hosting, or extended hours. The Bed & Breakfast / Airbnb Upstairs (or adjacent), guests enjoy boutique lodging with both traditional B&B bookings and short-term Airbnb rentals, bringing in over $33,000 annually in overnight stays alone. The property's dual-income lodging model captures both the traditional traveler and the modern short-term rental market. Investment Snapshot Based on FY2025 operating income (~$55,637 combined NOI), the property is valued at approximately $618,000 at a 9% cap rate

104 N 16th, Clarinda

Listing courtesy of with Thomas Realty

$176,900

2 Beds ⋅ 2 Baths ⋅ 749021 MLS

Invest in this versatile Highland Park duplex, perfect for an owner-occupant or an investor. Each unit features one bedroom and one bathroom, and the property comes with a rental certificate issued this year. Located near schools, and bus routes, it also includes off-street parking. With one unit currently occupied and the other vacant, it's move in or rental ready.

3905 8th Street, Des Moines

Listing courtesy of Amanda Welch with LPT Realty, LLC

$185,000

26-1980 MLS

This built-as four-plex offers great income from day one and huge upside potential as well! The building features four efficiency apartments, two on each floor. Each unit is separately metered for gas and electricity, and all four of the four units are currently occupied with tenants paying $700/month! Currently the tenants are responsible to pay their own electricity, Landlord pays gas, water & trash. There is some deferred maintenance on the property, and the units certainly show their age, but for a savvy investor with some renovation know-how this property presents a fantastic opportunity to invest in some improvements and really make the property cash flow! The building is sold as-is.

339 Scott St, Council Bluffs

Listing courtesy of Mark Hanwright with Heartland Properties

$269,900

4 Beds ⋅ 3 Baths ⋅ 748820 MLS

Great Investment Opportunity or Owner-Occupant Duplex! This well-maintained ranch-style duplex offers an excellent opportunity for investors or buyers looking to live in one unit while generating rental income from the other. One side is 2 bed 1.5 bath and is currently vacant and offers nearly 1,300 square feet of living space, making it ideal for an owner-occupant or a new rental. The other side is is 2 bed 1 bath upen floor plan unit and is already occupied by a tenant, providing immediate rental income. Each unit offers a comfortable ranch-style layout with a full basement, providing plenty of additional storage and potential. Situated on a nice corner lot, this property offers convenience, flexibility, and excellent potential.

2410-2412 Evelyn Street, Perry

Listing courtesy of Zineta Imamovic with Realty ONE Group Impact

$479,900

5 Beds ⋅ 4 Baths ⋅ 748847 MLS

Prime Pella Location | Duplex Across from Lincoln Elementary Great opportunity to own a low-maintenance, purpose-built duplex in a fantastic Pella location! Situated directly across from Lincoln Elementary and just a few blocks from downtown, this property offers convenience, flexibility, and investment potential. The duplex features a 3-bedroom, 1.5-bath unit and a 2-bedroom, 2-bath unit. Perfect for investors or house hackers, you can live in one unit while renting the other to help offset your housing costs, or rent both units for an income-producing investment. A desirable location, two well-sized units, and low-maintenance ownership make this a great opportunity in Pella.

1113 Broadway Street, Pella

Listing courtesy of Austin Steenhoek with Century 21 Signature

$133,000

6342392 MLS

Great investment opportunity with this 2-story duplex featuring separate upper and lower units. Each unit offers 2 bedrooms, a living room, kitchen, and full bath, with large, comfortable rooms throughout. One unit is currently vacant, and interior photos of the vacant unit will be added soon. The property also offers a good-sized yard and a large carport providing plenty of off-street parking. Tenants pay their own gas and electric, while the owner pays water. Live in one unit and collect rental income from the other, or add this property to your investment portfolio. A great opportunity for both owner-occupants and investors! One of the owners is a licensed real estate agent in the State of Iowa.

1146 N Elm St, Ottumwa

Listing courtesy of with Ottumwa Realty

$189,900

6342387 MLS

Once in a lifetime opportunity to own a landmark piece of history right on the main street square in Eldora. The historic Carnegie building stands as a cherished part of the community’s story, offering a rare chance to preserve its legacy while bringing your own vision to life. Whether you dream of continuing a successful restaurant or creating a new destination business, this remarkable property is ready for its next chapter. Featuring over 4,400 square feet between the main level and basement, the building blends timeless character with practical function. Inside, you’ll find soaring ceilings, large windows that fill each room with natural light, multiple dining areas, a bar, an equipped kitchen, four bathroom stalls, and two original wood-burning fireplaces that reflect the craftsmanship and charm of a bygone era. Thoughtful updates throughout make the property operable, move-in ready, and prepared for immediate use. Step into a building rich with history, possibility, and purpose. Bring your business, your creativity, and your passion—and become part of the continuing story of one of Eldora’s most treasured historic spaces. *Kitchen equipment and furnishings are included with the listing; please ask your agent for a detailed list of included and excluded items. Immediate possession is available mid October.

1209 14th Ave, Eldora

Listing courtesy of with Oakridge Real Estate

$99,900

6342354 MLS

Amazing investment opportunity with an approximately 26% CAP rate! This well-maintained side-by-side duplex has seen numerous updates, including a new roof, 13 new windows and new gutters and downspouts. The exterior siding has been sanded, primed, and painted with high-end Sherwin-Williams exterior paint. Brand new appliances, toilets and kitchen flooring included. Selling as is. Unit 217 is currently rented for $850/month, with long-term tenants who have been in place for approximately nine years. Unit 219 is available for rent at $1,250/month can be completely renovated from top to bottom. Live in one side while your tenant helps pay the mortgage, or rent both units for excellent investment potential. Agent owned.

217-219 N 14th St, Keokuk

Listing courtesy of with Weichert Realtors-The Massimo Group

$295,000

4 Beds ⋅ 2 Baths ⋅ 748548 MLS

INVESTMENT OPPORTUNITY! Whether you're looking to grow your real estate portfolio or take the first step toward building one, this 2-bedroom, 1-bathroom duplex offers an exciting opportunity! Each unit features a comfortable layout flowing from the living area into the dining space and kitchen, complete with a convenient pantry for additional storage. Step outside to enjoy a quiet backyard—an inviting bonus for residents and a great feature for attracting tenants. Conveniently located with quick access to the interstate, making commuting and getting around a breeze. Add this versatile property to your investment strategy and start building toward your real estate goals!

5802 & 5806 NE 3rd Street, Des Moines

Listing courtesy of Lacie Sibley with Boutique Real Estate

$295,000

4 Beds ⋅ 2 Baths ⋅ 748550 MLS

INVESTMENT OPPORTUNITY! Whether you're looking to grow your real estate portfolio or take the first step toward building one, this 2-bedroom, 1-bathroom duplex offers an exciting opportunity! Each unit features a comfortable layout flowing from the living area into the dining space and kitchen, complete with a convenient pantry for additional storage. Step outside to enjoy a quiet backyard—an inviting bonus for residents and a great feature for attracting tenants. Conveniently located with quick access to the interstate, making commuting and getting around a breeze. Add this versatile property to your investment strategy and start building toward your real estate goals!

250 & 252 NE 57th Place, Des Moines

Listing courtesy of Lacie Sibley with Boutique Real Estate

$295,000

4 Beds ⋅ 2 Baths ⋅ 748559 MLS

INVESTMENT OPPORTUNITY! Whether you're looking to grow your real estate portfolio or take the first step toward building one, this 2-bedroom, 1-bathroom duplex offers an exciting opportunity! Each unit features a comfortable layout flowing from the living area into the dining space and kitchen, complete with a convenient pantry for additional storage. Step outside to enjoy a quiet backyard—an inviting bonus for residents and a great feature for attracting tenants. Conveniently located with quick access to the interstate, making commuting and getting around a breeze. Add this versatile property to your investment strategy and start building toward your real estate goals!

5636 & 5638 NE 3rd Street, Des Moines

Listing courtesy of Lacie Sibley with Boutique Real Estate

$575,000

6342308 MLS

This is a great opportunity to own one of downtown Ottumwa's nicest buildings. With a recent full restoration this property offers a large open commercial main level. It includes large storefront windows for advertising, exposed brick walls throughout, refinished hardwood floors, new kitchenette area, men's and women's restrooms. It has a traditional meets modern look that is sure to enhance any business. For additional income, there are three remodeled apartments upstairs. One 2 bed 1 bath, and Two 1 bed 1 bath. Most recent rents are $1224, $949, and $1205 - utilities are on the tenants. This property cash flows well, and financials are available to pre-qualified buyers or those with proof of funds and that sign a non-disclosure. Call for more information or to schedule your showing.

325 E Main St, Ottumwa

Listing courtesy of with RE/MAX Pride Oskaloosa

$110,000

6342297 MLS

508 N Iowa Ave, Washington

Listing courtesy of with Century 21 Trinity

$294,900

6342231 MLS

Excellent investment opportunity to acquire this rare multi-family residential and commercial triplex perfectly situated in a popular arterial commercial district. With separate gas and electric meters to keep overhead low, this property offers options to maximum returns. The property includes abundant front parking space, a highly coveted feature that comfortably accommodates multiple vehicles and provides easy, hassle-free access for commercial clients. Unit 1 (residential) provides a sprawling, rare 4-bedroom layout featuring 1 full bath, a 3/4 ensuite bath, and an additional half bath—ideal as a premium rental or spacious owner's quarters. Unit 2 (Residential) is an efficient 2-bedroom, 1-bathroom layout with lots of natural light. Unit 3 (Flexible/Commercial Space): The ultimate flex option, this space can be utilized immediately as commercial storefront/offices or add a shower and kitchen for comfortable residential living, allowing you to adapt seamlessly to market demand. Each unit has its own private entrance. This home offers a nice sized back yard and is steps away from a vibrant array of local stores, dining, and essential services. The location provides convenience for tenants and maximum accessibility for business operations. Whether you are looking to move in, expand a traditional portfolio, or blend commercial and residential, this versatile property could fit perfectly in your portfolio. To respect tenant privacy, interior photos are available upon request.

1422 1st Ave E, Newton

Listing courtesy of with All In Real Estate Inc

$169,000

6342152 MLS

This commercial building is located in Otho Iowa, it is 3300 ft.² it would be perfect for a local seed dealer or a business needing bulk storage. The property features two overhead doors and one walkway door. There is also a bathroom in the shop area as well. The large attached office is climate controlled perfect for any small business, hair salon, ect.. please contact us today for a private showing

232 Main St, Otho

Listing courtesy of with Re/Max Real Estate Center

Conway, IA Multi Residential Properties for Sale

Conway, Iowa Multi Residential Properties

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