102 S Main Street, Leon, IA 50144
102 S Main Street, Leon, IA 50144
102 S Main Street, Leon, IA 50144
35
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$529,000
Est. payment /mo
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28 Beds
15,651 SqFt
Price Dropped by $21K

102 S Main Street Leon, IA 50144

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Ethan Hokel

Ethan Hokel

+1(515) 981-2113

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Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 15,651 sqft

Price per Sqft $33

MLS Listing ID 734599

Style Three Story

Bedrooms 28

HOA Y/N No

Year Built 1920

Annual Tax Amount $5,902

Lot Size 0.405 Acres

Acres 0.405

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.

Location

State IA

County Decatur

Area Leon

Zoning Mul R

Rooms

Basement Unfinished, Walk-Out Access

Interior

Heating Electric, Forced Air, Gas, Hot Water, Natural Gas

Cooling Window Unit(s)

Flooring Carpet, Vinyl

Furnishings Unfurnished

Fireplace No

Appliance Cooktop, Dryer, Refrigerator, Stove, Washer

Laundry Main Level, Upper Level

Exterior

Parking Features Detached, Garage

Garage Spaces 4.0

Garage Description 4.0

Community Features Laundry Facilities

Utilities Available Electricity Available, Natural Gas Available, Water Available

Roof Type Rolled/Hot Mop

Private Pool No

Building

Lot Description Rectangular Lot

Dwelling Type Apartment,Multi Family

Entry Level Three Or More

Foundation Block

Sewer Public Sewer

Water Public

Level or Stories Three Or More

Schools

School District Central Decatur

Others

HOA Fee Include Maintenance Structure,Recreation Facilities,Trash,Utilities

Tax ID 0733101005

Monthly Total Fees $491

Security Features Fire Alarm,Smoke Detector(s)

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

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Listed by Iowa Realty Indianola

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Ethan Hokel

Ethan Hokel

Agent | SS63807000

+1(515) 981-2113

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