$495,000

102 S Main Street, Leon, IA 50144

  • 28 beds
  • 15,651 sqft
  • Property Icon Multi-Family Home
  • Property Year Built Icon Built in 1920
  • Property Lot Size Icon0.41acre lot
  • Property Parking Icon 4 car garage
  • Property Price Per Square Feet Icon $32/sqft
  • Property List Date Icon Listed 5 months ago

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.

Listing Status:
Active
Date Added:
February 17, 2026
Data Last Updated:
July 28, 2026 at 7:17AM
Listing Office:
Iowa Realty Indianola : (515) 453-6600
Listing Agent:
Sandy Delzell : (515) 231-8069
MLS ID:
734599
  • Appliances: CooktopDryerRefrigeratorStoveWasher
  • Laundry: Main LevelUpper Level
  • Basement: UnfinishedWalk-Out Access
  • Flooring: CarpetVinyl
  • A/C: Window Unit(s)
  • Heating: ElectricForced AirGasHot WaterNatural Gas
  • Style: Three Story
  • Parking: DetachedGarage
  • Roofing: Rolled/Hot Mop
  • General: BrickWood Siding3Block
  • Road/Access: Concrete
  • HOA Amenities: Maintenance StructureRecreation FacilitiesTrashUtilities
  • Originating MLS: DMAAR_DM
  • School District: Central Decatur
  • County: Decatur
  • Zoning: Mul ROT S 64' LOT 1 THRU 3 & ALL LOTS 10 THRU 12BLK. 5 (APARTMENT S) OT S 64' LOT 1 THRU 3 & ALL LOTS 10 THRU 12BLK. 5 (APARTMENT S)0733101005
  • Utilities: Electricity AvailableNatural Gas AvailableWater AvailableElectricity on Property
  • Water: Public
  • Sewer: Public Sewer
  • Source: DMAAR_DM

This listing courtesy of Sandy Delzell , Iowa Realty Indianola

Monthly Payment

$Est. Payment
  • Principal & Interest $
  • Property Taxes $
  • Home Insurance $
  • VA Funding Fee $

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