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Tony Lueken

tony@luekenre.com +1(319) 480-3875

$ 259,000

Est. payment | -/mo

Save

$ 259,000

Est. payment | -/mo

Save

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Subdivision Unknown

MLS Listing ID 202605470

Style Two Stories

HOA Y/N No

Abv Grd Liv Area 1,527

Year Built 1920

Annual Tax Amount $3,888

Tax Year 2025

Lot Dimensions 52x70

Property Sub-Type Multi Family

Property Description

Excellent investment opportunity at 507 Kimball Rd in Iowa City! This fully occupied duplex offers immediate rental income with both units leased through July 2027. The upper unit rents for $875/month, with the tenant responsible for all utilities. The lower unit rents for $1,300/month, with the tenant responsible for all utilities except water and trash. Combined gross rental income is $2,175 per month, or $26,100 annually. With long-term leases already in place, this property provides an attractive opportunity for an investor looking to add a stabilized, income-producing property to their portfolio. Landlord responsibilities include water and trash for the lower unit, along with lawn care and snow removal for the property. Convenient Iowa City location with established rental income from day one. A great option for investors seeking a fully leased duplex with predictable cash flow. Advance notice for tenants required. Buyer to verify sq footage and schools. Buyer must be willing to participate in 1031 exchange.

Location

State IA

County Johnson

Zoning Residential

Direction Kimball RD

Rooms

Basement Partial

Interior

Interior Features Other

Heating Natural Gas, Forced Air

Flooring Carpet, Vinyl

Fireplaces Type Other

Appliance Range Or Oven, Refrigerator

Laundry In Basement

Exterior

Exterior Feature Balcony

Parking Features Attached Garage

Community Features Other

Utilities Available City Sewer, City Water

Total Parking Spaces 4

Building

Structure Type Other,Frame

New Construction No

Schools

Elementary Schools Shimek

Middle Schools Southeast

High Schools City

Others

Tax ID 1003403019

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition Standard

Listed by Affinity Real Estate Services

NEARBY SCHOOL & BUSINESS

+1(319) 480-3875

tony@luekenre.com

4515 N River Blvd NE, Cedar Rapids, IA 52411, USA

507 Kimball Rd Iowa City, IA 52246