$1,500,000
$1,620,000
7.4%For more information regarding the value of a property, please contact us for a free consultation.
22,146 SqFt
SOLD DATE : 05/12/2025
Key Details
Sold Price $1,500,000
Property Type Multi-Family
Sub Type Multi Family
Listing Status Sold
Purchase Type For Sale
Square Footage 22,146 sqft
Price per Sqft $67
MLS Listing ID 2500797
Sold Date 05/12/25
HOA Y/N No
Total Fin. Sqft 22146
Year Built 1973
Annual Tax Amount $24,842
Lot Size 1.090 Acres
Acres 1.09
Property Sub-Type Multi Family
Property Description
Discover a hidden gem in the City of Mt. Vernon, Iowa. This 24-unit complex has been updated as needed, featuring 22 two-bedroom, one-bath units and two one-bedroom 1 bath units. The two-bedroom units average 900 square feet, while the one-bedroom units are around 700 square feet. There are also 12 detached garages, all of which are currently rented.
This property presents a great value-add opportunity, as we have consistently demonstrated annual rent increases. With a low turnover rate among tenants, rent increases have been steady, albeit slow. There is still potential for further improvements and continued rental growth.
Location
State IA
County Linn
Area Ot-E (East Of I-380)
Zoning RES 3+
Rooms
Basement Partial
Interior
Interior Features InteriorFeatures
Heating Hot Water
Cooling Wall/Window Unit(s)
Fireplace No
Laundry Common Area
Exterior
Utilities Available Separate Meters
Water Access Desc Public
Porch Deck, Patio
Garage Yes
Building
Sewer Public Sewer
Water Public
Structure Type Brick,Frame
Schools
Elementary Schools Mt Vernon
Middle Schools Mt Vernon
High Schools Mt Vernon
Others
Tax ID 17104-54005-00000 & 17104-54004-00000
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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Bought with LEPIC-KROEGER, REALTORS