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.
Broker is owner and Broker of this legal 3 family. No visits without contacting Broker for prequalification letter and proof of funds. Perfect for first time home buyer. Do not talk to any tenants about potential sale! With one half down Owner may offer owner financing at 5 percent rate five year balloon if approved
Albert Wright Page, License B62241000, Xome Inc., License FO5635000, [email protected], 844-400-XOME (9663), 4471 North Billman Estates, Shelbyville, IN 46176
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Leon is located in Iowa. Leon, Iowa has a population of 1,716. Leon is less family-centric than the surrounding county with 29.49% of the households containing married families with children. The county average for households married with children is 32.77%.
The median household income in Leon, Iowa is $57,969. The median household income for the surrounding county is $52,753 compared to the national median of $69,021. The median age of people living in Leon is 36.8 years.
The average high temperature in July is 85.6 degrees, with an average low temperature in January of 13.8 degrees. The average rainfall is approximately 38.8 inches per year, with 25.4 inches of snow per year.
