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For sale
    • Price cut: $15K (6/26)
    $499,000

    102 S Main St, Leon, IA 50144

    28beds
    --baths
    15,651sqft
    : 
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    Multi Family, Apartment
    Built in 1920
    -- sqft lot
    $-- Zestimate®
    $32/sqft
    $-- HOA

    What's special

    Shared on-site laundry
    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.
    131 days
    |
    162
    |
    8
    |

    Zillow last checked:

    Listing updated:

    Listed by:

    Sandy Delzell (515)231-8069,

    Iowa Realty Indianola

    Source: DMMLS,MLS#: 734599MLS LogoOriginating MLS: Des Moines Area Association of REALTORS

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      Facts & features

      Interior

      Bedrooms & bathrooms
      • Bedrooms: 28
      Heating
      • Electric, Forced Air, Gas, Hot Water, Natural Gas
      Cooling
      • Window Unit(s)
      Appliances
      • Included: Cooktop, Dryer, Refrigerator, Stove, Washer
      • Laundry: Main Level, Upper Level
      Features
      • Flooring: Carpet, Vinyl
      • Basement: Unfinished,Walk-Out Access
      Interior area
      • Total structure area: 15,651
      • Total interior livable area: 15,651 sqft
      Video & virtual tour

      Property

      Parking
      • Total spaces: 4
      • Parking features: Detached, Garage
      • Garage spaces: 4
      Features
      • Levels: Three Or More
      • Stories: 3
      Lot
      • Size: 0.4 Acres
      • Dimensions: 180 x 98
      • Features: Rectangular Lot
      Details
      • Parcel number: 0733101005
      • Zoning: Mul R

      Construction

      Type & style
      • Home type: MultiFamily
      • Architectural style: Three Story
      • Property subtype: Multi Family, Apartment
      Materials
      • Brick, Wood Siding
      • Foundation: Block
      • Roof: Rolled/Hot Mop
      Condition
      • Year built: 1920

      Utilities & green energy

      • Sewer: Public Sewer
      • Water: Public
      • Utilities for property: Electricity Available, Natural Gas Available, Water Available

      Community & HOA

      Community
      • Features: Laundry Facilities
      • Security: Fire Alarm, Smoke Detector(s)
      HOA
      • Has HOA: No
      • Services included: Maintenance Structure, Recreation Facilities, Trash, Utilities
      Location
      • Region: Leon

      Financial & listing details

      • Price per square foot: $32/sqft
      • Annual tax amount: $5,902
      • Date on market: 2/17/2026
      • Cumulative days on market: 132 days
      • Listing terms: Cash,Conventional
      • Electric utility on property: Yes
      • Road surface type: Concrete

        Estimated market value

        Not available

        Estimated sales range

        Not available

        $880/mo

        Price history

        DateEventPrice
        6/26/2026Price change$499,000-2.9%$32/sqft
        Source: DMMLS #734599 Report a problem
        6/8/2026Price change$514,000-2.8%$33/sqft
        Source: DMMLS #734599 Report a problem
        4/3/2026Price change$529,000-3.8%$34/sqft
        Source: DMMLS #734599 Report a problem
        3/6/2026Price change$550,000-4.3%$35/sqft
        Source: DMMLS #734599 Report a problem
        2/17/2026Listed for sale$575,000$37/sqft
        Source: DMMLS #734599 Report a problem
        4/14/2019Listing removed$550
        Source: Zillow Rental Manager Report a problem
        3/26/2018Price change$550-8.3%
        Source: Zillow Rental Manager Report a problem
        2/26/2018Price change$600+20%
        Source: Zillow Rental Manager Report a problem
        12/14/2017Listed for rent$500
        Source: Zillow Rental Manager Report a problem
        10/11/2017Listing removed$500
        Source: Main Street Apartments Report a problem
        9/11/2017Price change$500+11.1%
        Source: Main Street Apartments Report a problem
        6/4/2017Price change$450-10%
        Source: Main Street Apartments Report a problem
        5/8/2017Price change$500+11.1%
        Source: Main Street Apartments Report a problem
        3/5/2017Listed for rent$450
        Source: Main Street Apartments Report a problem

        Public tax history

        Tax history is unavailable.

        Monthly payment

        Est. payment

          Payment breakdown

          Explore the cost of this home by adjusting the details. Changes won't be saved.
          All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.
          HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.
          Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.
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          Climate risks

          Neighborhood: 50144

          Getting around

          52 / 100
          Somewhat Walkable
          35 / 100
          Somewhat Bikeable

          Nearby schools

          GreatSchools rating
          Schools provided by the listing agent
          • District: Central Decatur

          Source: DMMLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.

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