Whether you're looking to expand your investment portfolio or purchase your first income-producing property, this triplex offers an excellent opportunity! With tenants already in place, this property provides immediate rental income from day one. The building features three units, including two main-level apartments—an efficiency unit and a one-bedroom unit—and a spacious two-bedroom apartment on the upper level. A new boiler installed in 2025 adds peace of mind for future ownership. Situated on a generous 0.48-acre lot, tenants can enjoy plenty of outdoor space, and the detached double garage offers additional storage or the potential for future rental income, as it has not previously been utilized by tenants. All utilities are currently included in the rent, making this a turnkey investment with room for future value-add opportunities. Don't miss your chance to start—or grow—your real estate portfolio with this solid income-producing property!
Active
$109,900
403 S 4th Ave E, Lake Mills, IA 50450
--beds
0baths
1,811sqft
Triplex
Built in 1890
-- sqft lot
$-- Zestimate®
$61/sqft
$-- HOA
What's special
Detached double garagePlenty of outdoor space
- 15 days |
- 332 |
- 8 |
Likely to sell faster than
Zillow last checked:
Listing updated:
Listed by:
Marisa Koppen 641-590-0465,
Realty ONE Group Black Diamond
Source: NoCoast MLS as distributed by MLS GRID,MLS#: 6340028
Facts & features
Interior
Bedrooms & bathrooms
- Bathrooms: 0
Heating
- Hot Water
Features
- Basement: Full
- Has fireplace: No
Interior area
- Total interior livable area: 1,811 sqft
Property
Parking
- Total spaces: 2
- Parking features: Garage
- Garage spaces: 2
Accessibility
- Accessibility features: None
Features
- Stories: 1
Lot
- Size: 0.48 Acres
- Dimensions: 82.28 x 255.73 Lot Area 0.48 Acres; 21,041 SF
Details
- Parcel number: 0802385032
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Triplex
Materials
- Slate, Wood Siding
Condition
- Year built: 1890
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
Community & HOA
Community
- Subdivision: LM SUBDIV E 7 AC SE SW 2-99-23
HOA
- Has HOA: No
Location
- Region: Lake Mills
Financial & listing details
- Price per square foot: $61/sqft
- Tax assessed value: $61,620
- Annual tax amount: $1,782
- Date on market: 7/6/2026
- Cumulative days on market: 16 days
Estimated market value
Not available
Estimated sales range
Not available
$1,341/mo
Price history
| Date | Event | Price |
|---|---|---|
| 7/6/2026 | Listed for sale | $109,900+24.9%$61/sqft |
Source:  NoCoast MLS as distributed by MLS GRID #6340028 Report a problem | ||
| 3/2/2021 | Sold | $88,000$49/sqft |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $1,782 +4.6% | $61,620 -40% |
| 2024 | $1,704 +27% | $102,630 |
| 2023 | $1,342 +11.1% | $102,630 +51.9% |
| 2022 | $1,208 -4.4% | $67,560 |
| 2021 | $1,264 -0.6% | $67,560 +5% |
| 2020 | $1,272 +1.4% | $64,340 |
| 2019 | $1,254 +12% | $64,340 +5% |
| 2018 | $1,120 -9.1% | $61,270 +8.5% |
| 2017 | $1,232 +17.1% | $56,450 |
| 2016 | $1,052 +7.1% | $56,450 +5% |
| 2015 | $982 +2.3% | $53,760 |
| 2014 | $960 +3.4% | $53,760 |
| 2013 | $928 -0.6% | -- |
| 2012 | $934 -1.3% | -- |
| 2011 | $946 +2.8% | -- |
| 2010 | $920 -2.1% | -- |
| 2009 | $940 +4.2% | -- |
| 2008 | $902 +3.9% | -- |
| 2007 | $868 -1.1% | -- |
| 2005 | $878 | -- |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.Climate risks
Neighborhood: 50450
Nearby schools
GreatSchools rating
- 9/10Lake Mills Elementary SchoolGrades: PK-5Distance: 0.2 mi
- 8/10Lake Mills Middle SchoolGrades: 6-8Distance: 0.2 mi
- 8/10Lake Mills Senior High SchoolGrades: 9-12Distance: 0.2 mi
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A local agent can set up tours, give advice and negotiate with sellers.
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