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102 S Main StreetLeon, IA 50144

Multi-Family · 28 Beds · 15,651 Sq. ft. | 0.41 Acres
$499,000 Active

102 S Main Street Overview

Time on Site:
133 days
Visits:
108

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.

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102 S Main Street Facts & Features

  • Type Multi-Family
  • Sq. ft. 15,651
  • Price/Sq.ft. $32
  • Lot 0.41 Acres

Details

General

Association/HOA

  • Association Fee Includes: Maintenance Structure,Recreation Facilities,Trash,Utilities
  • Association: false

School Information

  • School District: Central Decatur

Building Information

  • Year Built: 1920

Location/Region

  • County Or Parish: Decatur
  • MLS Area Major: Leon
  • Postal City: Leon

Community/Development

  • Community Features: Laundry Facilities

Rent/Lease Information

  • Lease Considered: false

Tax Information

  • Tax Annual Amount: 5902.0

General Information

  • Furnished: Unfurnished
  • Listing Terms: Cash,Conventional
  • Parcel Number: 0733101005
  • Property Type: Multi Family
  • Zoning: Mul R

Interior

Parking Information

  • Garage Spaces: 4.0
  • Garage: true

Beds/Baths

  • Bathrooms Full: 0
  • Bathrooms Half: 0
  • Bathrooms Three Quarter: 0
  • Bathrooms Total: 0
  • Bedrooms Total: 28

Building Interior

  • Building Area Total: 15651.0

General Information

  • Appliances: Cooktop,Dryer,Refrigerator,Stove,Washer
  • Flooring: Carpet,Vinyl
  • Foundation Details: Block
  • Laundry Features: Main Level,Upper Level
  • Levels: Three Or More
  • Living Area: 15651.0
  • Security Features: Fire Alarm,Smoke Detector(s)
  • Stories: 3

Exterior

Parking Information

  • Parking Features: Detached,Garage

Lot Information

  • Lot Features: Rectangular Lot
  • Lot Size Acres: 0.405
  • Lot Size Area: 0.405
  • Lot Size Dimensions: 180x98
  • Lot Size Square Feet: 17640.0
  • Lot Size Units: Acres
  • Road Surface Type: Concrete
  • Water Source: Public

Building Exterior/Construction

  • Architectural Style: Three Story
  • Attached Garage: false
  • Construction Materials: Brick,Wood Siding
  • Roof: Rolled/Hot Mop
  • Structure Type: Apartment,Multi Family

General Information

  • Electric On Property: true
  • Number Of Units Total: 24
  • Sewer: Public Sewer
  • Utilities: Electricity Available,Natural Gas Available,Water Available

102 S Main Street Neighborhood

Community

50144 (Leon) Demographics

36
Median Age
19
Population Density (per sq. mile)
26%
College Educated
$58,967
Estimated Median Income
671
Estimated Total Home Owners
455
Estimated Total Renters
60% / 40%
Estimated Owner / Renter Divide
2
Estimated Average Household Size
Community data courtesy of LiveBy, Inc.

Schools

School data courtesy of LiveBy, Inc. School ratings are based on a scale of 1-5, with 5 being the highest rating and 1 being the lowest rating.

102 S Main Street Monthly Cost

$
$ %
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$
$
* All calculations are estimates and provided by Reliance Network, for informational purposes only. Actual amounts may vary. ** Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information. Any mortgage broker or insurance agent that may appear is independent and is not affiliated with, endorsed by, or provided by the MLS.

102 S Main Street Market Data

Based on the last 30 days in this zip code

$224,250
Average List Price
$146
Average Price per Square Foot
0
Properties Sold
44
Average Days on Market
10
Properties for Sale
Calculations provided by Reliance Network

102 S Main Street History

Date Event Value Agent
6/26/2026Source: Des Moines Area Price Reduction
$499,000 -2.9%
Sandy Delzell
Listing Agent
6/8/2026Source: Des Moines Area Price Reduction
$514,000 -2.8%
Sandy Delzell
Listing Agent
4/3/2026Source: Des Moines Area Price Reduction
$529,000 -3.8%
Sandy Delzell
Listing Agent
3/6/2026Source: Des Moines Area Price Reduction
$550,000 -4.3%
Sandy Delzell
Listing Agent
2/17/2026Source: Des Moines Area Added to Database
February 17, 2026
Sandy Delzell
Listing Agent
Listing provided courtesy of Iowa Realty Indianola- MLS# 734599MLS ProviderContact Information: (515) 231-8069