$549,900
6.0 Units
MLS: 202506537
Rare opportunity to own a fully rented 6-unit multifamily property in a prime location—directly behind the Washington County Fairgrounds! Built in 1952 with 4,189 total square feet, this apartment complex includes six units (numbered 2 through 7) featuring a mix of 1- and 2-bedroom layouts. Unit 2: 2 bed/1 bath. Unit 3: 2 bed/2 bath. Units 4 & 5: 1 bed/1 bath. Unit 6: 2 bed/1 bath, no living room – $700/month. Unit 7: 1 bed/1 bath – $675/month. All units are currently tenant-occupied on month-to-month leases, providing immediate cash flow for investors. A shared on-site laundry space adds convenience and generates an additional $400–$500/month in income. The property sits on a generous lot with substantial green space behind the building—offering tenant appeal and possible future development options. While the property is fully functional and income-producing, it offers significant potential for value-add improvements and cosmetic updates—making it an ideal opportunity for investors seeking both steady income and long-term appreciation. 48-hour notice required for all showings. Interior photos are available upon request of Units 3, 5, 6, and 7 to verify layout. Units 2 and 4 are very similar, but I was not able to get inside those yet. Storage container is reserved.
MLS #: 202506537
Price: $549,900
Year Built: 1952
Income/Yr: $55,500.00
Expense/Yr: $0.00
Parking: Off Street
Basement: Concrete, Slab
Total Sq Ft: 4189
Electric Expense: $5,700.00
Gas Annually: $0.00
Maint Expense: $3,500.00
Insurance Expense: $2,750.00
Gross Tax: $2,810.00
Units: 6.0
Laundry:
Energy Generation:
Heat/Cooling: Forced Air, Window Units
Elementary: Washington
Middle: Washington
High: Washington
Information deemed reliable but not guaranteed
 | Edge Realty Group 319-351-3355 |
Listing Office: RE/MAX Affiliates - Agent: Peter Schwartz - Information furnished by Iowa City Area Association of Realtors