Residential For Sale
- Meadow Lane Ct. SE, Mt Vernon, Iowa 52314
QR Code
Description

Discover a hidden gem in the City of Mt. Vernon, Iowa. This 24-unit complex has been updated as needed, featuring 22 two-bedroom, one-bath units and two one-bedroom 1 bath units. The two-bedroom units average 900 square feet, while the one-bedroom units are around 700 square feet. There are also 12 detached garages, all of which are currently rented. This property presents a great value-add opportunity, as we have consistently demonstrated annual rent increases. With a low turnover rate among tenants, rent increases have been steady, albeit slow. There is still potential for further improvements and continued rental growth.

Property Description

Discover a hidden gem in the City of Mt. Vernon, Iowa. This 24-unit complex has been updated as needed, featuring 22 two-bedroom, one-bath units and two one-bedroom 1 bath units. The two-bedroom units average 900 square feet, while the one-bedroom units are around 700 square feet. There are also 12 detached garages, all of which are currently rented. This property presents a great value-add opportunity, as we have consistently demonstrated annual rent increases. With a low turnover rate among tenants, rent increases have been steady, albeit slow. There is still potential for further improvements and continued rental growth.

Basic Details
Property Type:
Residential
Listing Type:
For Sale
Listing ID:
202500847
Price:
$1,620,000
Beds:
0
Total Full Baths:
1
Baths:
0
Half Bathrooms:
0
Construction Year:
1971
Country:
US
State:
IA
County:
Linn
City:
Mt Vernon
Zipcode:
52314
Status Category:
Contingent
Subdivision:
Bowman 3rd
Features
Heating:
Steam
Cooling System:
Window Units
Parking:
On Street, Off Street, Detached Carport
Basement:
Partial
Exterior:
Balcony
Construction:
Frame, Brick
Interior:
Kit Dining Rm Comb
Address Map
Street:
Meadow Lane Ct. SE
Street Number:
709 & 711
Floor Number:
0
Longitude:
W92° 35' 18.3''
Latitude:
N41° 55' 5.5''
More Information
Office Name:
Lepic-Kroeger, REALTORS
Elementary School:
Mt Vernon
Jr./Middle School:
Mt Vernon
High School:
Mt Vernon
Directions:
1st St E, to 7th St. SE to Meadow Lane Ct SE
Zoning:
RES 3+
Lot Dimensions:
IRR
LA1Agent Logon Name:
I1062
LA1Agent First Name:
Matthew
LA1Agent Last Name:
Lepic
LO1Main Office ID:
ILKR
319.351.1111 - 250 Holiday Road, Coralville, IA 52241
Agent Information
Matthew Lepic
Lepic-Kroeger, REALTORS
Additional Details
Window Units
Partial
Balcony
Frame, Brick
Kit Dining Rm Comb
02/01/2025
1st St E, to 7th St. SE to Meadow Lane Ct SE
IRR
Urban Acres Real Estate