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.
Sold for $1,500,000 on 05/12/25
$1,500,000
709 & 711 Meadow Lane Ct SE, Mount Vernon, IA 52314
--beds
1baths
22,146sqft
Multi Family, Residential
Built in 1971
-- sqft lot
$1,509,900 Zestimate®
$68/sqft
$959 Estimated rent
Owner options
What's special
Zillow last checked: 8 hours ago
Listing updated: May 12, 2025 at 02:16pm
Listed by:
Matthew Lepic 319-321-7199,
Lepic-Kroeger, REALTORS
Bought with:
Lepic-Kroeger, REALTORS
Source: Iowa City Area AOR,MLS#: 202500847
Facts & features
Interior
Bedrooms & bathrooms
- Bathrooms: 1
Heating
- Steam
Cooling
- Window Unit(s)
Appliances
- Included: Range Or Oven, Refrigerator, Microwave
- Laundry: Laundry Room, In Basement
Features
- Flooring: Carpet, Vinyl
- Basement: Partial
- Has fireplace: No
Interior area
- Total structure area: 22,146
- Total interior livable area: 22,146 sqft
- Finished area above ground: 22,146
- Finished area below ground: 0
Property
Parking
- Total spaces: 4
- Parking features: Detached Carport, Off Street, On Street
- Has carport: Yes
Features
- Levels: Multi/Split
- Exterior features: Balcony
Lot
- Features: One To Two Acres
Details
- Parcel number: 1710454005 & 1710454004
- Zoning: RES 3+
- Special conditions: Standard
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family, Residential
Materials
- Brick, Frame
Condition
- Year built: 1971
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
Community & neighborhood
Security
- Security features: Smoke Detector(s)
Community
- Community features: Sidewalks, Street Lights
Location
- Region: Mount Vernon
- Subdivision: Bowman 3rd
Other
Other facts
- Listing terms: Conventional,1031 Exchange,Cash
Sell for more on Zillow
Get a Zillow Showcase℠ listing at no additional cost and you could sell for .
$1,509,900
2% more+$30,198
With Zillow Showcase(estimated)$1,540,098