Melrose, IA homes for sale & real estate

Melrose, IA Homes for Sale

42 multifamily units are available, comprising 3 buildings with 14 units each. There are 36 one-bedroom, one-bath units and 6 studio units. The roofs were replaced in 2018, and various improvements have been made to the units, including new carpet, updated kitchens, and new tubs in many of the units. The property is conveniently located near UIHC and the West University of Iowa campus, within walking distance of Kinnick Stadium. Rents have steadily increased. Tenants are transitioning to RUBS for utility payments as they move into their new lease terms.

Melrose, IA Homes for Sale

Nestled conveniently near Kinnick & UIHC. Built in 1983 by the current owner. 11 units- one is 3 BR/2BA. All units fully remodeled w/ wood type floor, tile bathrooms, carpet in bedrooms, cabinets, countertops, plumbing fixtures, doors & millwork, electrical, stainless steel appliances & newer windows. New LED lights-units & common hallways. Newer coin ops laundry. Remodeled common hallways, doors, millwork & carpet. Re-insulated attic-2023. Parking lot painted-2024. In-unit laundry in three BR apartment. Water heat boiler & domestic hot water recently serviced. Fall 2024 updates: 12 wall unit AC. Gyp-Crete between floors for sound. Mostly brick building

Melrose, IA Homes for Sale

What an opportunity across from Kinnick Stadium! This property has one single family home of 1,769 sq ft w/ 4BR-3BA w/ attached garage+full basement. TEN add'l separate apartments. Three tenants have lived there for 10 yrs, 30 yrs & 50 yrs respectively! Average of three year tenancy for the other seven units. GREAT ADDITIONAL INCOME POTENTIAL with game day car parking and/or RV parking w/ estimated income of over $22K! Apartments offer impressive opportunity to function as traveling nurse units or Air BnB. All units are rented for Fall 2025 with a rental income of $152,100. Laundry room connects the house to apartments. This property has been in the same family's portfolio since the 6