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Triplex Income Property with Garage

403 S 4Th Avenue E Lake Mills, IA 50450

403 S 4Th Avenue E, Lake Mills, IA, 50450

$109,900

For Sale

$109,900

MULTI_FAMILY - Lake Mills, IA

Property Size1,811 SF

Lot Size0.48 Acres

Price / SF$60.68

AddedJul 6

Days on Market9

Last RefreshJul 14 at 6:06 pm

Property Features for 403 S 4Th Avenue E

General Information

Property type: Residential Multi Family
Property subtype: Other
Basement: Full
Standard status: Active
APN: 0802385032
Size: 1,811 SF
Lot size: 0.48 Acres

Taxes and HOA fees

Tax Year: 2024
Tax Description: 02 99 23 LOT 4 AUD RESURVEY OF LOTS 1 THRU 11 SUBD OF E 7 ACRES OF SE SW 2 99 23
Tax Annual Amount: 1782

Utilities

Heating system: Hot Water(Heating)
Water source: Public

Building Details

Year built: 1890
Floors in Building: 1
Number of units: 3
Building materials: Slate, Wood Siding

Listing agent Marisa Koppen License #***

Listing office Realty ONE Group Black Diamond 111 N Mill St, Lake Mills, IA

Listing date Jul 6, 2026

MLS# 6340028 Listing URL

Investment Insights

Based on property information with market context.

This triplex includes three rental units: two apartments on the main level—an efficiency unit and a one-bedroom unit—and a spacious two-bedroom apartment on the upper level. The property sits on a 0.48-acre lot and features a detached double garage that has not previously been used by tenants, offering flexibility for storage or other future use. A new boiler was installed in 2025.

The building is located at 403 S 4Th Avenue E in Lake Mills, Iowa, within Winnebago County. The site includes outdoor space tied to the generous lot size, supporting tenant use of common outdoor areas.

Designed for buyers seeking an income-producing residential property, the triplex is currently occupied with tenants in place, providing rental income immediately. With utilities currently included in the rent, day-to-day operations may be simplified for an owner. The presence of multiple unit types can also support tenant mix, and the garage offers an additional on-site improvement that may be considered for future functionality depending on the buyer’s plans.

Key Highlights

Triplex built in 1890 with slate and wood siding
3 units total: two main‑level apartments (efficiency and 1‑bedroom) plus a spacious upper‑level 2‑bedroom
New boiler installed in 2025

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Triplexes

Suggested Use

For sale
Triplexes
IA
Lake Mills
50450
403 S 4Th Avenue E

What type of property is this?

Triplex - Three-unit triplex with two main-level apartments and a two-bedroom upper unit, plus a detached double garage.

Where is this triplex located?

The property is located at 403 S 4Th Avenue E Lake Mills, IA.

What is the asking price?

The asking price for this property is $109,900.

What are key features of this property?

This property features: Triplex built in 1890 with slate and wood siding; 3 units total: two main‑level apartments (efficiency and 1‑bedroom) plus a spacious upper‑level 2‑bedroom; New boiler installed in 2025