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    Partially Remodeled 6-Plex Title is generated by Realmo AI

    21 W 1ST ST, Spencer, IA 51301

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    Claim this Listing
    For Sale
    $175,000

    MULTI_FAMILY - Spencer, IA

    Property size:
    4,308 SF
    Lot size:
    0.12 Acres
    Price / SF:
    $40/SF
    Added:
    Feb 24, 2026
    Days on Market:
    109
    Last Refresh:
    Jun 13 at 9:06 am

    Property Features for 21 W 1ST ST

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    res
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Bathroom 1, Bedroom 5, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 2
    Standard status
    Active
    APN
    19041-963618134010
    Size
    4,308 SF
    Lot size
    0.12 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    12 G O.P.
    Tax Annual Amount
    3989

    Utilities

    Heating system
    Baseboard
    Cooling system
    Window Unit(s)

    Building Details

    Year built
    1949
    Number of units
    6

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    Listing Contact
    Nic Madsen

    Listing agent Nic Madsen

    Listing office Gateway Real Estate Advisors 700 Nebraska St, Dakota Dunes, IA

    Listing date Feb 24, 2026

    MLS# 831915 Listing URL

    Copyright © 2026 Northwest Iowa Regional Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 6‑plex at 21 W 1st Street in Spencer, IA
    • Partially remodeled with 2 of 6 units currently rented for immediate income
    • Four additional units available to renovate and lease up
    • Heating: baseboard
    • Cooling: window unit(s)
    • Built in 1949

    Overview

    This for-sale 6-plex at 21 W 1st St in Spencer, Iowa includes six residential units with partial renovations already underway. Per the current remarks, two of the six units are currently rented, creating immediate rental income, while the remaining four units are positioned for renovation and future leasing. The property is listed as residentially zoned (res), supporting its continued use as a multifamily income property. The building’s size is reported at 4,308 square feet.

    The property is located near downtown Spencer amenities, offering convenient access to local services and retail within the city.

    For investors or operators seeking a renovation-focused multifamily acquisition, this asset provides a workable starting point with work already begun and only part of the unit mix currently producing rent. The combination of in-progress improvements and available units for completion can support a structured path to stabilizing occupancy once renovations are finished and leases are in place, consistent with the property’s stated current condition.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spencer
    County
    Clay
    State
    Iowa
    Longitude
    -95.145625
    Latitude
    43.138822

    FAQs

    What type of property is this?
    Apartment building - Partially remodeled 6-plex in Spencer with two units rented and four units ready for finishing and lease-up.
    Where is this apartment building located?
    The property is located at 21 W 1ST ST Spencer, IA.
    What is the asking price?
    The asking price for this property is $175,000.
    What are key features of this property?
    This property features: 6‑plex at 21 W 1st Street in Spencer, IA; Partially remodeled with 2 of 6 units currently rented for immediate income; Four additional units available to renovate and lease up
    More about this property
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