$1,225,000
SOLD APR 9, 2025

402 Peterson St Unit 402-424 Iowa City, IA 52245

Eastside Neighborhood
8 Beds
4 Baths
9,756 Sq Ft
1993 Built

Recently Sold

$126 Per Sq Ft

6% Below List Price

86 Days on Market

Highlights

  • Living Room
  • Park
  • Forced Air Heating and Cooling System
  • City High School Rated A-
  • Property is near schools
  • 5-minute walk to Scott Park

About This Home

As of April 2025

Here's an excellent investment opportunity in this well-maintained 12-unit multi-family property located on the east side of Iowa City. 2bed, 1 bath condos with a history of reliable tenancy, this property is perfect for investors looking to expand their portfolio. The units offer practical layouts, making them suitable for a variety of renters. Situated in a convenient location off of Court Street, it's close to schools, public transportation, and local amenities, this property is poised for consistent demand. This is a fantastic chance to own a multi-family property in a strong rental market. Don’t miss out on this great opportunity to grow your investment portfolio.

Last Agent to Sell the Property

Teague Case

Westwinds Real Estate Services, Inc. Listed on: 12/09/2024

Last Buyer's Agent

Eliza Ghabel

Edge Realty Group

Edge Realty Group

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1993

HOA Fees

  • $1,200 Monthly HOA Fees

Parking

  • 4 Parking Spaces

Home Design

  • Slab Foundation
  • Frame Construction

Interior Spaces

  • 9,756 Sq Ft Home
  • Ceiling Fan
  • Living Room

Kitchen

  • Oven or Range
  • <<microwave>>
  • Dishwasher

Laundry

  • Dryer
  • Washer

Accessible Home Design

  • Stepless Entry

Location

  • Property is near schools
  • Property is near shops
  • Property is near a bus stop

Schools

  • Lucas Elementary School
  • Southeast Middle School

Utilities

  • Forced Air Heating and Cooling System
  • Heating System Uses Gas
  • Internet Available

Listing and Financial Details

  • Assessor Parcel Number 0918229001 - 0918229012

Community Details

Overview

  • Association fees include bldg&liability insurance, exterior maintenance, garbage pickup, grounds maintenance, pest control/termite
  • 12 Units
  • Court Hill Condominiums Subdivision

Recreation

  • Park

Building Details

  • Insurance Expense $2,000
  • Maintenance Expense $15,000
  • Gross Income $138,000

Property Details

Home Type

Multi-Family

Year Built

Built in 1993

Lot Details

0

HOA Fees

$1,200 per month

Listing Details

  • Property Type: MULTI-FAMILY
  • Type: Multi-Family
  • Photo Code: Broker Loaded
  • Remarks: Here's an excellent investment opportunity in this well-maintained 12-unit multi-family property located on the east side of Iowa City. 2bed, 1 bath condos with a history of reliable tenancy, this property is perfect for investors looking to expand their portfolio. The units offer practical layouts, making them suitable for a variety of renters. Situated in a convenient location off of Court Street, it's close to schools, public transportation, and local amenities, this property is poised for consistent demand. This is a fantastic chance to own a multi-family property in a strong rental market. Don’t miss out on this great opportunity to grow your investment portfolio.
  • Year Built: 1993
  • Zero Step Entry: Yes
  • Tax Year Report: 2023
  • Subdivision: Court Hill Condominiums
  • Rental Permit: Yes
  • Directions: East on Court Street to Left on Peterson Street. Building is on the right. Parking lot can be accessed off of Court Street.
  • Aging In Place Form: No
  • L O1 Dues Paid: y
  • Amenities: Park, Sidewalks, Street Lights, Close to School, Close to Shopping, On Bus Line, Neighborhood Assoc.
  • Basement Remarks: Slab
  • Possession R: Negotiable
  • Possible Finance R: 1031 Exchange, Cash, Conventional
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Appliances: Dishwasher, Range/Oven, Refrigerator, Dryer, Microwave, Washer
  • Sq Ft Above: 9756

Exterior Features

  • Construction: Frame

Garage/Parking

  • Parking Spaces: 4 or More Cars

Utilities

  • Internet: Yes
  • Water Sewer: City Sewer, City Water
  • Heating Cooling: Ceiling Fans, Gas, Central, Forced Air

Condo/Co-op/Association

  • Association Fee: 14400
  • Fees Include: Bldg&Liability Insurance, Exterior Maintenance, Garbage Pickup, Grounds Maintenance, Pest Control/Termite

Schools

  • Elementary School: Lucas
  • Middle School: Southeast
  • High School: City
  • High School: City
  • Jr Middle School: Southeast
  • Elementary School: Lucas

Lot Info

  • Lot Dimensions: Irr
  • Zoning: Residential

Tax Info

  • Gross Tax County City: 22968
  • Assessor Parcel Number: 0918229001 - 0918229012

Multi Family

  • Units Total: 12

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
04/09/2025 04/09/25 Sold $1,225,000 -5.8% $126 / Sq Ft
03/05/2025 03/05/25 Pending -- -- --
12/09/2024 12/09/24 For Sale $1,300,000 -- $133 / Sq Ft
Source: Iowa City Area Association of REALTORS®

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Teague Case

    Seller's Agent in 2025

    Teague Case

    Westwinds Real Estate Services, Inc.

    (319) 321-6824

    4 in this area

    128 Total Sales

    Teague Case
    Section Image
  • Eliza Ghabel

    Buyer's Agent in 2025

    Eliza Ghabel

    Edge Realty Group

    (319) 430-7320

    3 in this area

    62 Total Sales

    Eliza Ghabel
    Section Image
See All Agents

Map

Source: Iowa City Area Association of REALTORS®

MLS Number: 202406668

Iowa City Area Association of REALTORS®

Iowa Johnson County Iowa City 52245 Eastside

402 Peterson St Unit 402-424, Iowa City, IA

This home is located at 402 Peterson St Unit 402-424, Iowa City, IA 52245 and is currently priced at $1,225,000, approximately $125 per square foot. This property was built in 1993. 402 Peterson St Unit 402-424 is a home located in Johnson County with nearby schools including Robert Lucas Elementary School, Southeast Junior High School, and City High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Iowa City Area Association of REALTORS® IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Listing information is deemed reliable, but not guaranteed accurate by the MLS.

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