# 21 W 1ST ST, Spencer, IA 51301

> **TL;DR:** 5bd/3ba residential multi family, $175,000 ($41/sqft), built 1949, 4,308 sqft.
> A/C. Est. $758/mo. Listed 97 days.

## Property at a Glance

| Attribute | Value |
|-----------|-------|
| Price | $175,000 |
| Price/sqft | $41 |
| Bedrooms | 5 |
| Bathrooms | 3 full |
| Square Feet | 4,308 |
| Year Built | 1949 |
| Lot Size | 5,227 sqft (0.12 acres) |
| Property Type | Residential Multi Family (Other) |
| Status | For Sale |
| Days on Market | 97 |

## Estimated Monthly Costs

| Category | Amount |
|----------|--------|
| Mortgage (20% down, 6.5%) | $758 |
| **Total** | **$758** |

## Key Amenities

- A/C

## Property Highlights

- Built in 1949
- 0.12 acre lot

## Description

### Agent Description
21 W 1st Street | Spencer, IA Value~add opportunity in Spencer!! This 6~plex offers strong upside for an investor ready to complete renovations and increase cash flow. The property has been partially remodeled, with 2 of the 6 units currently rented, providing immediate income. The remaining 4 units offer the ability to renovate, lease up, and significantly improve overall returns. With improvements already underway, much of the heavy lifting has been started, allowing the next owner to step in and finish the project. Conveniently located near downtown Spencer amenities, this is a prime opportunity for investors looking to build equity and increase long~term cash flow...

## Location

- **Address:** 21 W 1ST ST, Spencer, IA 51301
- **County:** Clay
- **Coordinates:** 43.138822, -95.145625
- **Google Maps:** https://www.google.com/maps?q=43.138822,-95.145625

## Listing Agent

- **Name:** Nic Madsen
- **Brokerage:** Gateway Real Estate Advisors
- **Phone:** 7125406562
- **Email:** Nic@gatewayreadvisors.com

## Primary Photo

![21 W 1ST ST - Primary Photo](http://lh.rdcpix.com/2c450f61d27394df66c063e108b88f5cl-f2939569874r.jpg)

*17 total photos available on [listing page](https://www.propertysimple.com/listing/21-w-1st-st-spencer-ia-51301-a831915)*

---

**MLS#:** 831915 | **Updated:** 2026-06-18
**Source:** listhub

*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.*

[View on PropertySimple](https://www.propertysimple.com/listing/21-w-1st-st-spencer-ia-51301-a831915)

---

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  "description": "21 W 1st Street | Spencer, IA Value~add opportunity in Spencer!! This 6~plex offers strong upside for an investor ready to complete renovations and increase cash flow. The property has been partially remodeled, with 2 of the 6 units currently rented, providing immediate income. The remaining 4 units offer the ability to renovate, lease up, and significantly improve overall returns. With improvements already underway, much of the heavy lifting has been started, allowing the next owner to step in ",
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