For sale by owner · Lake Mills, Iowa
Half an acre. Paved street. No special assessments.
Lot 7, North Oaks Second Subdivision — 0.52 acres on the corner of 3rd Avenue North and North Oaks Court. The street paving assessment is paid in full by the seller at closing.
$28,900
The three things that matter
No special assessments
The seller pays off the entire remaining street paving assessment at closing. You take title with a clean tax bill of about $358 a year and nothing else.
Ready to build
City water and sewer at the lot. Concrete street poured in 2023. Utility easements platted on all sides. Zoned R-1 residential.
Half an acre, on the corner
About double a typical in-town Lake Mills lot, with 127 feet of frontage and mature trees on the site.
Why this lot is priced where it is
North Oaks Court was paved in concrete in 2023. The City of Lake Mills assessed $17,634 against this lot to pay for it, spread over ten annual installments running through 2033. I have been paying it since 2024, and I am paying the entire remaining balance off in full at closing.
That matters more than it sounds. A lot that still carries this assessment costs its owner about $2,200 a year for the next eight years. You will not pay any of that. What you are buying is a finished, improved homesite — street in, utilities in, assessment gone — not a lot with a bill attached to it. Winnebago County assessed the land at $20,670 after the paving went in, up from $9,940 before.
A lot with the assessment still on it
About $2,200/year through 2033
This lot
$0 in special assessments
Winnebago County assessed value
$20,670
The lot
Tap any photo to view it full size. Captions will be rewritten after a site visit.
Street view Aerial view — Lot 7 outlined The recorded plat
The details
- Address
- 3rd Avenue North at North Oaks Court, Lake Mills, IA 50450
- Legal description
- Lot 7, North Oaks Second Subdivision
- Parcel number
- 0802426013
- Lot size
- 0.52 acres / 22,637 sq ft per Winnebago County records (the recorded plat lot schedule shows 23,327 sq ft; buyer to verify by survey)
- Dimensions
- 127' frontage, 180' deep, corner lot
- Zoning
- R-1, One and Two Family Residential
- Setbacks
- Front 25' · Side 8' · Rear 25'
- Utilities
- City water and sewer; electric, gas and telecom via easements
- Street
- North Oaks Court, concrete, paved 2023, city maintained
- Annual property tax
- $358 for the most recent assessment year
- Special assessments
- None to buyer; seller pays in full at closing
- School district
- Lake Mills Community Schools
- Price
- $28,900
Why Lake Mills
Lake Mills is a town of about 2,000 people, twenty miles south of Albert Lea, Minnesota, with ready access to I-35. The school district is highly rated, and the City offers a three-year property tax abatement on the value of new construction — useful if you are planning to build.
A−
Lake Mills school district, ranked #20 among Iowa districts (Niche, 2026)
3 years
100% property tax abatement on the value of new construction
20 miles
to Albert Lea, Minnesota
35 miles
to Mason City, Iowa
Abatement terms are set by the City of Lake Mills Urban Revitalization Plan — confirm current terms with City Hall, 641-592-3251.
What you should know
This lot sits in a platted subdivision with recorded covenants. As recorded in 2000 they require a minimum of 1,600 square feet of living space for a single-level home (2,000 for multi-level), an attached two-car garage, a minimum 6/12 roof pitch, and a hard-surface driveway within twelve months of occupancy, and they call for developer review of building, site and landscape plans. They also prohibit property-line fences, subdividing, livestock and poultry, mobile and manufactured homes, commercial vehicles over one ton, and permanent outdoor storage of campers, boats and RVs.
I will email you the complete recorded plat and covenants — just ask. I'd encourage you to have your own attorney review them, including whether they remain enforceable.
I have not had the lot surveyed or soil tested and I'm not making any representation about buildability. Come walk it. Bring whoever you want.
Documents
Want something that isn't here? Ask and I'll send it.
Talk to me directly
I'm Michael. I own the lot and I'm selling it myself, so you're dealing with me directly — no agent, no runaround. Send me a message any time and I'll answer honestly, including if the answer is that this lot isn't right for you.
Buyer's agents welcome — $1,500 flat fee paid at closing.
Seller financing available for a qualified buyer — ask me.