LEE COUNTY, IA LAND & ACREAGE ESTATE AUCTION
Begins:
Monday, Aug. 31st 2026 at 12:00 AM
Ends:
Wednesday, Sep. 30th 2026 at 10:00 AM
Lee County, Iowa
LAND & ACREAGE ESTATE AUCTION
(Selling Online Only)
27± ACRES · SELLING IN 3 TRACTS
BIDDING ENDS WEDNESDAY, SEPTEMBER 30, 2026 at 10:00 A.M.
2412 335TH STREET, KEOKUK, IOWA
Open House/ Inspection: Wednesday, September 16 from 5:00 P.M. – 6:30P.M.
Location & General Information: The Malloy Farm consists of 27± acres located in Section 33, Montrose Township, approximately 6 miles northwest of Keokuk, Iowa, and will be offered in 3 tracts. From Keokuk, travel north on U.S. Highway 218/61 approximately 5.5 miles to 335th St., then west ½ mile to the property. This farm offers a combination of tillable farmland, potential building sites, and a ranch-style home with attached garage, fenced pasture, barn with stables, and machine shed. (Be watching for presale directional signs.)
Tract 1: 15.94± Acres (Subject to Survey)
- FSA should indicate 13.38 acres tillable
- Attractive building site with nearly 1,200’ of road frontage
- Utilities available and in close proximity
- Belinda, Weller & Edina soils with an average CSR2 of 55
- Access from 335th
Tract 2: 6.39± Acres (Subject to Survey)
- This tract is improved with a 2-bedroom, 1-bath ranch-style home offering approximately 1,232 sq. ft. of living area, plus a breezeway and attached 2-car garage. The home features spacious rooms, some newer flooring, a new bathtub, Carrier gas forced-air furnace with central air, and Rathbun water.
- Additional improvements include a 54’ x 74’ Morton machine shed; 32’ x 40’ hay barn with attached 36’ x 40’ horse stables; and multiple smaller storage sheds.
- The property also includes approximately 3.75 acres of fenced pasture with outdoor livestock water hydrants. This is a great rural acreage for anyone looking for room to keep horses, cattle, or other livestock, with the pasture, barns, stalls, storage, and water already in place. A hard-to-find acreage offering with plenty of room for livestock, equipment, and country living!
Tract 3: 4.62± Acres (Subject to Survey)
- FSA should indicate 4.10 acres tillable currently in hay
- Pershing, Edina & Ashgrove soils with an average CSR2 of 53.8
- Potential building site along a hard-surfaced road
- Utilities available at the road
- Access from 243rd Avenue
AUCTION DETAILS
Auction Method: The property will be offered in three individual tracts by Online Only Auction, with each tract selling for a lump-sum dollar amount. Tracts will be offered in numerical order and will remain open for bidding until the entire auction has concluded. A bid that extends the bidding time on any one tract will automatically extend all three tracts, allowing buyers the opportunity to purchase multiple tracts. Each tract will sell separately; however, no tract will close until all three tracts have been successfully sold.
Contract & Title: Immediately upon the conclusion of the auction, the successful bidder(s) shall enter into a written agreement with the Seller. Signing of said agreement will be executed via email or DocuSign. The Seller will provide a current abstract at their expense. Should a Buyer purchase one or more adjoining Tracts, then Seller shall be obligated to furnish only one abstract and deed (husband and wife constitute one Buyer). Bidding is NOT contingent upon financing, an appraisal, inspection, or any other contingencies.
Survey: Land is in the process of being surveyed.
Earnest Money: Ten (10%) percent of the bid price will be required within 24 hours of the auction ending. All funds will be held in Fraise Auction & Real Estate Trust Account.
Closing & Possession: Closing will occur on or about November 18, 2026, at which time possession will be given. Possession of the tillable acres is subject to the Tenant’s completion of the 2026 fall harvest, with Buyer receiving full farming rights for the 2027 crop year.
Septic Systems: The septic system located on Tract 2 is exempt from the Iowa Time of Transfer Septic System Inspection requirements, as the property is being sold by an Estate.
Reservations: Round bales, watering tanks, bale rings & feeders. Buyer accepts any remaining personal property at the time of closing.
Other: It shall be the Buyer’s responsibility to report to the Lee County FSA office and show filed deed in order to receive the following, if applicable (A) Allotted base acres; (B) Any future government programs; (C) Prorate of CRP. The land is selling subject to all easements, covenants, leases and restrictions of record. All property is sold on an “As Is, Where Is” basis with no warranties, expressed or implied made by the Auctioneer, Fraise Auction & Real Estate or Seller. Fraise Auction & Real Estate and its representatives are agents of the Seller. Winning bidder(s) acknowledges that they are representing themselves in completing this transaction. Any announcements made auction day by the Auctioneer will take precedence over all marketing material or oral statements. Bidding increments are at the sole discretion of the Auction Company and can be changed at any time during the course of the auction.
Disclaimer: Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. All boundary stakes, lines drawn on maps and photos are approximate. Overall Tract acres, etc. may vary from figures stated within the marketing material. No liability for its accuracy, errors or omissions is assumed by the Seller or Auction Company.
Buyer’s Premium: This auction will have a 3% Buyer’s Premium. Three percent (3%) will be added to the final bid to arrive at the total contract purchase price.
Registration: Visit www.fraiseauction.com to register and bid today!
RICHARD & CASSANDRA MALLOY ESTATES – SELLER
LESLIE TEETERS – EXECUTOR
Steven J. Swan – Attorney for Seller
Auction Conducted By
Fraise Auction & Real Estate
319-367-5744
www.fraiseauction.com
OPEN HOUSE/PREVIEW: WED., SEPT. 16TH FROM 5:00-6:30PM
NOT APPLICABLE
COREY FRAISE 319-470-0115