Charming Duplex in Central
1202-1204 Burnett Avenue, Ames, IA 50010
- Added:
- Oct 3, 2025
- Days on Market:
- 241
- Last Refresh:
- May 31 at 3:06 pm
Property Features for 1202-1204 Burnett Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- UCRM
- Standard status
- Pending
- APN
- 09-02-125-105
- Size
- 1,950 SF
- Lot size
- 0.16 Acres
Taxes and HOA fees
- Tax Description
- DREYER-EASTER SD LOT:1 AMES
- Tax Annual Amount
- 3232
Building Details
- Year built
- 1930
- Floors in Building
- 2
Listing agent Alison M Doyle License #S65276 2324663
Listing office RE/MAX REAL ESTATE CENTER 1606 SO. DUFF, AMES, IA 2324663
Listing date Oct 3, 2025
MLS# 70148
Listing URL
Copyright © 2026 Central Iowa Board of Realtors, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Turnkey investment property with solid rental history and full occupancy.
- Leased through 7/31/2027, providing guaranteed income.
- Prime location walkable to medical facilities and downtown Ames.
- Updated with new fencing, Lennox natural gas and air, windows, sump, and various appliances.
- Duplex configuration: 1202 has 2 bedrooms, 2 bathrooms, and a non‑conforming attic space; 1204 has 2 bedrooms and 1 bath.
- Features include hardwood floors, open staircases, cute front porches, and newly fenced‑in yards.
Overview
This thoughtfully designed duplex in Ames combines old-world charm with modern convenience. Located within walking distance of medical facilities and downtown, this well-maintained property features a solid rental history, a current Letter of Credit (LOC), and full occupancy, making it a turnkey investment. The property includes two units: 1202, which has two bedrooms, two bathrooms, and a non-conforming attic space; and 1204, which has two bedrooms and one bathroom. Both units share a detached carport with rear access and have front porches and newly fenced yards. The interiors feature hardwood floors and open staircases leading to the upstairs bedrooms. Numerous updates have been made, including new fencing, Lennox natural gas and air conditioning systems, windows, a sump pump, and various appliances. Both sides are leased through July 31, 2027. The property is situated on a 0.16-acre lot. The total property size is 1950 square feet. Unit 1202 is shown in the pictures, and unit 1204 is similar but does not have the attic bonus room or basement bath. The property is zoned UCRM.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $22.5k | $11.52 |
| − Vacancy | −$1.1k | −$0.58 |
| EGI | $21.3k | $10.94 |
| − OpEx | −$6.4k | −$3.28 |
| NOI | $14.9k | $7.66 |
1,950 SF · lease $11.52/SF/yr · vacancy 5.03% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$213.3K
$186.7K – $248.9K
NOI $14,934 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$186.3K
$163.0K – $217.4K
NOI $13,041 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$455.7K
$398.7K – $531.7K
NOI $31,899 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Ames
- County
- Story
- State
- Iowa
- Longitude
- -93.615241
- Latitude
- 42.033412
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Updated duplex with solid rental history near downtown and medical.
Where is this duplex located?
The property is located at 1202-1204 Burnett Avenue Ames, IA.
What is the asking price?
The asking price for this property is $256,980.
What are key features of this property?
This property features: Turnkey investment property with solid rental history and full occupancy.; Leased through 7/31/2027, providing guaranteed income.; Prime location walkable to medical facilities and downtown Ames.
