Fourplex Residential Income
For Sale
$510,000
1307 Florida Avenue, Ames, IA 50014
MULTI_FAMILY - Ames, IA
Property Size4,026 SF
Lot Size0.30 Acres
Price / SF$126.68
Days on Market174
Property Features for 1307 Florida Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RH
Exterior features
Brick
Elementary school district
Ames
Middle school district
Ames
High school district
Ames
Subdivision
0002 - Ames NW
Standard status
Active
Size
4,026 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Description
ONTARIO O T LOTS 4 & 5 10'MADJ ON E BLK
Tax Annual Amount
5692
Legal Description
ONTARIO O T LOTS 4 & 5 10'MADJ ON E BLK
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
2 fireplaces
Building Details
Year built
1977
Floors in Building
2
Number of units
4
Flooring type
Carpet, Tile
Listing Agency:
RE/MAX REAL ESTATE CENTER · RE/MAX International
2324663
Listed By:
Bock Real Estate Group
2324663
Added: Mar 10
Changed: Aug 5
Last Checked: Aug 30 at 7:06AM
MLS# 69588
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.
Investment Insights
Based on property information with market context.
This fourplex residential income property features large unit layouts that include two fireplaces per unit. The homes are described as having big kitchen workspaces and bedrooms, supporting comfortable, functional living space.
The property is located at 1307 Florida Avenue in Ames, Iowa 50014, in Story County. The listing is identified with zoning RH and sits on a 0.3-acre lot.
With a total size of 4,026 square feet, the building is configured as a four-unit multifamily asset, positioned for buyers seeking a smaller-scale residential income property.
The property is located at 1307 Florida Avenue in Ames, Iowa 50014, in Story County. The listing is identified with zoning RH and sits on a 0.3-acre lot.
With a total size of 4,026 square feet, the building is configured as a four-unit multifamily asset, positioned for buyers seeking a smaller-scale residential income property.
Key Highlights
- 4‑plex with brick exterior
- Units feature 2 fireplaces and large kitchen workspaces
- Central air cooling and natural gas hot water heating
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,833
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.05%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$616,660
$616.7K
Cap Rate 7%
$440,471
$440.5K
Cap Rate 9%
$342,589
$342.6K
Market Conditions
NOI Build-Up for 4,026 SF
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.
Gross rent
$46.4K $11.52/SF
− Vacancy
−$2.3K −$0.58/SF
EGI
$44.0K $10.94/SF
− OpEx
−$13.2K −$3.28/SF
NOI
$30.8K $7.66/SF
Area
Story County, IA
Vacancy
5.03%
Lease Rate
$11.52 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$616,660
Cap Rate 7%
$440,471
Cap Rate 9%
$342,589
Alternative Uses
Best Use
Multifamily LT 5
$440.5K
$385.4K – $513.9K
NOI $30,833 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$384.6K
$336.6K – $448.8K
NOI $26,925 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$940.8K
$823.2K – $1.10M
NOI $65,859 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Explore this area
Business Placement
Demographics for 50014, IA
31,587
Population
14,860
Households
2.1
Avg Household Size
26
Median Age
69%
College-Educated
98%
High-School Grad
54.2 sq mi
ZIP Area
583
Density / Sq Mi
$57,372
Median Household Income
$20,952
Median Earnings
$1,083
Median Rent
$312,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fourplex offering 2 fireplaces per unit and spacious kitchens with large bedroom layouts.
Where is this quadplex located?
The property is located at 1307 Florida Avenue Ames, IA.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: 4‑plex with brick exterior; Units feature 2 fireplaces and large kitchen workspaces; Central air cooling and natural gas hot water heating
