Ames 8-Plex Investment
215 Jewel Drive, Ames, IA 50010
- Added:
- Feb 18, 2026
- Days on Market:
- 104
- Last Refresh:
- Jun 2 at 10:06 am
Property Features for 215 Jewel Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- RH
- Exterior features
- Steel Siding
- Basement
- Daylight
- Standard status
- Active
- APN
- 09-23-210-300
- Size
- 8,267 SF
- Lot size
- 0.57 Acres
Taxes and HOA fees
- Tax Description
- CROWN POINT CONDOMINIUMS III AMES
- Tax Annual Amount
- 13932
Utilities
- Sewer type
- Public Sewer
- Heating system
- Natural Gas, Forced Air
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1996
- Number of units
- 8
- Flooring type
- Laminate, Carpet
Listing agent Mark Greenfield License #B33703 2324663
Listing office RE/MAX REAL ESTATE CENTER 1606 SO. DUFF, AMES, IA 2324663
Listing date Feb 18, 2026
MLS# 69441
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
- Strong rental history with long‑term tenants ensures immediate cash flow.
- Turnkey investment opportunity; ready for immediate operation.
- Diverse unit mix: 2BR, 3BR, and 4BR units cater to a wide range of renters.
- Two recently renovated vacant units are available for immediate showings.
- Each unit has 2 full baths.
- Professionally managed (team in place if needed).
Overview
This is an 8-plex located on the south side of Ames. It features a strong rental history and long-term tenants, delivering cash flow. The property consists of 4 two-bedroom units, 2 three-bedroom units, and 2 four-bedroom units, each with 2 full baths. The property size is 8267 square feet on a lot of 0.5739 acres. Two recently renovated vacant units are available for immediate showings. The zoning is RH. It is a solid, income-producing property with professional management team in place if needed.
Local Financial Insights For Apartment 5plus
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 | $106.1k | $12.84 |
| − Vacancy | −$5.6k | −$0.68 |
| EGI | $100.5k | $12.16 |
| − OpEx | −$45.2k | −$5.47 |
| NOI | $55.3k | $6.69 |
8,267 SF · lease $12.84/SF/yr · vacancy 5.30% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$789.8K
$691.1K – $921.5K
NOI $55,287 @ 7.0% cap · market cap 5.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.93M
$1.69M – $2.25M
NOI $135,235 @ 7.0% cap · market cap 13.59%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Ames
- County
- Story
- State
- Iowa
- Longitude
- -93.608298
- Latitude
- 41.993624
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Turnkey 8-unit multifamily property with strong rental history in Ames.
Where is this apartment building located?
The property is located at 215 Jewel Drive Ames, IA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Strong rental history with long‑term tenants ensures immediate cash flow.; Turnkey investment opportunity; ready for immediate operation.; Diverse unit mix: 2BR, 3BR, and 4BR units cater to a wide range of renters.
