Downtown Ames Mixed-Use
223 Main Street, Ames, IA 50010
- Added:
- May 18, 2026
- Days on Market:
- 14
- Last Refresh:
- May 31 at 2:06 am
Property Features for 223 Main Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- DSC
- Standard status
- Pending
- APN
- 09-02-379-150
- Size
- 2,125 SF
- Lot size
- 0.05 Acres
Taxes and HOA fees
- Tax Description
- O T W21' LOT 21 BLK 11
- Tax Annual Amount
- 2320
Utilities
- Sewer type
- Public Sewer
- Heating system
- Natural Gas, Forced Air
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1890
- Floors in Building
- 2
- Flooring type
- Vinyl, Hardwood, Tile
- Building materials
- Wood
- Roof type
- Flat
Listing agent Paul Livingston License #B40125 (515) 233-4450
Listing office Hunziker & Assoc.-Ames 105 S 16TH ST., Ames, IA (515) 233-4450
Listing date May 18, 2026
MLS# 70157
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
- Prime Downtown Ames location: Steps from Farmer's Market, retail, restaurants, and city amenities.
- Mixed‑use property: Features both retail space and a spacious 1,796 sq ft residential unit.
- Income potential: Existing retail tenant with lease through December 2026.
- Flexible upper‑level layout: Includes 1 bedroom, 2 bathrooms, in‑unit laundry, full kitchen, living room, and 2 dens/office spaces.
- Owner‑occupancy opportunity: Upper level suitable for living or continued rental income.
- Full basement: Provides additional storage space.
Overview
Located in the heart of vibrant Downtown Ames, this mixed-use property offers a prime location near the Farmer's Market, local events, retail, banking, restaurants, the Post Office, Public Library, and City Hall. This property presents an opportunity for an owner-occupant or investor. The main level features a traditional open retail layout, with an office, breakroom, storage area, and additional storage in the full basement. The current retail tenant has a lease through December 2026, allowing the next property owner to negotiate a new lease with the existing tenant or insert a new tenant. The upper level includes a 1,796 square foot residential unit featuring one bedroom, two bathrooms, in-unit laundry, a full kitchen, living room, and two additional dens or office spaces. This layout offers potential for owner-occupancy or continued rental income in a downtown setting. The property is situated on a lot of 0.05 acres and has a total size of 2,125 square feet.
Local Financial Insights For Office B
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 | $38.3k | $18.00 |
| − Vacancy | −$7.3k | −$3.42 |
| EGI | $31.0k | $14.58 |
| − OpEx | −$7.7k | −$3.65 |
| NOI | $23.2k | $10.94 |
2,125 SF · lease $18.00/SF/yr · vacancy 19.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$332.0K
$290.5K – $387.3K
NOI $23,237 @ 7.0% cap · market cap 6.20%
Second Best
Mixed Use
$307.4K
$269.0K – $358.6K
NOI $21,516 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$496.6K
$434.5K – $579.4K
NOI $34,762 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Worldly Goods
(Bike/Boat/Book/etc) Store
Location Insight
- Map
- Local Demand
- City
- Ames
- County
- Story
- State
- Iowa
- Longitude
- -93.613077
- Latitude
- 42.025353
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Mixed-use property in vibrant downtown Ames near amenities.
Where is this mixed-use property located?
The property is located at 223 Main Street Ames, IA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Prime Downtown Ames location: Steps from Farmer's Market, retail, restaurants, and city amenities.; Mixed‑use property: Features both retail space and a spacious 1,796 sq ft residential unit.; Income potential: Existing retail tenant with lease through December 2026.
