Ames Multifamily Investment
913 Garfield Avenue, Ames, IA 50014
- Added:
- Mar 24, 2026
- Days on Market:
- 71
- Last Refresh:
- Jun 2 at 10:06 am
Property Features for 913 Garfield Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R
- Exterior features
- Vinyl Siding
- Basement
- Full
- Standard status
- Active
- Size
- 3,596 SF
- Lot size
- 0.47 Acres
Taxes and HOA fees
- Tax Description
- SECTION:05 TOWNSHIP:83 RANGE:24 N115.5' S285.5' LOT 9 SD W634.75' NE & E1/2 NW AMES
- Tax Annual Amount
- 6860
Utilities
- Sewer type
- Public Sewer
- Heating system
- Natural Gas, Forced Air
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1968
- Floors in Building
- 1
- Number of units
- 4
- Flooring type
- Laminate, Carpet
Listing agent Laaser-Webb Team License #S60241 2324663
Listing office RE/MAX REAL ESTATE CENTER 1606 SO. DUFF, AMES, IA 2324663
Listing date Mar 24, 2026
MLS# 69710
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.
- Two duplexes side‑by‑side on one parcel.
- Professionally managed and well maintained.
- Each unit has an attached 1 car garage and in‑unit laundry.
- All 4 units have current LOCs until 4/29.
- Each unit has 2 bedrooms and 1 bath.
Overview
This offering features two duplexes situated side by side on a single parcel. The properties are professionally managed and well maintained, with a strong rental history and several long-term tenants. Each unit includes an attached 1-car garage and in-unit laundry facilities, along with 2 bedrooms and 1 bath. Two of the units feature screened porches, while the other two have covered patios. The total property size is 3596 square feet, situated on a lot of 0.4657 acres. All 4 units have current LOCs until 4/29. The zoning is R. These duplexes must be sold together, presenting a unique investment opportunity.
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 | $41.4k | $11.52 |
| − Vacancy | −$2.1k | −$0.58 |
| EGI | $39.3k | $10.94 |
| − OpEx | −$11.8k | −$3.28 |
| NOI | $27.5k | $7.66 |
3,596 SF · lease $11.52/SF/yr · vacancy 5.03% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$393.4K
$344.3K – $459.0K
NOI $27,540 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$343.6K
$300.6K – $400.8K
NOI $24,049 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$840.4K
$735.3K – $980.4K
NOI $58,825 @ 7.0% cap · market cap 11.31%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Ames
- County
- Story
- State
- Iowa
- Longitude
- -93.670257
- Latitude
- 42.030682
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Two well-maintained duplexes with strong rental history in Ames, Iowa.
Where is this quadplex located?
The property is located at 913 Garfield Avenue Ames, IA.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: Strong rental history with long‑term tenants.; Two duplexes side‑by‑side on one parcel.; Professionally managed and well maintained.
