Ames Multifamily Investment
913 Garfield Avenue Ames, IA 50014
For Sale
$520,000
MULTI_FAMILY - Ames, IA
Property Size3,596 SF
Lot Size0.47 Acres
Price / SF$144.61
Days on Market127
Property Features for 913 Garfield Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
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 Agency:
RE/MAX REAL ESTATE CENTER
2324663
Listed By:
Laaser-Webb Team · License #S60241
2324663
Added: Mar 24
Changed: Jul 18
Last Checked: Jul 28 at 4:06PM
MLS# 69710
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 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.
Key Highlights
- Two duplexes side by side on one parcel—must be sold together.
- Each unit features 2 bedrooms, 1 bath, attached 1‑car garage, and in‑unit laundry.
- All 4 units have current LOCs until 4/29.
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 authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
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: Two duplexes side by side on one parcel—must be sold together.; Each unit features 2 bedrooms, 1 bath, attached 1‑car garage, and in‑unit laundry.; All 4 units have current LOCs until 4/29.
