Duplex with Shared
For Sale
$243,500
Pending
1108-1110 Roosevelt Avenue, Ames, IA 50010
Residential Income, Ames, IA
Property Size1,722 SF
Lot Size0.14 Acres
Days on Market94
Property Features for 1108-1110 Roosevelt Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
UCRM
Exterior features
Steel Siding
Basement
Full
Elementary school district
Ames
Middle school district
Ames
High school district
Ames
Directions
From 13th St, turn south on Roosevelt Ave to property on the left.
Subdivision
0001 - Ames NE
Standard status
Pending
APN
09-03-233-210
Size
1,722 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
BAIRD'S ADD BLOCK:6 LOT:21 AMES
Tax Annual Amount
3838
Legal Description
BAIRD'S ADD BLOCK:6 LOT:21 AMES
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
private backyard
laundry
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Carpet, Vinyl, Hardwood
Listing Agency:
Weichert, Realtors(R)-Miller & Clark Agency
(515) 232-SELL
Listed By:
Jason Miller · License #S60465
(515) 708-1128
Added: Jun 12
Changed: Sep 12
Last Checked: Sep 13 at 4:06PM
MLS# 70465
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 duplex contains 1,722 square feet on a 0.14-acre lot and was built in 1920. Interior finishes include hardwood, carpet, and vinyl flooring, while steel siding covers the exterior. The property includes a living room, kitchen, two bedrooms, and one full bathroom, along with an unfinished basement that provides additional usable area. Each unit has its own laundry, and a shared two-car garage serves the property.
Heating is provided by natural gas forced air, with central air conditioning. Public water and public sewer are in place, and the property is zoned UCRM. A private backyard adds outdoor space, while Roosevelt Park is located one block away. The property is in Ames, Iowa, within Story County.
Heating is provided by natural gas forced air, with central air conditioning. Public water and public sewer are in place, and the property is zoned UCRM. A private backyard adds outdoor space, while Roosevelt Park is located one block away. The property is in Ames, Iowa, within Story County.
Key Highlights
- Duplex totaling 1,722 square feet on a 0.14‑acre lot
- Built in 1920 with steel siding and hardwood, carpet, and vinyl flooring
- Each unit includes its own laundry
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
$13,188
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
5.42%
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%
$263,760
$263.8K
Cap Rate 7%
$188,400
$188.4K
Cap Rate 9%
$146,533
$146.5K
Market Conditions
NOI Build-Up for 1,722 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
$19.8K $11.52/SF
− Vacancy
−$998 −$0.58/SF
EGI
$18.8K $10.94/SF
− OpEx
−$5.7K −$3.28/SF
NOI
$13.2K $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%
$263,760
Cap Rate 7%
$188,400
Cap Rate 9%
$146,533
Alternative Uses
Best Use
Multifamily LT 5
$188.4K
$164.9K – $219.8K
NOI $13,188 @ 7.0% cap · market cap 5.42%
Second Best
Apartment 5plus
$164.5K
$144.0K – $191.9K
NOI $11,516 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$402.4K
$352.1K – $469.5K
NOI $28,169 @ 7.0% cap · market cap 11.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,138
Businesses Nearby
Explore this area
Business Placement
Demographics for 50010, IA
32,552
Population
14,732
Households
2.2
Avg Household Size
30
Median Age
59%
College-Educated
98%
High-School Grad
60.3 sq mi
ZIP Area
540
Density / Sq Mi
$65,701
Median Household Income
$27,672
Median Earnings
$981
Median Rent
$243,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with private outdoor space, separate laundry, and public utilities.
Where is this duplex located?
The property is located at 1108-1110 Roosevelt Avenue Ames, IA.
What is the asking price?
The asking price for this property is $243,500.
What are key features of this property?
This property features: Duplex totaling 1,722 square feet on a 0.14‑acre lot; Built in 1920 with steel siding and hardwood, carpet, and vinyl flooring; Each unit includes its own laundry
