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    Multifamily Property in West Ames Title is generated by Realmo AI

    1209 Mayfield Drive, Ames, IA 50014

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    For Sale
    $2,350,000

    MULTI_FAMILY - Other - Ames, IA

    Added:
    May 19, 2026
    Days on Market:
    19
    Last Refresh:
    Jun 6 at 4:06 am

    Property Features for 1209 Mayfield Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    42
    Bathrooms
    36
    Rooms
    Bathroom 34, Bedroom 6, Bedroom 25, Bedroom 29, Bathroom 21, Bedroom 40, Bathroom 11, Bathroom 22, Bedroom 33, Bathroom 9, Bathroom 7, Bedroom 21, Bedroom 10, Bathroom 12, Bathroom 28, Bathroom 20, Bathroom 36, Bathroom 15, Bedroom 35, Bathroom 24, Bedroom 17, Bedroom 7, Bedroom 14, Bedroom 26, Bathroom 26, Bedroom 32, Bedroom 2, Bedroom 23, Bedroom 1, Bathroom 5, Bathroom 35, Bathroom 4, Bedroom 30, Bedroom 20, Bedroom 18, Bathroom 25, Bedroom 19, Bedroom 3, Bedroom 34, Bedroom 41, Bathroom 30, Bedroom 13, Bedroom 37, Bathroom 8, Bathroom 18, Bathroom 32, Bathroom 16, Bedroom 9, Bathroom 27, Bathroom 13, Bedroom 27, Bedroom 28, Bedroom 24, Bedroom 42, Bathroom 6, Bedroom 39, Bathroom 14, Bedroom 38, Bathroom 33, Bedroom 15, Bedroom 4, Bathroom 1, Bedroom 31, Bedroom 5, Bedroom 11, Bedroom 12, Bedroom 22, Bedroom 8, Bathroom 31, Bathroom 3, Bathroom 10, Bathroom 17, Bathroom 29, Bedroom 36, Bedroom 16, Bathroom 2, Bathroom 19, Bathroom 23
    Standard status
    Active
    APN
    09-08-376-110

    Taxes and HOA fees

    Tax Description
    Long and on file with story county assessor.
    Tax Annual Amount
    35594

    Building Details

    Floors in Building
    3
    Number of units
    18
    Architectural style
    Other

    We can help!

    Listing Contact
    Mark Charter
    Mark Charter

    Listing agent Mark Charter

    Listing office Agency Iowa 1551 SW Prairie Trail Parkway, Ankeny, IA

    Listing date May 19, 2026

    MLS# 741182 Listing URL

    Copyright © 2026 Des Moines Area Association 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

    • Two 18‑unit multifamily buildings (package sale): 1209 Mayfield Dr and 1210 Walton Dr must be purchased together
    • Built in 2005; total of 36 units with 12 -2BR and 24 -3BR across both 3‑story buildings (6 units per floor)
    • Unit sizes approx. 875–933 SF for 2BR and approx. 1,125 SF for 3BR; each unit has 2 full bathrooms
    • In‑unit laundry and updated LVT flooring; appliances included in all units (refrigerator, stove, dishwasher, microwave, washer/dryer)
    • New roofs installed in 2025; free parking plus resident fitness center membership
    • Convenient transit access directly across from a CyRide stop; garages available for rent (14 at 1209 Mayfield, 16 at 1210 Walton)

    Overview

    Located in West Ames, this multifamily property, known as Fountianview, features comfortable units in an attractive setting. Constructed in 2005, the property consists of two 18-unit buildings. Unit sizes range from approximately 875 to 1,125 square feet, with both two- and three-bedroom floorplans available, each including two full bathrooms. The community benefits from a convenient location directly across from a CyRide stop, providing easy access to public transportation. Units are well-equipped, featuring in-unit laundry and updated LVT flooring. Community amenities include a fitness center membership for residents, free parking, and optional garages available for rent. 1209 Mayfield Drive contains 18 units, with twelve 2-bedroom units and six 3-bedroom units, spread across three stories with six units per floor, and 14 garages. 1210 Walton Drive also contains 18 units, with twelve 2-bedroom units and six 3-bedroom units, spread across three stories with six units per floor, and 16 garages. All units are equipped with a refrigerator, stove, dishwasher, microwave, and washer/dryer. The 2-bedroom units range from 875 to 933 square feet, while the 3-bedroom units are 1125 square feet. New roofs are planned for 2025. This is a package sale; both buildings at 1209 Mayfield and 1210 Walton must be purchased together.
    Property Profile Location Intelligence

    Current Use by Public Records

    Sure Can Painting

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ames
    County
    Story
    State
    Iowa
    Longitude
    -93.673513
    Latitude
    42.011565

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    FAQs

    What type of property is this?
    Apartment building - Well-maintained multifamily property with updated units and convenient location.
    Where is this apartment building located?
    The property is located at 1209 Mayfield Drive Ames, IA.
    What is the asking price?
    The asking price for this property is $2,350,000.
    What are key features of this property?
    This property features: Two 18‑unit multifamily buildings (package sale): 1209 Mayfield Dr and 1210 Walton Dr must be purchased together; Built in 2005; total of 36 units with 12 -2BR and 24 -3BR across both 3‑story buildings (6 units per floor); Unit sizes approx. 875–933 SF for 2BR and approx. 1,125 SF for 3BR; each unit has 2 full bathrooms
    (515) 864-6444
    We can help!
    Listing Contact
    Mark Charter
    Mark Charter
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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