4-Unit Brick Apartment
For Sale
$510,000
1307 Florida Avenue, Ames, IA 50014
Residential Income, Ames, IA
Property Size4,026 SF
Lot Size0.30 Acres
Price / SF$126.68
Days on Market222
Property Features for 1307 Florida Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RH
Exterior features
Brick
Elementary school district
Ames
Middle school district
Ames
High school district
Ames
Subdivision
0002 - Ames NW
Standard status
Active
Size
4,026 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Description
ONTARIO O T LOTS 4 & 5 10'MADJ ON E BLK
Tax Annual Amount
5692
Legal Description
ONTARIO O T LOTS 4 & 5 10'MADJ ON E BLK
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Cooling system
Central Air
Water source
Public
Amenities
fireplaces
washer & dryer
Building Details
Year built
1977
Floors in Building
2
Number of units
4
Flooring type
Laminate, Carpet
Listing Agency:
RE/MAX REAL ESTATE CENTER · RE/MAX International
2324663
Listed By:
Bock Real Estate Group
(515) 231-1899
Added: Mar 10
Changed: Oct 16
Last Checked: Oct 17 at 8:06AM
MLS# 69588
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.
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Investment Insights
Based on property information with market context.
This 4-unit multifamily building has a brick exterior and contains 4,026 square feet. Each apartment offers two fireplaces, one in the living room and one in the kitchen, along with double sinks in the bathroom and a washer and dryer. The building includes 8 bedrooms, 4 bathrooms, and 4 car stalls.
Built in 1977 on a 0.3-acre lot, the property has RH zoning. Heating is provided by a natural gas hot water system, and central air serves the units. Public water and public sewer are in place.
Built in 1977 on a 0.3-acre lot, the property has RH zoning. Heating is provided by a natural gas hot water system, and central air serves the units. Public water and public sewer are in place.
Key Highlights
- Four apartments with 8 bedrooms and 4 bathrooms
- 4,026‑square‑foot brick building constructed in 1977
- Two fireplaces in each unit, located in the living room and kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,833
Cap Rate
6.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$616,660
$616.7K
Cap Rate 7%
$440,471
$440.5K
Cap Rate 9%
$342,589
$342.6K
Market Conditions
NOI Build-Up for 4,026 SF
Gross rent
$46.4K $11.52/SF
− Vacancy
−$2.3K −$0.58/SF
EGI
$44.0K $10.94/SF
− OpEx
−$13.2K −$3.28/SF
NOI
$30.8K $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 Rate 5%
$616,660
Cap Rate 7%
$440,471
Cap Rate 9%
$342,589
Alternative Uses
Best Use
Multifamily LT 5
$440.5K
$385.4K – $513.9K
NOI $30,833 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$384.6K
$336.6K – $448.8K
NOI $26,925 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$940.8K
$823.2K – $1.10M
NOI $65,859 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
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Business Placement
Demographics for 50014, IA
31,587
Population
14,860
Households
2.1
Avg Household Size
26
Median Age
69%
College-Educated
98%
High-School Grad
54.2 sq mi
ZIP Area
583
Density / Sq Mi
$57,372
Median Household Income
$20,952
Median Earnings
$1,083
Median Rent
$312,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Multifamily property - Each residence includes two fireplaces, double bathroom sinks, and an in-unit washer and dryer.
Where is this multifamily property located?
The property is located at 1307 Florida Avenue Ames, IA.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: Four apartments with 8 bedrooms and 4 bathrooms; 4,026‑square‑foot brick building constructed in 1977; Two fireplaces in each unit, located in the living room and kitchen
