Turnkey 8-Plex Rental
215 Jewel Drive Ames, IA 50010
215 Jewel Drive, Ames, IA, 50010
$995,000
For Sale
$995,000
MULTI_FAMILY - Ames, IA
Property Size8,267 SF
Lot Size0.57 Acres
Price / SF$120.36
Days on Market149
Property Features for 215 Jewel Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- RH
- Exterior features
- Steel Siding
- Basement
- Daylight
- Standard status
- Active
- APN
- 09-23-210-300
- Size
- 8,267 SF
- Lot size
- 0.57 Acres
Taxes and HOA fees
- Tax Description
- CROWN POINT CONDOMINIUMS III AMES
- Tax Annual Amount
- 13932
Utilities
- Sewer type
- Public Sewer
- Heating system
- Natural Gas, Forced Air
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1996
- Number of units
- 8
- Flooring type
- Carpet, Laminate
Listing Agency
RE/MAX REAL ESTATE CENTER
2324663
1606 SO. DUFF, AMES, IA
Listed by
Mark Greenfield · License #B33703
2324663
Added: Feb 18 Checked: Jul 17 at 12:06 pm
MLS# 69441
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.
Investment Insights
Based on property information with market context.
This property is a maintained 8-plex residential income building configured with four 2-bedroom units, two 3-bedroom units, and two 4-bedroom units. Each unit includes two full bathrooms, supporting a functional, family-oriented layout across the property. Two recently renovated vacant units are available for immediate showings.
The asset is located at 215 Jewel Drive in Ames, Iowa, within Story County. The lot size is 0.5739 acres, and the building totals 8,267 square feet.
As a for-sale rental property, this configuration offers a tenant mix across smaller and larger household sizes, with the stated availability of two renovated units supporting new occupancy or continued leasing. The listing also notes that a professional management team is available if needed, which may appeal to buyers seeking turnkey operations.
The asset is located at 215 Jewel Drive in Ames, Iowa, within Story County. The lot size is 0.5739 acres, and the building totals 8,267 square feet.
As a for-sale rental property, this configuration offers a tenant mix across smaller and larger household sizes, with the stated availability of two renovated units supporting new occupancy or continued leasing. The listing also notes that a professional management team is available if needed, which may appeal to buyers seeking turnkey operations.
Key Highlights
- 8‑plex with unit mix of 4 two‑bedroom, 2 three‑bedroom, and 2 four‑bedroom units
- All units include 2 full baths
- Built in 1996 with steel siding exterior
Local Financial Insights For Apartment 5plus
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 | $106.1k | $12.84 |
| − Vacancy | −$5.6k | −$0.68 |
| EGI | $100.5k | $12.16 |
| − OpEx | −$45.2k | −$5.47 |
| NOI | $55.3k | $6.69 |
8,267 SF · lease $12.84/SF/yr · vacancy 5.30% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$789.8K
$691.1K – $921.5K
NOI $55,287 @ 7.0% cap · market cap 5.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.93M
$1.69M – $2.25M
NOI $135,235 @ 7.0% cap · market cap 13.59%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Well-maintained 8-unit multifamily building with multiple two- to four-bedroom layouts and two full baths per unit.
Where is this apartment building located?
The property is located at 215 Jewel Drive Ames, IA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 8‑plex with unit mix of 4 two‑bedroom, 2 three‑bedroom, and 2 four‑bedroom units; All units include 2 full baths; Built in 1996 with steel siding exterior
