8-Unit Apartment
For Sale
$950,000
Pending
215 Jewel Drive, Ames, IA 50010
Residential Income, Ames, IA
Property Size8,267 SF
Lot Size0.57 Acres
Days on Market195
Property Features for 215 Jewel Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RH
Exterior features
Steel Siding
Basement
Daylight
Elementary school district
Ames
Middle school district
Ames
High school district
Ames
Subdivision
0003 - Ames SW
Standard status
Pending
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
Legal Description
CROWN POINT CONDOMINIUMS III AMES
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 · RE/MAX International
2324663
Listed By:
Mark Greenfield · License #B33703
2324663
Added: Feb 18
Changed: Aug 25
Last Checked: Sep 1 at 3:06PM
MLS# 69441
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.
Built in 1996, this 8-unit apartment property contains four 2-bedroom residences, two 3-bedroom residences, and two 4-bedroom residences. Each unit includes 2 full baths. Two vacant units have recently been renovated and are available for showings. Interior finishes include carpet and laminate flooring, while building systems include natural-gas forced-air heat and central air conditioning. Steel siding provides the exterior finish.
The property encompasses 8,267 square feet on 0.5739 acres at 215 Jewel Drive in Ames, Iowa. Public water and public sewer serve the site, and the property is zoned RH. Professional management is available if needed.
The property encompasses 8,267 square feet on 0.5739 acres at 215 Jewel Drive in Ames, Iowa. Public water and public sewer serve the site, and the property is zoned RH. Professional management is available if needed.
Key Highlights
- 8‑unit apartment property built in 1996
- Unit mix includes four 2BR, two 3BR, and two 4BR apartments
- Each unit has 2 full baths
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
$55,287
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
5.82%
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%
$1,105,740
$1.1M
Cap Rate 7%
$789,814
$789.8K
Cap Rate 9%
$614,300
$614.3K
Market Conditions
NOI Build-Up for 8,267 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
$106.1K $12.84/SF
− Vacancy
−$5.6K −$0.68/SF
EGI
$100.5K $12.16/SF
− OpEx
−$45.2K −$5.47/SF
NOI
$55.3K $6.69/SF
Area
Story County, IA
Vacancy
5.30%
Lease Rate
$12.84 /SF/Yr
Expense Ratio
45.00%
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%
$1,105,740
Cap Rate 7%
$789,814
Cap Rate 9%
$614,300
Alternative Uses
Best Use
Apartment 5plus
$789.8K
$691.1K – $921.5K
NOI $55,287 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.93M
$1.69M – $2.25M
NOI $135,235 @ 7.0% cap · market cap 14.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
185
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Eight apartments provide a mix of two-, three-, and four-bedroom floor plans with two full baths each.
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 $950,000.
What are key features of this property?
This property features: 8‑unit apartment property built in 1996; Unit mix includes four 2BR, two 3BR, and two 4BR apartments; Each unit has 2 full baths
