Updated Quadplex Near
For Sale
$600,000
2304 Knapp St, Ames, IA 50014
Four-unit rental property with recent interior, exterior, and mechanical improvements near Iowa State University.
Property Size2,778 SF
Price / SF$215.98
Days on Market81
Property Features for 2304 Knapp St
General Information
Standard status
Active
Size
2,778 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1910
Listing Agency:
RE/MAX Real Estate Center
Listed By:
Betts, Christopher (515) 232-4663
(515) 232-4663
Source:
Desmoineshomesforsale
Added: Aug 8
Changed: Oct 25
Last Checked: Oct 26 at 4:30PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Real Estate Center
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This four-unit residential income property in Ames provides a compact multifamily configuration with 2,778 square feet of building area. Constructed in 1910, the property has received a broad set of recent improvements, including new carpet, toilets, lighting, window blinds, refrigerators, gutters with leaf guards, duct cleaning, a water heater, 22 windows, and new front steps completed in 2024.
The property is located at 2304 Knapp St near Iowa State University, with access to shopping, dining, and other area amenities. The main sewer line and A/C system have also been inspected, adding documented attention to key building systems. Its four rental units and recent capital work provide a clearly defined multifamily asset for an Ames portfolio.
The property is located at 2304 Knapp St near Iowa State University, with access to shopping, dining, and other area amenities. The main sewer line and A/C system have also been inspected, adding documented attention to key building systems. Its four rental units and recent capital work provide a clearly defined multifamily asset for an Ames portfolio.
Key Highlights
- Four rental units in an Ames quadplex
- 2,778‑square‑foot building constructed in 1910
- 22 new windows and new front steps completed in 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,275
Cap Rate
3.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$425,500
$425.5K
Cap Rate 7%
$303,929
$303.9K
Cap Rate 9%
$236,389
$236.4K
Market Conditions
NOI Build-Up for 2,778 SF
Gross rent
$32.0K $11.52/SF
− Vacancy
−$1.6K −$0.58/SF
EGI
$30.4K $10.94/SF
− OpEx
−$9.1K −$3.28/SF
NOI
$21.3K $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%
$425,500
Cap Rate 7%
$303,929
Cap Rate 9%
$236,389
Alternative Uses
Best Use
Multifamily LT 5
$303.9K
$265.9K – $354.6K
NOI $21,275 @ 7.0% cap · market cap 3.55%
Second Best
Apartment 5plus
$265.4K
$232.2K – $309.6K
NOI $18,578 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$649.2K
$568.1K – $757.4K
NOI $45,444 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Contact the owner directly
Get the owner's phone numbers and email
Open Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
810
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit rental property with recent interior, exterior, and mechanical improvements near Iowa State University.
Where is this quadplex located?
The property is located at 2304 Knapp St Ames, IA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Four rental units in an Ames quadplex; 2,778‑square‑foot building constructed in 1910; 22 new windows and new front steps completed in 2024
