Updated Quadplex Near
New
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 Market3
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:
Keller Williams Realty Gdm
(515) 443-6971
Listed By:
Home Sweet Des Moines
(515) 783-9815
Source:
Homesweetdesmoines
Added: Sep 5
Changed: Sep 6
Last Checked: Sep 7 at 7:41AM
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 Keller Williams Realty Gdm
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 = 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
$21,275
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
3.55%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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
