Updated Four-Unit
For Sale
$600,000
2304 Knapp Street, Ames, IA 50014
Residential Income, Ames, IA
Property Size2,778 SF
Lot Size0.20 Acres
Price / SF$215.98
Days on Market48
Property Features for 2304 Knapp Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RL
Elementary school district
Ames
Middle school district
Ames
High school district
Ames
Directions
Head West on Lincoln Way toward Ash Ave, turn left onto Ash Ave. Turn right onto Knapp St. home is on the corner of Lynn Ave and Knapp St.
Subdivision
0003 - Ames SW
Standard status
Active
APN
09-09-250-090
Size
2,778 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Annual Amount
5287
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1910
Floors in Building
2
Flooring type
Carpet, Vinyl, Hardwood
Listing Agency:
RE/MAX REAL ESTATE CENTER · RE/MAX International
Listed By:
Betts Team · License #B67497
2324663
Added: Sep 2
Changed: Oct 16
Last Checked: Oct 19 at 6:06AM
MLS# 71192
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 four-unit quadplex contains 2,778 square feet on a 0.2002-acre lot and was built in 1910. The property includes carpet, vinyl, and hardwood flooring, central air, public water, and public sewer. Recent work includes new carpet, toilets, lighting, window blinds, refrigerators, gutters with leaf guards, duct cleaning, a water heater, 22 windows, and front steps completed in 2024. The main sewer line and A/C system have also been inspected.
Located in Ames near Iowa State University, the property offers access to campus, shopping, dining, and other area amenities. RL zoning and a four-unit configuration support its existing multifamily use.
Located in Ames near Iowa State University, the property offers access to campus, shopping, dining, and other area amenities. RL zoning and a four-unit configuration support its existing multifamily use.
Key Highlights
- Four rental units within a 2,778‑square‑foot quadplex
- 0.2002‑acre lot with RL zoning
- 22 new windows and 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.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Four rental units with recent improvements, central air, and convenient access to Iowa State University.
Where is this quadplex located?
The property is located at 2304 Knapp Street 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 within a 2,778‑square‑foot quadplex; 0.2002‑acre lot with RL zoning; 22 new windows and front steps completed in 2024
