Two-Family Duplex with Attached
For Sale
$235,000
Pending
2823-2825 Ontario Street, Ames, IA 50014
MULTI_FAMILY - Ames, IA
Property Size2,374 SF
Lot Size0.33 Acres
Days on Market48
Property Features for 2823-2825 Ontario Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RL
Elementary school district
Ames
Middle school district
Ames
High school district
Ames
Directions
use GPS.
Subdivision
0002 - Ames NW
Standard status
Pending
APN
05-33-352-050
Size
2,374 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Description
SECTION:33 TOWNSHIP:84 RANGE:24 SW SW TRACT D LOT 6
Tax Annual Amount
3832
Legal Description
SECTION:33 TOWNSHIP:84 RANGE:24 SW SW TRACT D LOT 6
Building Details
Year built
1976
Number of units
2
Listing Agency:
LPT Realty, LLC
(515) 669-4010
Listed By:
Zhan Zhang · License #S69622
(515) 669-4010
Added: Jun 16
Changed: Jul 25
Last Checked: Aug 2 at 10:06PM
MLS# 70480
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 updated two-family duplex is configured with two separate units, each offering 2 bedrooms and 1 full bathroom. Each unit includes its own attached garage, providing convenient, private parking for residents. Unit 2823 is currently occupied by a long-term tenant of over five years. Unit 2825 is vacant and fully renovated, with a brand-new kitchen, new bathroom, new carpet and vinyl flooring, new windows, a new furnace, and a new roof installed in 2024. The unit is also finished with stainless steel appliances and is described as move-in ready.
The property is located at 2823-2825 Ontario Street in Ames, IA. Public bus stops are located just across the street, and the listing notes a short walk to campus as well as a brief drive to Abbie Sawyer Elementary School.
This duplex can suit tenants, owner-occupants, and investors seeking a two-unit structure with a mix of occupancy and renovation. With one unit already in place and the second unit newly refreshed, the property supports straightforward management of two similar residential layouts while giving flexibility for how the vacant unit may be used or leased next.
The property is located at 2823-2825 Ontario Street in Ames, IA. Public bus stops are located just across the street, and the listing notes a short walk to campus as well as a brief drive to Abbie Sawyer Elementary School.
This duplex can suit tenants, owner-occupants, and investors seeking a two-unit structure with a mix of occupancy and renovation. With one unit already in place and the second unit newly refreshed, the property supports straightforward management of two similar residential layouts while giving flexibility for how the vacant unit may be used or leased next.
Key Highlights
- Updated two‑family duplex built in 1976 with 2 separate units, each with 2 bedrooms and 1 full bathroom
- Unit 2823 is occupied by a long‑term tenant of over five years, providing immediate rental income
- Unit 2825 is fully renovated and vacant with a brand‑new kitchen, new bathroom, new carpet and vinyl flooring, new windows, and stainless steel appliances
Financial Insights For Multifamily LT 5
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 | $27.3k | $11.52 |
| − Vacancy | −$1.4k | −$0.58 |
| EGI | $26.0k | $10.94 |
| − OpEx | −$7.8k | −$3.28 |
| NOI | $18.2k | $7.66 |
2,374 SF · lease $11.52/SF/yr · vacancy 5.03% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$259.7K
$227.3K – $303.0K
NOI $18,181 @ 7.0% cap · market cap 7.74%
Second Best
Apartment 5plus
$226.8K
$198.5K – $264.6K
NOI $15,877 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$554.8K
$485.4K – $647.3K
NOI $38,835 @ 7.0% cap · market cap 16.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
80
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?
Duplex - Updated two-unit duplex offers two 2-bedroom layouts, each with an attached garage, plus a fully renovated vacant unit.
Where is this duplex located?
The property is located at 2823-2825 Ontario Street Ames, IA.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Updated two‑family duplex built in 1976 with 2 separate units, each with 2 bedrooms and 1 full bathroom; Unit 2823 is occupied by a long‑term tenant of over five years, providing immediate rental income; Unit 2825 is fully renovated and vacant with a brand‑new kitchen, new bathroom, new carpet and vinyl flooring, new windows, and stainless steel appliances
