Updated Two-Unit
For Sale
$235,000
Pending
2823-2825 Ontario Street, Ames, IA 50014
Residential Income, Ames, IA
Property Size2,374 SF
Lot Size0.33 Acres
Days on Market141
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
Listed By:
Zhan Zhang · License #S69622
(515) 669-4010
Added: Jun 16
Changed: Oct 8
Last Checked: Nov 3 at 12:06AM
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.
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.
Built in 1976, this 2,374-square-foot duplex contains two independent residences, each arranged with 2 bedrooms, 1 full bathroom, and an attached garage. The property sits on a 0.3344-acre lot and carries RL zoning. One residence has been occupied by the same tenant for over five years, while the second is vacant following a comprehensive renovation. Updates to the vacant unit include a new kitchen, bathroom, carpet, vinyl flooring, windows, furnace, stainless steel appliances, and a 2024 roof.
Public bus stops are located across the street, and the property is approximately a 5-minute walk from campus. Abbie Sawyer Elementary School is approximately a 3-minute drive away. The two-unit layout supports continued rental use or occupancy of one residence alongside the other.
Public bus stops are located across the street, and the property is approximately a 5-minute walk from campus. Abbie Sawyer Elementary School is approximately a 3-minute drive away. The two-unit layout supports continued rental use or occupancy of one residence alongside the other.
Key Highlights
- 2,374 square feet on a 0.3344‑acre lot
- Two units with 2 bedrooms and 1 full bathroom each
- Attached garage serving each residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,181
Cap Rate
7.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$363,620
$363.6K
Cap Rate 7%
$259,729
$259.7K
Cap Rate 9%
$202,011
$202.0K
Market Conditions
NOI Build-Up for 2,374 SF
Gross rent
$27.3K $11.52/SF
− Vacancy
−$1.4K −$0.58/SF
EGI
$26.0K $10.94/SF
− OpEx
−$7.8K −$3.28/SF
NOI
$18.2K $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%
$363,620
Cap Rate 7%
$259,729
Cap Rate 9%
$202,011
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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
348
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?
Duplex - Two separately configured residences offer attached garages, flexible occupancy, and convenient access to campus and public transportation.
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: 2,374 square feet on a 0.3344‑acre lot; Two units with 2 bedrooms and 1 full bathroom each; Attached garage serving each residence
