2823-2825 Ontario Street, Ames, IA 50014
- Added:
- Jun 16, 2026
- Days on Market:
- 2
- Last Refresh:
- Jun 17 at 12:06 am
Property Features for 2823-2825 Ontario Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- RL
- Standard status
- Active
- 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
Building Details
- Year built
- 1976
- Number of units
- 2
Listing agent Zhan Zhang License #S69622 (515) 669-4010
Listing office LPT Realty, LLC 12345 University Ave, Clive, IA (515) 669-4010
Listing date Jun 16, 2026
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.
HighLights
- Updated 2‑family duplex built in 1976 with two separate units, each offering 2 bedrooms and 1 full bathroom
- Unit 2823 is tenant‑occupied with a long‑term tenant of over five years
- Unit 2825 is vacant and fully renovated with a brand‑new kitchen, new bathroom, and new carpet and vinyl flooring
- Renovations for Unit 2825 include new windows, a new furnace, and a new roof (2024)
- Each unit includes its own attached garage
- Convenient access: public bus stops across the street, about 5‑minute walk to campus, and about a 3‑minute drive to Abbie Sawyer Elementary School
Overview
The property is listed as a delayed showing, with no showings allowed until 06/19/26 at 9:00 am. Sellers will not accept proposed purchase agreements or offers earlier than 10:00 am on June 22nd. The home is described as ideally situated with public bus stops across the street, a short 5-minute walk to campus, and a 3-minute drive to Abbie Sawyer Elementary School. The property is zoned RL.
This configuration can support an owner-occupant plan while collecting rental income, or provide a straightforward setup for an investor seeking a two-unit asset with one unit already updated and move-in ready. With renovations in Unit 2825 and an ongoing tenancy in Unit 2823, the duplex is positioned for tenants who value separation by unit and private garage access.
Local 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 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Ames
- County
- Story
- State
- Iowa
- Longitude
- -93.656989
- Latitude
- 42.034906
