Historic Brick
For Sale
$235,000
317 20th Street, Ames, IA 50010
Residential Income, Ames, IA
Property Size1,740 SF
Lot Size0.23 Acres
Price / SF$135.06
Days on Market92
Property Features for 317 20th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
res
Exterior features
Brick, Vinyl Siding
Basement
Full
Elementary school district
Ames
Middle school district
Ames
High school district
Ames
Directions
Please use GPS to locate this property.
Subdivision
0001 - Ames NE
Standard status
Active
APN
05-35-178-090
Size
1,740 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
GUNDER FJARE 2ND SD LOT:2 AMES
Tax Annual Amount
2554
Legal Description
GUNDER FJARE 2ND SD LOT:2 AMES
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
hardwood flooring
appliances included
full basement
laundry hookups
private yard space
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Laminate, Hardwood, Carpet
Listing Agency:
RE/MAX REAL ESTATE CENTER · RE/MAX International
2324663
Listed By:
Abigail Jennings-Brant · License #S67727
(515) 291-1222
Added: Jun 5
Changed: Sep 3
Last Checked: Sep 4 at 7:06AM
MLS# 70391
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.
Built in 1900, this two-unit duplex features a brick exterior, 1,740 square feet, and a functional layout with original character. The main-level unit offers two bedrooms and one bathroom, while the upper-level unit includes one bedroom and one bathroom. Both residences have appliances and a mix of hardwood, laminate, and carpet flooring.
The property includes a full basement with laundry hookups, a newer driveway, off-street parking, and private yard space. Natural gas forced-air heating, central air, public water, and public sewer serve the building. Leases are secured through July 2027, and the property is zoned res. Located at 317 20th Street in Ames, Iowa, the duplex is offered for sale AS IS.
The property includes a full basement with laundry hookups, a newer driveway, off-street parking, and private yard space. Natural gas forced-air heating, central air, public water, and public sewer serve the building. Leases are secured through July 2027, and the property is zoned res. Located at 317 20th Street in Ames, Iowa, the duplex is offered for sale AS IS.
Key Highlights
- Two‑unit duplex with 1,740 square feet on a 0.23‑acre lot
- Main‑level 2 bedroom, 1 bathroom unit and upper‑level 1 bedroom, 1 bathroom unit
- Leases secured through July 2027
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
$13,326
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
5.67%
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%
$266,520
$266.5K
Cap Rate 7%
$190,371
$190.4K
Cap Rate 9%
$148,067
$148.1K
Market Conditions
NOI Build-Up for 1,740 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
$20.0K $11.52/SF
− Vacancy
−$1.0K −$0.58/SF
EGI
$19.0K $10.94/SF
− OpEx
−$5.7K −$3.28/SF
NOI
$13.3K $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%
$266,520
Cap Rate 7%
$190,371
Cap Rate 9%
$148,067
Alternative Uses
Best Use
Multifamily LT 5
$190.4K
$166.6K – $222.1K
NOI $13,326 @ 7.0% cap · market cap 5.67%
Second Best
Apartment 5plus
$166.2K
$145.5K – $194.0K
NOI $11,637 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$406.6K
$355.8K – $474.4K
NOI $28,464 @ 7.0% cap · market cap 12.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
337
Businesses Nearby
Explore this area
Business Placement
Demographics for 50010, IA
32,552
Population
14,732
Households
2.2
Avg Household Size
30
Median Age
59%
College-Educated
98%
High-School Grad
60.3 sq mi
ZIP Area
540
Density / Sq Mi
$65,701
Median Household Income
$27,672
Median Earnings
$981
Median Rent
$243,200
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 - Two-unit residential property with basement laundry hookups, private yard space, and off-street parking.
Where is this duplex located?
The property is located at 317 20th 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: Two‑unit duplex with 1,740 square feet on a 0.23‑acre lot; Main‑level 2 bedroom, 1 bathroom unit and upper‑level 1 bedroom, 1 bathroom unit; Leases secured through July 2027
