Historic Brick
For Sale
$242,000
317 20th St Unit 319, Ames, IA 50010
Two leased units offer hardwood floors, included appliances, basement laundry hookups, and off-street parking.
Property Size1,740 SF
Price / SF$139.08
Days on Market96
Property Features for 317 20th St Unit 319
General Information
Standard status
Active
Size
1,740 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
RE/MAX Real Estate Center
(515) 291-1222
Listed By:
Jennings-Brant, Abigail (515) 232-4663 · License #S67727
Source:
Centraliowahomesearch
Added: May 28
Changed: Aug 31
Last Checked: Aug 31 at 5:23PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Real Estate Center
Investment Insights
Based on property information with market context.
This 1,740-square-foot duplex, built in 1900, contains two residential units within a historic brick exterior. The main-level residence has two bedrooms and one bathroom, while the upper-level unit includes one bedroom and one bathroom. Both apartments feature hardwood flooring, included appliances, and practical layouts with original character. The property is being sold as is.
A full basement provides laundry hookups, while a newer driveway supports off-street parking. Additional outdoor space includes a private yard. Existing leases extend through July 2027, providing established occupancy across both units.
A full basement provides laundry hookups, while a newer driveway supports off-street parking. Additional outdoor space includes a private yard. Existing leases extend through July 2027, providing established occupancy across both units.
Key Highlights
- Two‑unit duplex with a 2‑bedroom, 1‑bath main‑level unit and a 1‑bedroom, 1‑bath upper unit
- Leases secured through July 2027
- 1,740 SF duplex built in 1900
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
5.51%
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 5.51%
Second Best
Apartment 5plus
$166.2K
$145.5K – $194.0K
NOI $11,637 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$406.6K
$355.8K – $474.4K
NOI $28,464 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two leased units offer hardwood floors, included appliances, basement laundry hookups, and off-street parking.
Where is this duplex located?
The property is located at 317 20th St Unit 319 Ames, IA.
What is the asking price?
The asking price for this property is $242,000.
What are key features of this property?
This property features: Two‑unit duplex with a 2‑bedroom, 1‑bath main‑level unit and a 1‑bedroom, 1‑bath upper unit; Leases secured through July 2027; 1,740 SF duplex built in 1900
