Historic Brick
For Sale
$242,000
319-317 20th St, Ames, IA 50010
Two-unit property with hardwood floors, included appliances, basement laundry hookups, off-street parking, and private yard space.
Property Size1,740 SF
Price / SF$139.08
Days on Market68
Property Features for 319-317 20th St
General Information
Standard status
Active
Size
1,740 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$17,400
Taxes and HOA fees
Annual Taxes
$2,554
Building Details
Construction
brick
Tenancy
Multi
Listing Agency:
RE/MAX Real Estate Center
(515) 291-1222
Listed By:
Jennings-Brant, Abigail · License #S67727
(515) 291-1222
Source:
Exprealty
Added: Jun 5
Changed: Aug 8
Last Checked: Aug 10 at 8:25AM
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 at 319-317 20th St in Ames includes two residential units within a historic brick building. The main-level apartment has 2 bedrooms and 1 bathroom, while the upper-level apartment provides 1 bedroom and 1 bathroom. Both units include hardwood flooring and appliances, with layouts that retain original architectural character. The property is sold AS IS.
A full basement provides laundry hookups, and the newer driveway supports off-street parking. Residents also have access to private yard space. Leases are secured through July 2027, providing established occupancy for the two-unit configuration.
A full basement provides laundry hookups, and the newer driveway supports off-street parking. Residents also have access to private yard space. Leases are secured through July 2027, providing established occupancy for the two-unit configuration.
Key Highlights
- 1,740 SF historic brick duplex in Ames
- Two units: 2‑bedroom/1‑bath main level and 1‑bedroom/1‑bath upper level
- 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
5.51%
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
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 property with hardwood floors, included appliances, basement laundry hookups, off-street parking, and private yard space.
Where is this duplex located?
The property is located at 319-317 20th St 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: 1,740 SF historic brick duplex in Ames; Two units: 2‑bedroom/1‑bath main level and 1‑bedroom/1‑bath upper level; Leases secured through July 2027
