Downtown Brick Office
For Sale
$650,000
414 Northwestern Avenue, Ames, IA 50010
Commercial Sale, Ames, IA
Property Size4,290 SF
Lot Size0.26 Acres
Price / SF$151.52
Days on Market49
Property Features for 414 Northwestern Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C
Directions
Lincoln Way to North on Grand Ave - go left on 6th Street then left on Northwestern. it is located across the street from Wheatsfield Grocery Store.
Subdivision
0001 - Ames NE
Standard status
Active
APN
09-03-479-025
Size
4,290 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Description
TRIANGLE ADD LOTS 3 & 5 & NW CORNER LOT 6, TRIANGLE ADD LOTS 1 & 2, TRIANGLE ADD LOT 4 COMM NW COR LOT 7 S5.4' TO BEG S6
Tax Annual Amount
8811
Legal Description
TRIANGLE ADD LOTS 3 & 5 & NW CORNER LOT 6, TRIANGLE ADD LOTS 1 & 2, TRIANGLE ADD LOT 4 COMM NW COR LOT 7 S5.4' TO BEG S6
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1964
Floors in Building
2
Flooring type
Carpet, Vinyl
Building materials
Concrete, Wood
Roof type
Rubber
Listing Agency:
Hunziker & Assoc.-Ames
(515) 233-4450
Listed By:
Chuck Winkleblack · License #B32796
(515) 290-7007
Added: Aug 19
Changed: Oct 3
Last Checked: Oct 6 at 6:06PM
MLS# 71051
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.
This 4,290-square-foot office building was constructed in 1964 and features a brick exterior, four separate office spaces, and common bathrooms. The property occupies a 0.26-acre lot with 28 parking spaces. Interior finishes include vinyl and carpet flooring, while building systems include natural gas forced-air heat and central air conditioning. Public water and public sewer serve the property, and the roof is rubber.
Located in downtown Ames, the property is within walking distance of restaurants, retail, and professional services. The building includes 1,100 SF of unleased space and is zoned C, offering an existing office configuration with available area for an owner-user or investor.
Located in downtown Ames, the property is within walking distance of restaurants, retail, and professional services. The building includes 1,100 SF of unleased space and is zoned C, offering an existing office configuration with available area for an owner-user or investor.
Key Highlights
- 4,290 SF office building on a 0.26‑acre lot
- Four separate office spaces with common bathrooms
- 28 on‑site parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,911
Cap Rate
7.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$938,220
$938.2K
Cap Rate 7%
$670,157
$670.2K
Cap Rate 9%
$521,233
$521.2K
Market Conditions
NOI Build-Up for 4,290 SF
Gross rent
$77.2K $18.00/SF
− Vacancy
−$14.7K −$3.42/SF
EGI
$62.5K $14.58/SF
− OpEx
−$15.6K −$3.65/SF
NOI
$46.9K $10.94/SF
Area
Story County, IA
Vacancy
19.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$938,220
Cap Rate 7%
$670,157
Cap Rate 9%
$521,233
Alternative Uses
Best Use
Office B
$670.2K
$586.4K – $781.9K
NOI $46,911 @ 7.0% cap · market cap 7.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.00M
$877.2K – $1.17M
NOI $70,178 @ 7.0% cap · market cap 10.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,852
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Four separate office areas, shared bathrooms, and on-site parking support a flexible professional workplace.
Where is this office building located?
The property is located at 414 Northwestern Avenue Ames, IA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 4,290 SF office building on a 0.26‑acre lot; Four separate office spaces with common bathrooms; 28 on‑site parking spaces
