Downtown 3-Unit Residential
611 Kellogg Avenue Ames, IA 50010
611 Kellogg Avenue, Ames, IA, 50010
Contact for pricing
For Sale
Contact for pricing
Three fully updated units include on-site laundry and 18 rear parking spaces with alley access.
Property Size2,800 SF
Price / SF$103.21
Days on Market53
Property Features for 611 Kellogg Avenue
General Information
- Standard status
- Active
- Size
- 2,800 SF
- Property subtype
- Hospitality
Building Details
- Year Built
- 1920
Listing agency
Century 21 Signature Real Estate Ames
Listed by
Gina McAndrews · License #IA
Source
Crexi
Added: May 30 Updated: Jul 21 at 1:24AM Checked: Jul 21 at 1:24AM
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 Century 21 Signature Real Estate Ames
Investment Insights
Based on property information with market context.
This for-sale 3-plex residential income property features three fully updated units. Reported improvements include new electrical wiring, new lights and switches, newer windows, new front steps, updated bathrooms with new vanities and toilets, updated kitchens, and additional drywall with crack repairs. The seller also reports much of the plumbing replaced and wallpaper removed. Interior finishes include new LVP flooring, fresh paint, and new blinds, along with additional storage and natural light from many newer windows. An on-site laundry area is included for tenant convenience. Major mechanical updates include a newer boiler reported as installed in 2022.
The property is described as located in the heart of downtown Ames, within close walking distance to the library, shopping, restaurants, parks, the hospital, and a bus stop.
In addition to the rental units, the property offers 18 rentable parking spaces located in the rear with alley access, currently rented at $50 per month per space.
The property is described as located in the heart of downtown Ames, within close walking distance to the library, shopping, restaurants, parks, the hospital, and a bus stop.
In addition to the rental units, the property offers 18 rentable parking spaces located in the rear with alley access, currently rented at $50 per month per space.
Key Highlights
- 3‑plex built in 1920 with three fully updated units in downtown Ames
- Major updates include new electrical wiring, new lights and switches, newer windows, new front steps, and new exterior paint
- Plumbing improvements throughout, wallpaper removed, cracks fixed, and drywall added, plus updated bathrooms and updated kitchens
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 | $32.3k | $11.52 |
| − Vacancy | −$1.6k | −$0.58 |
| EGI | $30.6k | $10.94 |
| − OpEx | −$9.2k | −$3.28 |
| NOI | $21.4k | $7.66 |
2,800 SF · lease $11.52/SF/yr · vacancy 5.03% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$306.3K
$268.0K – $357.4K
NOI $21,443 @ 7.0% cap · market cap 7.42%
Second Best
Apartment 5plus
$267.5K
$234.1K – $312.1K
NOI $18,726 @ 7.0% cap · market cap 6.48%
Theoretical Best
Office A
$654.3K
$572.6K – $763.4K
NOI $45,804 @ 7.0% cap · market cap 15.85%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Three fully updated units include on-site laundry and 18 rear parking spaces with alley access.
Where is this triplex located?
The property is located at 611 Kellogg Avenue Ames, IA.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: 3‑plex built in 1920 with three fully updated units in downtown Ames; Major updates include new electrical wiring, new lights and switches, newer windows, new front steps, and new exterior paint; Plumbing improvements throughout, wallpaper removed, cracks fixed, and drywall added, plus updated bathrooms and updated kitchens
