Building Details

Tenancy Multi

Listing Agency: CBRE - Des Moines

Listed By: Max Colby · License #IA S61308000 Show Phone

Source: Crexi

Added: May 20 Changed: Oct 7 Last Checked: Oct 16 at 6:35AM

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Investment Insights

Based on property information with market context.

This offering consists of a 47-unit, three-property student housing portfolio in Ames, Iowa, the location of Iowa State University. The diversified multifamily portfolio includes three income-producing assets: 626 S 16th Street, 212 Hayward Avenue, and 519 Welch Avenue. The properties are strategically located near Iowa State University, major employment centers, retail areas, and transit corridors. The location benefits from consistently strong rental demand due to a stable base of student and professional tenants. The portfolio offers immediate cash flow, operational scale, and long-term appreciation potential in a steadily growing rental market. The total property size is 31307 square feet.

Key Highlights

• 47‑unit student housing portfolio near Iowa State University.
• Three well‑located income‑producing properties in Ames, Iowa.
• Strategically positioned near Iowa State University, employment, retail, and transit.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$209,372

Cap Rate

4.87%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,187,440 $4.2M

Cap Rate 7%

$2,991,029 $3.0M

Cap Rate 9%

$2,326,356 $2.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 31,307 SF

Gross rent

$402.0K $12.84/SF

− Vacancy

−$21.3K −$0.68/SF

EGI

$380.7K $12.16/SF

− OpEx

−$171.3K −$5.47/SF

NOI

$209.4K $6.69/SF

Area

Story County, IA

Vacancy

5.30%

Lease Rate

$12.84 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,187,440

Cap Rate 7%

$2,991,029

Cap Rate 9%

$2,326,356

Alternative Uses

Best Use

Apartment 5plus

$2.99M

$2.62M – $3.49M (±1% cap)

NOI $209,372 @ 7.0% cap · market cap 4.87%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$7.32M

$6.40M – $8.54M (±1% cap)

NOI $512,132 @ 7.0% cap · market cap 11.91%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Roofing Innovations General Contractor

Suggested Use

Top Pick Parking Lot & Garage Plumbing Service (Bike/Boat/Book/etc) Store Electrical Service Daycare Center Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

629

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - 47-unit multifamily portfolio near Iowa State University for sale.

Where is this apartment building located?

The property is located at 626 South 16th Street Ames, IA.

What is the asking price?

The asking price for this property is $4,300,000.

What are key features of this property?

This property features: 47‑unit student housing portfolio near Iowa State University.; Three well‑located income‑producing properties in Ames, Iowa.; Strategically positioned near Iowa State University, employment, retail, and transit.