Four-Unit Property with
For Sale
$500,000
913 Garfield Avenue, Ames, IA 50014
Residential Income, Ames, IA
Property Size3,596 SF
Lot Size0.47 Acres
Price / SF$139.04
Days on Market173
Property Features for 913 Garfield Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R
Exterior features
Vinyl Siding
Basement
Full
Elementary school district
Ames
Middle school district
Ames
High school district
Ames
Subdivision
0002 - Ames NW
Standard status
Active
Size
3,596 SF
Lot size
0.47 Acres
Taxes and HOA fees
Tax Description
SECTION:05 TOWNSHIP:83 RANGE:24 N115.5' S285.5' LOT 9 SD W634.75' NE & E1/2 NW AMES
Tax Annual Amount
6860
Legal Description
SECTION:05 TOWNSHIP:83 RANGE:24 N115.5' S285.5' LOT 9 SD W634.75' NE & E1/2 NW AMES
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
in-unit laundry
screened porches
covered patios
Building Details
Year built
1968
Floors in Building
1
Number of units
4
Flooring type
Carpet, Laminate
Listing Agency:
RE/MAX REAL ESTATE CENTER · RE/MAX International
2324663
Listed By:
Laaser-Webb Team · License #S60241
515451925692355
Added: Mar 24
Changed: Sep 2
Last Checked: Sep 12 at 1:06AM
MLS# 69710
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 four-unit residential income property consists of two adjoining duplex buildings conveyed together on one parcel. The 3,596-square-foot asset includes four two-bedroom, one-bath units, each with an attached one-car garage and in-unit laundry. Two residences feature screened porches, while the other two provide covered patios. Vinyl siding, carpet and laminate flooring, natural-gas forced-air heat, and central air conditioning serve the buildings. Constructed in 1968, the property is professionally managed and has several long-term tenants. All four units have current LOCs through 4/29. The 0.4657-acre parcel is zoned R and connected to public water and public sewer.
Key Highlights
- Four residential units arranged as two adjoining duplexes on one parcel
- 3,596 square feet on a 0.4657‑acre parcel
- Each unit includes 2 bedrooms, 1 bath, an attached 1‑car garage, and in‑unit laundry
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
$27,540
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%
$550,800
$550.8K
Cap Rate 7%
$393,429
$393.4K
Cap Rate 9%
$306,000
$306.0K
Market Conditions
NOI Build-Up for 3,596 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
$41.4K $11.52/SF
− Vacancy
−$2.1K −$0.58/SF
EGI
$39.3K $10.94/SF
− OpEx
−$11.8K −$3.28/SF
NOI
$27.5K $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%
$550,800
Cap Rate 7%
$393,429
Cap Rate 9%
$306,000
Alternative Uses
Best Use
Multifamily LT 5
$393.4K
$344.3K – $459.0K
NOI $27,540 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$343.6K
$300.6K – $400.8K
NOI $24,049 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$840.4K
$735.3K – $980.4K
NOI $58,825 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
245
Businesses Nearby
Explore this area
Business Placement
Demographics for 50014, IA
31,587
Population
14,860
Households
2.1
Avg Household Size
26
Median Age
69%
College-Educated
98%
High-School Grad
54.2 sq mi
ZIP Area
583
Density / Sq Mi
$57,372
Median Household Income
$20,952
Median Earnings
$1,083
Median Rent
$312,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Two adjoining duplex buildings offer individually metered residential units with private laundry and covered outdoor areas.
Where is this quadplex located?
The property is located at 913 Garfield Avenue Ames, IA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Four residential units arranged as two adjoining duplexes on one parcel; 3,596 square feet on a 0.4657‑acre parcel; Each unit includes 2 bedrooms, 1 bath, an attached 1‑car garage, and in‑unit laundry
