439 Maple AveAmes, IA 50010

This Ames, Iowa apartment building presents a compelling investment opportunity. Located at 439 S Maple Ave, this two-story, 7,200 square foot building boasts eight fully rented, two-bedroom units, each with its own washer and dryer. Built in 1975 and extensively renovated in 2018, the property features a new roof (2024) and offers a strong, stable income stream. The current NOI is $70,044, with a pro-forma NOI of $82,224, resulting in a 5.89% cap rate and a pro-forma cap rate of 6.91%. The asking price is $1,190,000, or $148,750 per unit. Situated on a 14,560 square foot lot, the property includes 12 parking spaces and is zoned for high-density residential use. Its prime location near Iowa State University, Hilton Coliseum, and Jack Trice Stadium ensures high occupancy rates and strong rental demand. The property benefits from its proximity to local amenities, including shopping, dining, and public transportation, further enhancing its appeal to a wide range of tenants. This turnkey investment offers a hassle-free opportunity with excellent growth potential in a thriving community. Detailed financials are available.