James Place Apartments 4733 Toronto Street
Ames, IA 50014
Sale Price
$3,000,000
Brochure
Map
Multifamily For Sale - Available Immediately
NEW LISTING | 39 Units | 97% Occupied | Ames, Iowa
97% occupied
High-performing Ames, Iowa market located near Iowa State University
Long-term, local pride of ownership
Well-maintained asset with limited deferred maintenance
Recent capital improvements including roof, flooring, lighting, and mechanical upgrades
Offered at a basis below replacement cost
Get in touch
Ray Hamilton
Clark Matthews
Cy Fox
Address: 4733 Toronto St, Ames, IA 50014
List Price: $3,000,000
Cap Rate: 8.11%
Number of Units: 39
Unit Mix: 9-1BR/1BA; 30-3BR/1.5BA
Avg. Unit Rent: $857
Ag. Unit Size: 876 SF
Year Built: 1985
Click here for more information: https://www.cbredealflow.com/buyer/agreement?pv=ywaIgTC873dNXnDB1zbWVprQchse599AW5P4SJYxVnW4-voazcOJuZ0_qKjdDmX4
CBRE is pleased to exclusively offer for sale James Place Apartments, a 39-unit multifamily community located in Ames, Iowa, one of the Midwest’s most stable and dynamic rental markets. Home to more than 65,000 residents and Iowa State University, a Big 12 institution with enrollment exceeding 31,000 students, Ames benefits from a diversified economic base, a highly educated workforce, and consistent housing demand. Positioned just 30 miles north of Des Moines at the intersection of Interstate 35 and Highway 30, the city serves as a strategic hub within Central Iowa.
Situated in a desirable residential neighborhood on the northwest side of Ames, James Place offers convenient access to major thoroughfares, neighborhood amenities, and Sawyer Elementary School. The property features an attractive mix of one- and three-bedroom apartment homes, appealing to a broad tenant base. Current ownership has maintained the asset well and completed several capital improvements, including a newer roof, flooring and lighting upgrades in select units, and replacement of mechanical systems as needed.
Constructed in 1985, James Place Apartments presents investors with the opportunity to acquire a stabilized asset that is currently 97% occupied at a basis significantly below replacement cost. With a proven operating history, limited near-term capital requirements, and strong market fundamentals driven by Iowa State University and the greater Ames economy, James Place offers attractive cash flow with the potential for continued long-term growth.
Long-term, local pride of ownership
39-unit apartment community in the high-performing Ames, Iowa market
Located near Iowa State University, a major regional demand driver with enrollment exceeding 31,000 students
Strong occupancy of 97%
Attractive mix of one- and three-bedroom floorplans
Recent capital improvements including roof, flooring, lighting, and mechanical upgrades
Well-maintained asset with limited deferred maintenance
Offered at a basis below replacement cost
Positioned in a stable residential neighborhood with convenient access to major transportation corridors and community amenities
List Price: $3,000,000
Cap Rate: 8.11%
Number of Units: 39
Unit Mix: 9-1BR/1BA; 30-3BR/1.5BA
Avg. Unit Rent: $857
Ag. Unit Size: 876 SF
Year Built: 1985
Click here for more information: https://www.cbredealflow.com/buyer/agreement?pv=ywaIgTC873dNXnDB1zbWVprQchse599AW5P4SJYxVnW4-voazcOJuZ0_qKjdDmX4
CBRE is pleased to exclusively offer for sale James Place Apartments, a 39-unit multifamily community located in Ames, Iowa, one of the Midwest’s most stable and dynamic rental markets. Home to more than 65,000 residents and Iowa State University, a Big 12 institution with enrollment exceeding 31,000 students, Ames benefits from a diversified economic base, a highly educated workforce, and consistent housing demand. Positioned just 30 miles north of Des Moines at the intersection of Interstate 35 and Highway 30, the city serves as a strategic hub within Central Iowa.
Situated in a desirable residential neighborhood on the northwest side of Ames, James Place offers convenient access to major thoroughfares, neighborhood amenities, and Sawyer Elementary School. The property features an attractive mix of one- and three-bedroom apartment homes, appealing to a broad tenant base. Current ownership has maintained the asset well and completed several capital improvements, including a newer roof, flooring and lighting upgrades in select units, and replacement of mechanical systems as needed.
Constructed in 1985, James Place Apartments presents investors with the opportunity to acquire a stabilized asset that is currently 97% occupied at a basis significantly below replacement cost. With a proven operating history, limited near-term capital requirements, and strong market fundamentals driven by Iowa State University and the greater Ames economy, James Place offers attractive cash flow with the potential for continued long-term growth.
Long-term, local pride of ownership
39-unit apartment community in the high-performing Ames, Iowa market
Located near Iowa State University, a major regional demand driver with enrollment exceeding 31,000 students
Strong occupancy of 97%
Attractive mix of one- and three-bedroom floorplans
Recent capital improvements including roof, flooring, lighting, and mechanical upgrades
Well-maintained asset with limited deferred maintenance
Offered at a basis below replacement cost
Positioned in a stable residential neighborhood with convenient access to major transportation corridors and community amenities
Sale Price
$3,000,000
Get in touch
Ray Hamilton
Clark Matthews
Cy Fox