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    Commercial Building with Drive-Up Window Title is generated by Realmo AI

    403 Story Street, Boone, IA 50036

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    For Sale
    $625,000

    COMMERCIAL - Boone, IA

    Property size:
    2,010 SF
    Lot size:
    0.41 Acres
    Price / SF:
    $310/SF
    Added:
    Mar 30, 2026
    Days on Market:
    53
    Last Refresh:
    May 21 at 8:06 pm

    Property Features for 403 Story Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Standard status
    Active
    APN
    088426281382012
    Size
    2,010 SF
    Lot size
    0.41 Acres

    Taxes and HOA fees

    Tax Description
    LOT 4 & E 120' LOT 5 BLK 125 SW NE
    Tax Annual Amount
    2165

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1997
    Floors in Building
    1
    Flooring type
    Carpet, Vinyl, Tile
    Building materials
    Steel Frame
    Roof type
    Rubber

    We can help!

    Listing Contact
    Abby Hausmann-Virgil

    Listing agent Abby Hausmann-Virgil License #S64723

    Listing office Keller Williams- Ankeny Metro 1610 SW Main St. Ste, 204, Ankeny, IA

    Listing date Mar 30, 2026

    MLS# 69765

    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.

    HighLights

    • High‑exposure location on the busiest street in town.
    • Large parking lot.
    • Drive‑up window.
    • Suitable for restaurant or convenience store.
    • New sewer line (February 2025).
    • Flexible sale/lease options (including lease with purchase option).

    Overview

    This commercial property, formerly a Medicap Pharmacy, is available for sale or lease, with an option to lease and purchase in March 2027. Situated on Story Street, the busiest street in town, the property offers high exposure and includes a large parking lot, an electronic sign, and a drive-up window on the north side of the building. The 0.41-acre lot is zoned commercial. The 2,010 square foot building's current layout features offices with a retail counter, making it suitable for a restaurant or convenience store. A new sewer line is planned for February 2025. The seller is open to various arrangements, including a contract sale with closing in or after March 2027, or a lease agreement.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Medicap Pharmacy Pharmacy

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Medical Associates Pharmacy — 120 S Story St, Boone, IA 50036
    • Brett P. McConnell, Pharm — 120 S Story St, Boone, IA 50036
    • Sudha Kumar, RPh — 120 S Story St, Boone, IA 50036
    • Wendy A. Kinne, PharmD — 120 S Story St, Boone, IA 50036
    • Danielle Milbrandt — 120 S Story St, Boone, IA 500364739

    Location Insight

    • Map
    • Local Demand
    City
    Boone
    County
    Boone
    State
    Iowa
    Longitude
    -93.880397
    Latitude
    42.052842

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    FAQs

    What type of property is this?
    Drug store - Commercial building suitable for retail, restaurant, or convenience store.
    Where is this drug store located?
    The property is located at 403 Story Street Boone, IA.
    What is the asking price?
    The asking price for this property is $625,000.
    What are key features of this property?
    This property features: High‑exposure location on the busiest street in town.; Large parking lot.; Drive‑up window.
    (515) 965-9100
    We can help!
    Listing Contact
    Abby Hausmann-Virgil
    Real Estate License ID: S64723
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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