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3850 Merle Hay Rd, Des Moines, IA 50310
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Property summary
AI-generated overview
The property is located along Merle Hay Road at the border of Urbandale and Des Moines, within a densely populated residential area. It comprises a six-story high-rise and an adjacent former theater, totaling approximately 67,325 square feet. The site is positioned on a high-traffic corridor and provides multiple lot entrances with both surface and covered parking, including a two-story parking deck directly outside the main entrance. The tower has direct indoor access to a super-regional shopping mall and is served by three bus lines; the former theater space is connected to the building and could be repurposed as common area space or adapted for uses such as a medical or event center. The property’s layout supports conversion potential, including possible active seniors housing or multifamily configurations, given its proximity to amenities including retail, entertainment, and public transit. The building is served by an HVAC system reported to be in good condition.
Property profile
Verified
Property type
Super regional malls
Use group
REGIONAL SHOPPING CENTER, MALL
Year built
2014
Construction
STEEL FRAME
Total area
171,297 SF
Lot
9.53 ac (414,953 SF)
Zoning code
C-4
APN
100/09472-002-002
UPID
US25-0235543
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
High School Daycare Center
-
Physician Medical Clinic
-
Hair Salon
-
Association Or Organization
-
Food Processing Plant
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$12.84M
Blend (final)
Blend
$12.29M
Owner & transaction history
since 2016
7 recorded transactions
Zoning & alternative use
C-4 · Des Moines, IA
Top alternative use upside
Retail stores
$19.9M
+45.2%
Commercial (general)
$17.6M
+28.4%
Warehouse, storage
$15.7M
+14.9%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
4 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$12.29M
Value range
$11.06M – $13.52M
±10% around blend
Estimated value / SF
$72 / SF
Confidence
Property data
100
Market benchmarks
67
Comparable evidence
60
Income certainty
100
$11.06M
blend $12.29M
$13.52M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
171,297 SF
Lot area
9.53 ac
Year built
2014
Stories
2
APN
100/09472-002-002
Zoning
C-4
Assessed value
$10,529,000
Annual tax
$373,426
3
Income approach: direct capitalization
Partial preview
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$373,426
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$12.84M
Range $9.09M – $19.96M
Evidence
6 found
Recent peer sales in this city
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$12.29M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 32 sales
$80
-10%
County 59 sales
$99
-27%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $72/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Retail Stores
Gross theoretical uplift
+45%
vs current-use indication
Commercial (general)
Warehouse, Storage
Neighborhood: Shopping Center · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
NOI build-up · 9 steps
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$8.02M
Move the market yield to see immediate price impact.
Value / SF
$47
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$505k
$10.10M
$7.21M
$5.61M
$561k
$11.22M
$8.02M
$6.23M
$617k
$12.35M
$8.82M
$6.86M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Property tax & assessments
Tax year 2020Property tax & assessments
Tax year 2020
Tax billed
$373,426
Tax year 2020
Assessed value
$10,529,000
Assessed 2023
Previous assessed
$10,529,000
+0.0% YoY
Effective rate
3.55%
On assessed value
Assessed land
$5,270,000
Assessed improvement
$5,259,000
Land market value
$5,270,000
Improvement market value
$5,259,000
Total market value
$10,529,000
Applied tax rate
1.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Super regional malls
Use group
REGIONAL SHOPPING CENTER, MALL
Status
For Sale
Year built
2014
Construction
STEEL FRAME
Heating
NONE
Buildings
2
Stories
2
Total area
171,297 SF
Lot
9.53 ac (414,953 SF)
Zoning code
C-4
APN
100/09472-002-002
UPID
US25-0235543
Jurisdiction
POLK
Zoning & alternative use
C-4 · Des Moines, IAZoning C-4 · permitted uses
C-4 · Des Moines, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
2014
Construction
STEEL FRAME
Heating
NONE
Stories
2
Buildings
2
Lot
9.53 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
C-4
Jurisdiction
Des Moines, IA
Recorded code
C-4
Ownership Intelligence
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Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
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Owner of record and activity signals are derived from public records and modeled classifications.
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