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    2 Luther Street Luther, IA 50152

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    Claim this Listing
    New
    For Sale
    $250,000

    COMMERCIAL - Luther, IA

    Lot size:
    0.36 Acres
    Added:
    May 6, 2026
    Days on Market:
    3
    Last Refresh:
    May 8 at 8:06 am

    Property Features for 2 Luther Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    C
    Standard status
    Active
    APN
    088326254485041& 088326254485040
    Lot size
    0.36 Acres

    Taxes and HOA fees

    Tax Description
    MOYERS 1ST ADD LOTS 9 & 10 BLOCK 4 SE SE... Includes 2 lots 088326254485041 & 088326254485040
    Tax Annual Amount
    522

    We can help!

    Listing Contact
    Jim Horstman
    Jim Horstman

    Listing agent Jim Horstman License #S62423

    Listing office Hunziker & Assoc.-Ames 105 S 16TH ST., Ames, IA

    Listing date May 6, 2026

    MLS# 70093 Listing URL

    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

    • Leased through July 2027 at $2,000/month, providing immediate income.
    • Prime Hwy 17 frontage location in Luther, Iowa.
    • High daily vehicle traffic count (5,300) on Hwy 17.
    • Electric and water hookups are already on the lot.
    • Located across from a popular restaurant (WHATCHA SMOKIN BBQ), offering potential business synergy.
    • Lot size is over 1/3 acre (0.36 acres / 15,700 sq ft).

    Overview

    Commercial Land in Luther, Iowa

    This commercial land is available for sale in Luther, Iowa, offering frontage on Highway 17. The property is located directly across the street from Whatcha Smokin BBQ Restaurant. According to the DOT, Highway 17 sees a daily vehicle traffic count of 5,300. The lot spans over 1/3 acre, totaling 0.36 acres or 15,700 square feet as per the Boone County Assessor. Electric and water hookups are available on the lot. The property is currently leased by the restaurant as a parking lot through July 2027, generating a rental income of $2,000 per month. The tenant is responsible for maintaining the lot. This property presents a business opportunity.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Building Supply Auto Parts Store Storage Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Luther
    County
    Boone
    State
    Iowa
    Longitude
    -93.815915
    Latitude
    41.967726

    FAQs

    What type of property is this?
    Commercial land - Prime commercial land with highway frontage and existing lease.
    Where is this commercial land located?
    The property is located at 2 Luther Street Luther, IA.
    What is the asking price?
    The asking price for this property is $250,000.
    What are key features of this property?
    This property features: Leased through July 2027 at $2,000/month, providing immediate income.; Prime Hwy 17 frontage location in Luther, Iowa.; High daily vehicle traffic count (5,300) on Hwy 17.
    (515) 233-4450
    We can help!
    Listing Contact
    Jim Horstman
    Jim Horstman
    Real Estate License ID: S62423
    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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