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    Mixed-Use Commercial Land Parcel Title is generated by Realmo AI

    209 SE Second Street, Gilbert, IA 50105

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    Claim this Listing
    New
    For Sale
    $200,000

    LAND - Gilbert, IA

    Lot size:
    2.80 Acres
    Added:
    Jun 5, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 6 at 12:06 am

    Property Features for 209 SE Second Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    C3
    Standard status
    Active
    APN
    05-10-110-002
    Lot size
    2.80 Acres

    Taxes and HOA fees

    Tax Description
    GILBERT LTD SD 1ST ADD OUTLOT B GILBERT

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Kyle Thomas

    Listing agent Kyle Thomas License #S68078000

    Listing office Friedrich Realty 100 Sixth St., Ames, IA

    Listing date Jun 5, 2026

    MLS# 70399 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

    • 2.8‑acre mixed‑use commercial lot located at 209 SE Second Street, Gilbert, IA, inside town limits
    • Build‑ready site with utilities available nearby, including public water and public sewer
    • Cable available
    • Mixed‑use commercial zoning provides flexibility for options like multi‑tenant retail or office/campus development

    Overview

    The property is a 2.8-acre commercial land parcel offered for sale, zoned C3 and described as a flexible mixed-use site within town limits. The lot size supports development designs that can accommodate a range of commercial uses, depending on the intended concept and site plan. The listing is also presented as a build-ready opportunity, with utilities noted as nearby to support development planning.

    The site is located at 209 SE Second Street in Gilbert, Iowa (Story County). The listing emphasizes accessibility and alignment with the surrounding local commercial economy, and it positions the property as a place to expand a commercial footprint in the area.

    For buyers and developers seeking C3-zoned land with room to plan, this parcel offers a practical foundation for projects such as a multi-tenant retail setup, a corporate office campus, or a combined commercial and residential mixed-use development. Because the offering centers on the land and zoning framework, prospective buyers can evaluate how the acreage and utility proximity fit their specific layout, tenant mix, and development timeline. Scheduling a site visit is encouraged to review the property directly and confirm development considerations with appropriate local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Spa & Massage Center Dental Office Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Grocery & Convenience Store Bar & Pub Storage Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Gilbert
    County
    Story
    State
    Iowa
    Longitude
    -93.635582
    Latitude
    42.1051

    FAQs

    What type of property is this?
    Commercial land - C3 zoned, 2.8-acre parcel inside town limits with utilities nearby for flexible mixed-use development planning.
    Where is this commercial land located?
    The property is located at 209 SE Second Street Gilbert, IA.
    What is the asking price?
    The asking price for this property is $200,000.
    What are key features of this property?
    This property features: 2.8‑acre mixed‑use commercial lot located at 209 SE Second Street, Gilbert, IA, inside town limits; Build‑ready site with utilities available nearby, including public water and public sewer; Cable available
    (515) 232-6175
    We can help!
    Listing Contact
    Kyle Thomas
    Real Estate License ID: S68078000
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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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