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    Secluded Acreage with Income Potential Title is generated by Realmo AI

    2463 328th Lane, Peru, IA 50222

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    For Sale
    $397,500

    10-acre retreat featuring a home, shop, Airbnb, and riding arena.

    Type:Unimproved Land
    Property size:
    1,320 SF
    Price / SF:
    $301/SF
    Added:
    Jun 19, 2025
    Days on Market:
    339
    Last Refresh:
    May 19 at 8:47 pm

    Property Features for 2463 328th Lane

    General Information

    Standard status
    Active
    Size
    1,320 SF
    Property subtype
    Unimproved Land

    Building Details

    Year Built
    2004

    We can help!

    Listing Contact
    (515) 468-0409
    (515) 468-0409

    Listing agent (515) 468-0409

    Listing office Homefront Real Estate

    Listing date Jun 19, 2025

    Source Kw

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Homefront Real Estate

    HighLights

    • 10‑acre private retreat with income potential from a fully functioning Airbnb unit.
    • 60'x40' shop with concrete floors and separate driveway, plus an adjacent office space.
    • High‑speed fiber internet installed, ideal for working from home.
    • Exceptional hunting opportunities with over 3,000 acres of public hunting nearby, plus a clover food plot, tower blind, and treestand on the property.
    • Brand‑new 80'x120' outdoor riding arena (negotiable).
    • Log veneer home with open‑concept layout, hickory cabinets, concrete countertops, central air, furnace, and wood stove.

    Overview

    Located at the end of a dead-end lane in southern Madison County, this 10-acre property offers a peaceful retreat. The property includes a 2-bed, 1-bath log veneer home featuring an open-concept layout with a kitchen that overlooks the dining and living areas. The kitchen is equipped with hickory cabinets and concrete countertops. The home has central air, a furnace, and a wood stove. Outdoors, there is a large patio and a second concrete slab. A 60'x40' shop with concrete floors and a separate driveway is also located on the property. Inside the shop is a nearly 600 sq ft fully functioning Airbnb unit that sleeps five and includes its own bathroom. An additional office adjacent to the Airbnb could be converted into extra guest space. The property has a variety of fruit trees, including apple, pear, and peach, as well as a clover food plot, and included tower blind and treestand. Hunting opportunities are available, with over 3,000 acres of public hunting within five minutes. There is a new 80'x120' outdoor riding arena installed two months ago, negotiable with the sale. High-speed fiber internet is installed.
    Property Profile Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Kitchen & Bath Showroom Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Peru
    County
    Madison
    State
    Iowa
    Longitude
    -93.962981
    Latitude
    41.1744133

    FAQs

    What type of property is this?
    Horse & equestrian property - 10-acre retreat featuring a home, shop, Airbnb, and riding arena.
    Where is this horse & equestrian property located?
    The property is located at 2463 328th Lane Peru, IA.
    What is the asking price?
    The asking price for this property is $397,500.
    What are key features of this property?
    This property features: 10‑acre private retreat with income potential from a fully functioning Airbnb unit.; 60'x40' shop with concrete floors and separate driveway, plus an adjacent office space.; High‑speed fiber internet installed, ideal for working from home.
    (515) 468-0409
    We can help!
    Listing Contact
    (515) 468-0409
    (515) 468-0409
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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.

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