Building Details

Year Built 1930

Listing Agency: RE/MAX Real Estate Center

Listed By: Betts, Christopher (515) 232-4663 Show Phone

Source: Desmoineshomesforsale

Added: Aug 2 Changed: Oct 1 Last Checked: Oct 16 at 9:37AM

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Investment Insights

Based on property information with market context.

This commercial land offering includes approximately 2.1 +/- acres with two existing buildings totaling 22,580 SF. The primary structure contains 10,406 SF and measures approximately 86' by 121'. A separate 12,174 SF annex includes a 3,472 SF full basement and is occupied by multiple tenants. The improvements were built in 1930.

Located at 2622 Lincoln Way in Ames, the property is adjacent to Dunkin Donuts. Campustown Service Center zoning is associated with potential high-density residential, retail, commercial, and mixed-use redevelopment. Final platting remains subject to approval by all parties.

Key Highlights

• Approximately 2.1 +/- acres of commercial land
• Campustown Service Center zoning
• Existing 10,406 SF building measuring approximately 86' x 121'

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$228,623

Cap Rate

7.75%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,572,460 $4.6M

Cap Rate 7%

$3,266,043 $3.3M

Cap Rate 9%

$2,540,256 $2.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 22,580 SF

Gross rent

$406.4K $18.00/SF

− Vacancy

−$40.6K −$1.80/SF

EGI

$365.8K $16.20/SF

− OpEx

−$137.2K −$6.07/SF

NOI

$228.6K $10.13/SF

Area

Story County, IA

Vacancy

10.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,572,460

Cap Rate 7%

$3,266,043

Cap Rate 9%

$2,540,256

Alternative Uses

Best Use

Mixed Use

$3.27M

$2.86M – $3.81M (±1% cap)

NOI $228,623 @ 7.0% cap · market cap 7.75%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$5.28M

$4.62M – $6.16M (±1% cap)

NOI $369,373 @ 7.0% cap · market cap 12.52%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Adventures Preschool High School Collegiate United Methodist ... Church parkingmgt.com Parking Lot & Garage ParkPoolr - Daily Student ... Parking Lot & Garage

Suggested Use

Top Pick Building Supply Auto Repair Shop Law Firm Dental Office Big Box & Wholesale Store Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,009

Businesses Nearby

Explore this area Business Placement

Demographics for 50014, IA

31,587

Population

14,860

Households

2.1

Avg Household Size

26

Median Age

69%

College-Educated

98%

High-School Grad

54.2 sq mi

ZIP Area

583

Density / Sq Mi

$57,372

Median Household Income

$20,952

Median Earnings

$1,083

Median Rent

$312,700

Median Home Value

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Frequently Asked Questions

What type of property is this?

Commercial land - Campustown Service Center zoning is identified for high-density residential, retail, commercial, and mixed-use redevelopment.

Where is this commercial land located?

The property is located at 2622 Lincoln Way Ames, IA.

What is the asking price?

The asking price for this property is $2,950,000.

What are key features of this property?

This property features: Approximately 2.1 +/- acres of commercial land; Campustown Service Center zoning; Existing 10,406 SF building measuring approximately 86' x 121'