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    Modern Home on 14 Acres Title is generated by Realmo AI

    3237 Larkspur Avenue, Lorimor, IA 50149

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    For Sale
    $499,000

    Spacious 5-bedroom home on 14 acres near Winterset, Iowa.

    Type:Unimproved Land
    Property size:
    3,458 SF
    Price / SF:
    $144/SF
    Added:
    Jul 7, 2025
    Days on Market:
    324
    Last Refresh:
    May 19 at 9:35 pm

    Property Features for 3237 Larkspur Avenue

    General Information

    Standard status
    Active
    Size
    3,458 SF
    Property subtype
    Unimproved Land

    Building Details

    Year Built
    2022

    We can help!

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

    Listing agent (515) 468-0409

    Listing office Homefront Real Estate

    Listing date Jul 7, 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

    • New construction (2022) country home on just under 14 acres.
    • Spacious 3,458 sq ft home with 5 bedrooms and 3 bathrooms.
    • Walkout basement (2,246 sq ft) with kitchen and bathroom, offering potential for separate living space.
    • Open‑concept layout with vaulted ceilings and wood stove.
    • Large covered front porch and west‑facing covered back deck.
    • Acreage ideal for horses, hobby farm, or hunting, with food plots already planted.

    Overview

    Located just 15 minutes from Winterset and a mile and a half off Highway 169 at 3237 Larkspur Avenue, Lorimor, this country home, constructed in 2022, occupies nearly 14 acres. The residence features 5 bedrooms, 3 bathrooms, and 3,458 square feet of finished living space, complemented by an additional 2,246 square feet in the walkout basement. The lower level is equipped with its own kitchen and bathroom, presenting the possibility for a separate living area. The home has an open-concept layout with vaulted ceilings, incorporating a large living, dining, and kitchen area centered around a wood stove. The property is wired and ready for fixtures, with HVAC installation and final finishes scheduled for completion. Outdoor features include a large covered front porch and a west-facing covered back deck. There is ample parking space and room to construct a shop or outbuilding. The acreage is suitable for horses, a hobby farm, or those seeking space and privacy. Food plots have been planted to attract deer and turkey, making it suitable for hunting.
    Property Profile Location Intelligence

    Current Use by Public Records

    Farms

    Map

    City
    Lorimor
    County
    Union
    State
    Iowa
    Longitude
    -94.033204
    Latitude
    41.1812987

    FAQs

    What type of property is this?
    Farm - Spacious 5-bedroom home on 14 acres near Winterset, Iowa.
    Where is this farm located?
    The property is located at 3237 Larkspur Avenue Lorimor, IA.
    What is the asking price?
    The asking price for this property is $499,000.
    What are key features of this property?
    This property features: New construction (2022) country home on just under 14 acres.; Spacious 3,458 sq ft home with **5 bedrooms and 3 bathrooms**.; **Walkout basement (2,246 sq ft) with kitchen and bathroom**, offering potential for separate living space.
    (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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