Turn-Key Drive-Through
For Sale
Contact for pricing
Pending
418 S Ankeny Blvd, Ankeny, IA 50023
Turn-key drive-through building available for sale, with restaurant space also potentially available for lease.
Property Size5,424 SF
Days on Market161
Property Features for 418 S Ankeny Blvd
General Information
Standard status
Pending
Size
5,424 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Building Details
Tenancy
Multi
Listing Agency:
The Siedenburg Group
Listed By:
Ryan Siedenburg · License #IA S63895000
(515) 223-6222
Source:
Crexi
Added: Apr 1
Changed: Aug 8
Last Checked: Jul 24 at 3:50PM
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 The Siedenburg Group
Investment Insights
Based on property information with market context.
This turn-key drive-through restaurant building is offered for sale, or the restaurant space may be leased. The property is sized at 5,424 square feet and is positioned to support quick-service concepts such as coffee and food, with the space also noted as potentially adaptable for a bank branch conversion.
Located at 418 S Ankeny Blvd in Ankeny, the site sits along the S. Ankeny Blvd corridor and is described as being on a busy thoroughfare, supporting retail visibility and frequent vehicle traffic.
For additional details on the for-sale offering or lease options, and to schedule a showing, please contact the listing broker.
Located at 418 S Ankeny Blvd in Ankeny, the site sits along the S. Ankeny Blvd corridor and is described as being on a busy thoroughfare, supporting retail visibility and frequent vehicle traffic.
For additional details on the for-sale offering or lease options, and to schedule a showing, please contact the listing broker.
Key Highlights
- Drive‑thru commercial space available for sale along the S. Ankeny Blvd corridor
- Turn‑key space for uses such as coffee or food
- Possible bank branch conversion
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$69,197
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.32%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,383,940
$1.4M
Cap Rate 7%
$988,529
$988.5K
Cap Rate 9%
$768,856
$768.9K
Market Conditions
NOI Build-Up for 5,424 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$97.6K $18.00/SF
− Vacancy
−$5.4K −$0.99/SF
EGI
$92.3K $17.01/SF
− OpEx
−$23.1K −$4.25/SF
NOI
$69.2K $12.76/SF
Area
Polk County, IA
Vacancy
5.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,383,940
Cap Rate 7%
$988,529
Cap Rate 9%
$768,856
Alternative Uses
Best Use
Specialty Retail
$988.5K
$865.0K – $1.15M
NOI $69,197 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$5.22M
$4.57M – $6.09M
NOI $365,491 @ 7.0% cap · market cap 22.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
843
Businesses Nearby
77k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 51%
Dining 39%
Beauty & Spa 8%
Electronics 2%
McDonald's
Dining
18,006 visits/mo
0.1 miles
Casey's
Shops & Services
9,397 visits/mo
0.2 miles
Taco John's
Dining
8,972 visits/mo
0.1 miles
Dollar General
Shops & Services
7,816 visits/mo
0.4 miles
Mister Car Wash
Shops & Services
7,193 visits/mo
0.3 miles
Demographics for 50023, IA
43,603
Population
17,822
Households
2.4
Avg Household Size
34
Median Age
55%
College-Educated
99%
High-School Grad
21.0 sq mi
ZIP Area
2,076
Density / Sq Mi
$113,914
Median Household Income
$59,891
Median Earnings
$1,191
Median Rent
$327,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Turn-key drive-through building available for sale, with restaurant space also potentially available for lease.
Where is this drive through restaurant located?
The property is located at 418 S Ankeny Blvd Ankeny, IA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Drive‑thru commercial space available for sale along the S. Ankeny Blvd corridor; Turn‑key space for uses such as coffee or food; Possible bank branch conversion
