Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    5495 Merle Hay Road Johnston, IA 50131

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,088,880

    Development land available near Merle Hay Road and I35/I80.

    Type:Land
    Property size:
    1 SF
    Added:
    Nov 21, 2025
    Days on Market:
    134
    Last Refresh:
    Dec 3 at 5:54 am

    Property Features for 5495 Merle Hay Road

    General Information

    Standard status
    Active
    Size
    1 SF
    Property subtype
    Land

    We can help!

    Listing Contact
    Michelle Couch

    Listing agent Michelle Couch License #0480025

    Listing office MC Realty

    Listing date Nov 21, 2025

    Source Naiglobal

    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 MC Realty

    Overview

    Prime Development Land For Sale

    This is a prime development land for sale located at the intersection of NW 55th Avenue and Merle Hay Road in Johnston. The site is approximately 1.28 acres (55,840 SF). An adjacent lot of approximately 0.64 acres is available to the south, potentially creating a combined land total of approximately 1.89 acres. The property is zoned PUD (Planned Unit Development) for Retail, Office, and Mixed-Use. The location is approximately 1/2 mile north of I35/I80 on Merle Hay Road. The area around the site features several development projects. To the south, there is Bombers, a 35-acre family entertainment project featuring an indoor golf driving range, arcade, bowling alley, a 96-room hotel, and numerous bars and restaurants. To the south and west is Ignit Sports Complex, a 200,000 square foot recreation facility. To the north, there is a new Starbucks and KwikStar. Traffic counts on Merle Hay Road are 22,300 VPD (Iowa DOT 2024). Seller financing is available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Johnston
    County
    Polk
    State
    Iowa
    Longitude
    -93.6971024
    Latitude
    41.6600738

    Nearby Similar for Sale

    • $360,000

      Land Near Jester Park Golf

      7.7 acres ideal for horse enthusiasts near equestrian trails.
      11695 121 Street, Johnston, IA 50109
      View Details
    • $275,500
      1,092 SF

      Ranch-Style Twin Home

      Well-maintained twin home in a quiet Johnston neighborhood.
      5949 NW 50th Street, Johnston, IA 50131
      View Details
    • $145,000

      Residential Land in Johnston, Iowa

      Land for sale in a new, scenic residential community.
      2 NW 88th Street, Johnston, IA 50131
      View Details
    • $130,000

      Residential Land in Wooded Point

      Land in a new community with space, nature, and convenience.
      1 NW 88th Street, Johnston, IA 50131
      View Details
    • $145,000

      Residential Land in Wooded Setting

      Residential land for sale in a scenic, convenient Johnston location.
      3 NW 88th Street, Johnston, IA 50131
      View Details
    • $80,000
      2,900 SF

      Turnkey Bakery and Cafe Space

      Fully built-out bakery and cafe space in Johnston, Iowa.
      5500 Merle Hay Road Ste. F, Johnston, IA 50131
      View Details
    • $225,000

      Residential Land with Lake Views

      Desirable walk-out lot with lake views in Johnston, Iowa.
      6255 Pinnacle Place, Johnston, IA 50131
      View Details
    • $225,000

      Corner Lot in Johnston, Iowa

      0.944 acre corner lot backing to ravine with mature timber.
      6269 Enclave Lane, Johnston, IA 50131
      View Details
    • $199,800

      Residential Land in Johnston, Iowa

      Two lots for twin home build near amenities and I-35.
      6605 River Bend Drive, Johnston, IA 50131
      View Details
    • $175,000

      Residential Land with City Views

      Desirable 0.821-acre lot in Johnston School District with city views.
      6254 Pinnacle Place, Johnston, IA 50131
      View Details
    • $175,000

      Corner Lot with Lake Views

      Residential land in Johnston, IA, with lake views and wooded ravine.
      6268 Enclave Lane, Johnston, IA 50131
      View Details
    • $399,000
      1 SF

      Land Near Johnston High School

      1.63 acres zoned for Community Mixed Use.
      6305 NW 59th CT, Johnston, IA 50131
      View Details

    FAQs

    What type of property is this?
    Commercial land - Development land available near Merle Hay Road and I35/I80.
    Where is this commercial land located?
    The property is located at 5495 Merle Hay Road Johnston, IA.
    What is the asking price?
    The asking price for this property is $1,088,880.
    What are key features of this property?
    This property features: Prime development land with seller financing available.; Located in a rapidly developing area near Bombers family entertainment project and Ignit Sports Complex.; High traffic counts on Merle Hay Road (22,300 VPD).
    (469) 438-2466
    We can help!
    Listing Contact
    Michelle Couch
    Real Estate License ID: 0480025
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!