Full-Service Restaurant
For Sale
Contact for pricing
810 E 1st St, Ankeny, IA 50021
Restaurant-ready facility with included cooler, freezer, hood, and commercial kitchen equipment plus parking for 82 vehicles.
Property Size8,071 SF
Price / SF$359.31
Days on Market218
Property Features for 810 E 1st St
General Information
Standard status
Active
Size
8,071 SF
Total Parking Spaces
182
Property subtype
RETAIL
Restaurant
Commercial Hood
Yes
Grease Trap
Yes
Amenities
passenger elevator
dumb waiter
restrooms
bars
drop-down projector screens
Listing Agency:
JLL
(515) 218-7010
Listed By:
Aaron Hyde · License #S20210384
(515) 953-8834
Source:
Moodyscre
Added: Feb 9
Changed: Aug 22
Last Checked: Sep 14 at 10:08AM
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 JLL
Investment Insights
Based on property information with market context.
This full-service restaurant building includes cooler, freezer, hood, and all associated equipment. The property also features passenger elevator and a dumb waiter, restrooms and bars on both the first and second floors, and two drop-down projector screens.
The site offers 82 onsite parking stalls with additional cross-parking available. There are 6 first-floor and 3 second-floor garage doors, along with 16 outdoor direct gas heaters. Two 5,000-gallon grease inceptors are included to support kitchen operations.
With its two-level setup, multiple garage doors, and extensive kitchen infrastructure, the building is designed to support an operating restaurant layout.
The site offers 82 onsite parking stalls with additional cross-parking available. There are 6 first-floor and 3 second-floor garage doors, along with 16 outdoor direct gas heaters. Two 5,000-gallon grease inceptors are included to support kitchen operations.
With its two-level setup, multiple garage doors, and extensive kitchen infrastructure, the building is designed to support an operating restaurant layout.
Key Highlights
- Restaurant‑ready facility with cooler, freezer, hood, and commercial kitchen equipment included
- Commercial kitchen support includes two 5,000‑gallon grease inceptors
- 82 onsite parking stalls plus 100 additional cross‑parks
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
$102,966
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
3.55%
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%
$2,059,320
$2.1M
Cap Rate 7%
$1,470,943
$1.5M
Cap Rate 9%
$1,144,067
$1.1M
Market Conditions
NOI Build-Up for 8,071 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
$145.3K $18.00/SF
− Vacancy
−$8.0K −$0.99/SF
EGI
$137.3K $17.01/SF
− OpEx
−$34.3K −$4.25/SF
NOI
$103.0K $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%
$2,059,320
Cap Rate 7%
$1,470,943
Cap Rate 9%
$1,144,067
Alternative Uses
Best Use
Specialty Retail
$1.47M
$1.29M – $1.72M
NOI $102,966 @ 7.0% cap · market cap 3.55%
Second Best
Industrial
$472.8K
$413.7K – $551.6K
NOI $33,093 @ 7.0% cap · market cap 1.14%
Theoretical Best
Flex RnD
$7.77M
$6.80M – $9.06M
NOI $543,857 @ 7.0% cap · market cap 18.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Commercial hood
Yes
Grease trap
Location Intelligence
Trade Area within ½ mile
924
Businesses Nearby
82k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 78%
Shops & Services 17%
Dining 4%
Beauty & Spa 2%
Hy-Vee
Groceries
63,583 visits/mo
0.4 miles
Casey's
Shops & Services
9,397 visits/mo
0.5 miles
Jimmy John's
Dining
2,962 visits/mo
0.5 miles
BP
Shops & Services
2,371 visits/mo
0.5 miles
Valvoline Instant Oil Change
Shops & Services
2,072 visits/mo
0.5 miles
Demographics for 50021, IA
28,807
Population
12,463
Households
2.3
Avg Household Size
36
Median Age
49%
College-Educated
97%
High-School Grad
24.1 sq mi
ZIP Area
1,195
Density / Sq Mi
$98,847
Median Household Income
$55,108
Median Earnings
$1,434
Median Rent
$295,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial kitchen - Restaurant-ready facility with included cooler, freezer, hood, and commercial kitchen equipment plus parking for 82 vehicles.
Where is this commercial kitchen located?
The property is located at 810 E 1st St Ankeny, IA.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Restaurant‑ready facility with cooler, freezer, hood, and commercial kitchen equipment included; Commercial kitchen support includes two 5,000‑gallon grease inceptors; 82 onsite parking stalls plus 100 additional cross‑parks
