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    1615 Main St Ankeny, IA 50023

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    For Lease
    $26 SF/Yr

    1,787 SF Retail Space Available in Thriving Ankeny

    Lot size:
    32,617 SF

    Property Features for 1615 Main St

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    32,617 SF
    Total Rate
    70670.17

    Spaces For Lease

    at 1615 Main St, Ankeny, IA 50023 Contact us
    Unit Suite 106

    $26 /Mo

    Size
    1,787 SF
    Contact us

    We can help!

    Listing Contact
    Meredith Hedstrom
    Meredith Hedstrom

    Listing Agency: JLL Listing Agent: Meredith Hedstrom

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 1,787 square foot retail storefront is located within The District at Prairie Trail, a vibrant 1,031-acre new urbanism community in Ankeny, Iowa. Situated at 1615 SW Main Street #106, this space is part of a larger 32,617 square foot retail and restaurant development in Polk County. The District at Prairie Trail boasts a diverse mix of businesses, including hotels (Marriott Residence Inn, Tru by Hilton, Home 2 Suites), entertainment venues (B&B Theaters, B-Roll Bowling), fitness centers (Legacy Fitness, Pure Barre, Club Pilates, Campus Cycle), salons and spas (Spavia, Dolce Vita Salon Suites, the Elements by K. Sorbe), and a wide array of retail boutiques and restaurants. This thriving community also features over 200 acres of parks, trails, and green spaces, creating a highly desirable location for businesses and residents alike. The property's strategic location within this master-planned community ensures high visibility and foot traffic, making it an ideal opportunity for a variety of retail concepts. The space is currently vacant and ready for immediate occupancy. This is a unique chance to establish a presence in one of Ankeny's fastest-growing and most sought-after areas. The zip code is 50023.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    New York Life ... Insurance Agency Innovators Academy High School Jenni Fulton, Licensed ... Insurance Agency Purple Poppy Boutique ... Clothing & Fashion Store Work Corporate Office

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center 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
    Ankeny
    County
    Polk
    State
    Iowa
    Longitude
    -93.6177683
    Latitude
    41.7128498

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    FAQs

    What type of property is this?
    Restaurant - 1,787 SF Retail Space Available in Thriving Ankeny
    Where is this restaurant located?
    The property is located at 1615 Main St Ankeny, IA.
    What is the lease rate?
    The lease rate is $26 SF/Yr.
    What are key features of this property?
    This property features: Turnkey restaurant space with installed hood system.; Ground-floor retail space in a mixed-use building with office space above.; Prime location in The District, directly facing Town Square Park.
    (515) 419-2963
    Request Owner's contact information
    1615 Main St Ankeny, IA 50023
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    Ankeny, IA 50023
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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.

    More about this property
    1615 Main St Ankeny, IA 50023
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    We can help!
    Listing Contact
    Meredith Hedstrom
    Meredith Hedstrom
    Real Estate License ID: S65723000
    (515) 419-2963 (817) 453-4441 (515) 218-7010
    Learn more
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