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    I-35 & Exit 96 Elkhart, IA 50073

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    I-35 & Exit 96 Elkhart, IA 50073

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    • Land
    • 20.00 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for I-35 & Exit 96

    Lot size
    20.00 lot acres
    Property type
    Land
    Property subtype
    Farms

    Description

    This exceptional 67-acre agricultural property boasts unparalleled visibility on Interstate 35, with over 60,000 vehicles passing daily. Strategically located just off Exit 96 in Elkhart, Iowa, this land offers convenient access to both Des Moines and Ames, situated approximately 20 minutes from each city. The property is zoned for Agriculture/Light Business, presenting a versatile investment opportunity. The seller is willing to divide the land, with a minimum parcel size of 20 acres. This prime location, combined with its high traffic count and flexible zoning, makes it ideal for a variety of uses. The total acreage available is 67 acres, with a list price of $7,296,300, translating to $108,900 per acre. The property encompasses 2,918,520 square feet, with a list price per square foot of $2.50. This is a rare opportunity to acquire high-visibility land in a rapidly growing area of Iowa. Don't miss this chance to secure a valuable asset with significant development potential. Polk County location and 50073 zip code.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Polk
    State
    Iowa
    Longitude
    -93.5711
    Latitude
    41.7789

    Comparable in this City

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      20.00 Acres

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      Farms • 20.00 Acres
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      55.46 Acres

      I-35 55.457 Acres

      Land • 55.46 Acres
      I-35 55.457 Acres, Ankeny, IA 50073
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      92.20 Acres

      118th Ave

      Land • 92.20 Acres
      118th Ave, Elkhart, IA 50073
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    • Value Estimation by Request
      77.58 Acres

      118 Ave

      Land • 77.58 Acres
      118 Ave, Elkhart, IA 50073
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    • Value Estimation by Request
      30.05 Acres

      118th Ave

      Land • 30.05 Acres
      118th Ave, Elkhart, IA 50073
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    • Value Estimation by Request
      5,632 SF

      4300 94th Ave

      GRAIN ELEVATOR • 5,632 SF
      4300 94th Ave, Elkhart, IA 50073-9158
      View Details

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      Prime Land I-35 Visibility

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      Land with Interstate 35 Visibility

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    • $6,400,000
      233,481 SF

      Elkhart Retail Space For Sale

      233,481 SqFt retail space available in Elkhart, Iowa.
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    Similar Nearby for Lease

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      Elkhart Industrial Space Available

      Industrial space for lease in growing Elkhart, Iowa.
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      1,800 SF

      Elkhart Warehouse Space Available

      1,800 SF warehouse space for lease in Elkhart, Iowa.
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      Elkhart Industrial Flex Space

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    Elkhart, IA 50073
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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
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