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    4365 Merle Hay Rd Des Moines, IA 50310
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    4365 Merle Hay Rd Des Moines, IA 50310

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    • Lifestyle centers
    • 269,705 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Haymarket Square / Shopping Center & Mall
    • Electrify America Charging Station / Electric Vehicle Charging Station
    • Northern Tool + Equipment / (Bike/Boat/Book/etc) Store / Building Supply
    • Knee Walker Rental Des Moines / Car Rental Facility
    • TNT Fireworks / Discount Store / Party Supply Store

    Property Details for 4365 Merle Hay Rd

    Property size
    269,705 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Haymarket Square Shopping Center presents a unique investment opportunity in a thriving retail environment. This 269,705 square foot shopping center offers multiple tenancy options, with spaces ranging from a minimum of 2,000 square feet to a maximum contiguous space of 56,700 square feet. Recently renovated in 2024, the center boasts brand new facades, updated signage, and significantly improved common areas. The property benefits from an exceptionally high traffic count, exceeding 35,000 vehicles per day at the Merle Hay and Aurora intersection, and enjoys convenient access to Interstate 35/80, carrying over 100,000 vehicles daily. This strategic location is surrounded by a dense population, with nearly 90,000 residents within a 3-mile radius and 188,000 within 5 miles. The center's strong retail synergy is further enhanced by its proximity to major national retailers including Target, Ross, Ulta, Five Below, Kohl's, Hobby Lobby, Burlington, Chick-fil-A, and Starbucks. Adding to its appeal, new tenants, 7 Brew and Green State Credit Union, are slated to open soon, further solidifying the center's position as a premier retail destination. This is an exceptional opportunity to secure space in a high-performing, well-located shopping center with significant growth potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    Polk
    State
    Iowa
    Longitude
    -93.6975
    Latitude
    41.6396

    Comparable in this City

    • Value Estimation by Request
      29,400 SF

      3408 Merle Hay Rd

      Shopping malls • 29,400 SF
      3408 Merle Hay Rd, Des Moines, IA 50310
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    • Value Estimation
      $765,000
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      4212 Douglas Ave

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    • Value Estimation
      $3,460,000
      46,836 SF

      3839 Merle Hay Rd

      SHOPPING CENTER, STRIP CENTER • 46,836 SF
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      View Details
    • Value Estimation by Request
      14,782 SF

      3520 Beaver Ave

      SHOPPING CENTER, STRIP CENTER • 14,782 SF
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    • Value Estimation
      $550,000
      12,582 SF

      3621 Beaver Ave

      SHOPPING CENTER, STRIP CENTER • 12,582 SF
      3621 Beaver Ave, Des Moines, IA 50310-3246
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    • Value Estimation
      $905,000
      29,587 SF

      4944 Franklin Ave

      SHOPPING CENTER, STRIP CENTER • 29,587 SF
      4944 Franklin Ave, Des Moines, IA 50310-1952
      View Details

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      Beaverdale Office/Retail Building For Sale

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    Similar Nearby for Lease

    • Contact for pricing

      Commercial Space Available For Lease

      Commercial space available for lease in Des Moines, Iowa.
      4944 Franklin Ave, Des Moines, IA 50310
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    • $24 SF/Yr

      Freestanding Retail Space on Corner

      Retail property with high visibility and existing restaurant infrastructure.
      4212 Merle Hay Rd, Des Moines, IA 50310
      View Details
    • $14 SF/Yr
      1,400 SF

      Retail Space Near Merle Hay

      Retail spaces available in community strip center on Merle Hay.
      3408 Merle Hay Rd, Des Moines, IA 50310
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      Retail Space Available For Rent

      Retail space available for rent at 2833 Douglas Avenue.
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      Retail Space on Hickman Road

      Stand-alone retail location with high visibility and ample parking.
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      High Profile Retail Box Space

      Retail space for rent on high-traffic Merle Hay Road.
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      View Details
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    Des Moines, IA 50310
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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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