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    118 Ave Elkhart, IA 50073

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    118 Ave Elkhart, IA 50073

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

    Current Use by Public Records

    • Land

    Property Details for 118 Ave

    Lot size
    77.58 lot acres
    Property type
    Land

    Description

    This exceptional 77.58-acre commercial land parcel presents a unique investment opportunity in Ankeny, Iowa. Strategically located at the intersection of NE 118th Avenue and I-35, this property boasts unparalleled visibility and accessibility. The expansive lot size offers significant development potential, catering to a wide range of commercial uses. Its location in Polk County, with a 50073 zip code, ensures convenient access to a thriving community and robust infrastructure. The property's I-35 frontage provides exceptional exposure to a high volume of daily traffic, making it ideal for businesses seeking maximum brand visibility. While the initial listing indicated approximately 256 acres, the actual acreage for sale is 77.58 acres. Future development plans may include heavy and medium-density uses, allowing for flexibility in project design and tenant mix. This prime location offers a rare chance to acquire a substantial land holding with significant long-term growth potential in a rapidly developing area. The property's latitude and longitude coordinates are 41.7768741 and -93.5229609 respectively. Serious inquiries are encouraged to explore the possibilities of this exceptional commercial land offering.

    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
    -93.523
    Latitude
    41.7769

    Comparable in this City

    • Value Estimation by Request
      55.46 Acres

      I-35 55.457 Acres

      Land • 55.46 Acres
      I-35 55.457 Acres, Ankeny, IA 50073
      View Details
    • Value Estimation by Request
      92.20 Acres

      118th Ave

      Land • 92.20 Acres
      118th Ave, Elkhart, IA 50073
      View Details
    • Value Estimation by Request
      20.00 Acres

      I--35 & Exit 96

      Farms • 20.00 Acres
      I--35 & Exit 96, Ankeny, IA 50073
      View Details
    • Value Estimation by Request
      30.05 Acres

      118th Ave

      Land • 30.05 Acres
      118th Ave, Elkhart, IA 50073
      View Details
    • Value Estimation by Request
      20.00 Acres

      I-35 & Exit 96

      Farms • 20.00 Acres
      I-35 & Exit 96, Elkhart, IA 50073
      View Details
    • Value Estimation by Request
      1.19 Acres

      1019 Grant Ave

      COMMERCIAL (GENERAL) • 1.19 Acres
      1019 Grant Ave, Elkhart, IA 50073
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Land For Sale Ankeny, Iowa

      Land available for sale at NE 118th Ave & I-35.
      & I-35 NE 118Th Ave, Ankeny, IA 50073
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      Land For Sale

      Land available for sale at NE 118 Ave & I-35.
      & I-35 NE 118Th Ave, Ankeny, IA 50073
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      Land with Interstate 35 Visibility

      Land with high visibility and easy access to Interstate 35.
      I-35 NE 29Th St, Elkhart, IA 50073
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      Prime Land I-35 Visibility

      Land with high visibility, suitable for business development.
      I-35 & Exit 96, Elkhart, IA 50073
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      Land with Interstate 35 Visibility

      Land with high traffic visibility, near Exit 96.
      I--35 & Exit 96, Elkhart, IA 50073
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    • $6,400,000
      233,481 SF

      Elkhart Retail Space For Sale

      233,481 SqFt retail space available in Elkhart, Iowa.
      403 Grant Ave N, Elkhart, IA 50073
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr

      Elkhart Industrial Space Available

      Industrial space for lease in growing Elkhart, Iowa.
      3906 Northeast 126Th Ave, Elkhart, IA 50073
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      1,800 SF

      Elkhart Warehouse Space Available

      1,800 SF warehouse space for lease in Elkhart, Iowa.
      1410 W Walnut St, Elkhart, IA 50073
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    • Contact for pricing

      Elkhart Industrial Flex Space

      1,800 - 3,600 SF contiguous industrial flex space available for rent.
      1311 NW Laurel St, Elkhart, IA 50073
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    118 Ave
    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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