Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1602 1st St Ankeny, IA 50023-2525

    • Grocery and convenience stores
    • 2,496 SF
    • 0.42 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US25-0210357
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Casey's / Gas Station / Convenience Store
    • CDReload - Online Bitcoin ATM / Crypto Atm / Atm

    Property Details for 1602 1st St

    Year built
    1999
    Construction
    FRAME
    Lot size
    0.42 lot acres
    Property size
    2,496 SF
    Zone code
    C-1
    Property type
    Grocery and convenience stores
    APN
    181/00393-501-000
    APU
    18100393501000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Ankeny
    County
    Polk
    State
    Iowa
    Longitude
    -93.6219
    Latitude
    41.7322
    CBSA code
    19780
    CBSA name
    DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2020
    $14,520
    $216,400
    $432,400
    $648,800
    -
    $216,400
    $432,400
    $648,800

    Comparable in this City

    • Value Estimation
      $1,950,000
      23,994 SF

      3205 Ankeny Blvd

      GROCERY, SUPERMARKET • 23,994 SF
      3205 Ankeny Blvd, Ankeny, IA 50023-4706
      View Details
    • Value Estimation by Request
      3,312 SF

      1825 Ankeny Blvd

      CONVENIENCE STORE • 3,312 SF
      1825 Ankeny Blvd, Ankeny, IA 50023-4768
      View Details
    • Value Estimation by Request
      2,376 SF

      302 Ankeny Blvd

      CONVENIENCE STORE • 2,376 SF
      302 Ankeny Blvd, Ankeny, IA 50023-3127
      View Details
    • Value Estimation
      $12,955,000
      93,392 SF

      1710 Oralabor Rd

      GROCERY, SUPERMARKET • 93,392 SF
      1710 Oralabor Rd, Ankeny, IA 50023-7007
      View Details
    • Value Estimation
      $5,955,000
      79,705 SF

      410 Ankeny Blvd

      GROCERY, SUPERMARKET • 79,705 SF
      410 Ankeny Blvd, Ankeny, IA 50023-1753
      View Details
    • Value Estimation
      $2,915,000
      21,975 SF

      2075 Ankeny Blvd

      GROCERY, SUPERMARKET • 21,975 SF
      2075 Ankeny Blvd, Ankeny, IA 50023-4702
      View Details

    Similar Nearby for Sale

    • $2,050,000
      6,784 SF

      Ankeny Storefront Investment Opportunity

      High-return Ankeny storefront, 100% occupied.
      1850 Plz Shops Ln, Ankeny, IA 50023
      View Details
    • $2,000,000
      6,656 SF

      Plaza Shops Lane Office Building

      Ankeny, IA Office/Retail Investment Opportunity
      1910 Plz Shops Ln, Ankeny, IA 50023
      View Details
    • $3,417,227
      12,486 SF

      Mixed-Use Development For Sale

      20,400 SF mixed-use property with retail, office, and apartments.
      7040 NE 14Th St, Ankeny, IA 50023
      View Details
    • $3,417,227
      6,358 SF

      Ankeny Mixed-Use Investment

      High-yield Ankeny property, 6,358 SF.
      7040 14Th St, Ankeny, IA 50023
      View Details
    • $120,000
      2,127 SF

      Ankeny Restaurant with Drive-Thru

      Fully equipped restaurant with drive-thru in Ankeny, Iowa.
      1325 SW Oralabor Rd, Ankeny, IA 50023
      View Details
    • Contact for pricing
      4,272 SF

      Ankeny Executive Office Building

      Prime Ankeny location, 4,272 SF office space
      306 Ankeny Blvd, Ankeny, IA 50023
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      610 SF

      Retail Space in Ankeny Center

      610 SF retail space available in Ankeny, Iowa.
      308-324 S Ankeny Blvd, Ankeny, IA 50023
      View Details
    • $10 SF/Yr
      1,200 SF

      Retail Space on West 1st

      Retail space available on a major thoroughfare in Ankeny, IA.
      2202 W 1St St, Ankeny, IA 50023
      View Details
    • $15 SF/Yr
      1,084 SF

      Retail Space Available For Lease

      Retail space available for lease in Ankeny, Iowa.
      320-326 SW Maple St, Ankeny, IA 50023
      View Details
    • $16 SF/Yr
      2,000 SF

      Retail Space with Outdoor Patio

      2,000 SF retail space with grease interceptor access.
      1802 N Ankeny Blvd, Ankeny, IA 50023
      View Details
    • $26 SF/Yr
      32,617 SF

      Prime Ankeny Retail Space

      1,787 SF Retail Space Available in Thriving Ankeny
      1615 Main St, Ankeny, IA 50023
      View Details
    • $14 SF/Yr
      3,300 SF

      Former Fitness Studio Sublease Available

      3,300 SF former fitness studio available for sublease.
      2785 N Ankeny Blvd, Ankeny, IA 50023
      View Details

    Property Visit Statistics

    • Visits by month
      16.6k
    • Visitors by month
      9.2k
    • Avg Time on site
      6 min
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1602 1st St
    Ankeny, IA 50023-2525
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.