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Property profile & analytics
OFF-MARKET
Estimated value
$645,000
Flex space
215 Alexander Ave Ames, IA 50010-6405
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US25-0553604
Property summary
AI-generated overview
This 12,000 square foot traditional office building, located at 215 Alexander Avenue in Ames, Iowa, is offered for sale at $1,400,000 ($116.67/SF). Built in 1994, the property sits on a 2.15-acre lot (APN: 10-07-100-105) and is zoned GI. Currently vacant, this owner-user opportunity presents significant potential. The building features ample parking and is conveniently located within a professional business park, offering easy access to I-35 and Highway 30, as well as Iowa State University. Included in the sale price are numerous upgrades, such as existing furniture and cubicles, security cameras, and a backup generator. The property also boasts monument and building signage opportunities. The seller is motivated and will consider all offers. This property is ideal for a traditional office use or could be converted to industrial use, given its size and the presence of a backyard area.
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1994
Construction
FRAME
Total area
12,000 SF
Lot
2.15 ac (93,650 SF)
Zoning code
GI
APN
10-07-100-105
UPID
US25-0553604
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Access Direct: Marcomb Anna Insurance Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$435k
CAP Approach
CAP
$885k
Comparable Approach
Comparable
$616k
Blend (final)
Blend
$645k
Owner & transaction history
M& J Managemnt LLC · 1 yrs held
M& J Managemnt LLC
since 2025
1 recorded transaction
Zoning & alternative use
GI · Ames, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$1.0M
+129.8%
Restaurant
$995,000
+119.4%
Office building
$950,000
+108.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Ames submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Ames submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$435,000
CAP Approach
CAP Return
Estimation
6%
$960,000
6.5%
$885,000
7%
$825,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$455,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$1,045,000
Change: +130% · Conversion: Difficult
RESTAURANT
$995,000
Change: +119% · Conversion: Difficult
OFFICE BUILDING
$950,000
Change: +109% · Conversion: Difficult
AUTO REPAIR, GARAGE
$930,000
Change: +105% · Conversion: Easy
WAREHOUSE, STORAGE
$730,000
Change: +61% · Conversion: Easy
RETAIL STORES
$690,000
Change: +52% · Conversion: Moderate
Blend value · Realmo final
$645k
Range $581k – $710k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$54 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$29,916
Tax year 2023
Assessed value
$1,157,400
Assessed 2024
Previous assessed
$1,157,400
+0.0% YoY
Effective rate
2.58%
On assessed value
Assessed land
$187,300
Assessed improvement
$970,100
Land market value
$187,300
Improvement market value
$970,100
Total market value
$1,157,400
Applied tax rate
1,001.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Status
Off-Market
Year built
1994
Construction
FRAME
Heating
NONE
Stories
1
Total area
12,000 SF
Lot
2.15 ac (93,650 SF)
Zoning code
GI
APN
10-07-100-105
UPID
US25-0553604
Jurisdiction
STORY
Zoning & alternative use
GI · Ames, IA
Zoning GI · permitted uses
GI · Ames, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Ames. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$455,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.0M
RESTAURANT
Est. value
$995,000
OFFICE BUILDING
Est. value
$950,000
AUTO REPAIR, GARAGE
Est. value
$930,000
WAREHOUSE, STORAGE
Est. value
$730,000
RETAIL STORES
Est. value
$690,000
INDUSTRIAL (GENERAL) Current
NEIGHBORHOOD: SHOPPING CENTER
RESTAURANT
OFFICE BUILDING
AUTO REPAIR, GARAGE
WAREHOUSE, STORAGE
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1994
Construction
FRAME
Heating
NONE
Stories
1
Lot
2.15 ac
Current owner
From public records · entity-resolved
M& J Managemnt LLC
Entity
Mailing address
416 S BELL AVE, AMES, IA 50010-7711
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 11, 2025
—
M& J Managemnt LLC
—
Deed
related
$1,200,000 · Availa Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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