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

    215 Alexander Ave Ames, IA 50010-6405

    • Flex space
    • 12,000 SF
    • 2.15 lot acres
    OFF-MARKET
    Value Estimations
    $645,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US25-0553604
    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

    • Access Direct: Marcomb Anna / Insurance Agency

    Property Details for 215 Alexander Ave

    Year built
    1994
    Construction
    FRAME
    Lot size
    2.15 lot acres
    Property size
    12,000 SF
    Zone code
    GI
    Property type
    Flex space
    APN
    10-07-100-105
    APU
    1007100105

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $435,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $960,000
      6.5%
      $885,000
      7%
      $825,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $615,000
      Market price range: $322k - $616k

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Ames
    County
    Story
    State
    Iowa
    Longitude
    -93.5785
    Latitude
    42.0212
    CBSA code
    11180
    CBSA name
    AMES, 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
    2023
    $29,916
    $187,300
    $970,100
    $1,157,400
    -
    $187,300
    $970,100
    $1,157,400

    Comparable in this City

    • Value Estimation by Request
      2,400 SF

      3311 Lincoln Way

      LIGHT INDUSTRIAL • 2,400 SF
      3311 Lincoln Way, Ames, IA 50010-9123
      View Details
    • Value Estimation by Request
      2,613 SF

      Ames, IA 50010

      LIGHT INDUSTRIAL • 2,613 SF
      Ames, IA 50010
      View Details
    • Value Estimation by Request
      4,600 SF

      23937 580th Ave

      LIGHT INDUSTRIAL • 4,600 SF
      23937 580th Ave, Ames, IA 50010-9390
      View Details
    • Value Estimation by Request
      1,600 SF

      314 2nd St

      LIGHT INDUSTRIAL • 1,600 SF
      314 2nd St, Ames, IA 50010-6608
      View Details
    • Value Estimation
      $860,000
      16,280 SF

      235 Alexander Ave

      LIGHT INDUSTRIAL • 16,280 SF
      235 Alexander Ave, Ames, IA 50010-6405
      View Details
    • Value Estimation by Request
      4,600 SF

      305 Dayton Ave

      LIGHT INDUSTRIAL • 4,600 SF
      305 Dayton Ave, Ames, IA 50010-6413
      View Details

    Similar Nearby for Sale

    • $2,295,000
      59,301 SF

      New Flex/Warehouse Building in Ames

      12,800 SF flex/warehouse building with easy highway access.
      2542 Bailey Ave, Ames, IA 50010
      View Details
    • Contact for pricing
      2,400 SF

      Ames Industrial Park Investment

      Five Units, 2,400-12,800 SF, NNN Lease
      2542 Bailey Ave, Ames, IA 50010
      View Details
    • $3,726,000
      10,800 SF

      Ames Industrial Property: 10,800-32,400 SF

      Versatile Ames warehouse, flex & distribution space.
      2826 Hyatt Cir, Ames, IA 50010
      View Details
    • $3,400,000
      32,400 SF

      Ames Flex Building Opportunity

      Versatile 32,400 SF flex building in a prime location.
      2826 Hyatt Cir, Ames, IA 50010
      View Details
    • $241,376
      2.00 Acres

      Industrial Subdivision Land in Ames

      Industrial land with easy access to Interstate 35 & HWY 30.
      2509 Bailey Ave, Ames, IA 50010
      View Details
    • $782,000
      6.98 Acres

      Ames Industrial Land - 6.98 Acres

      Prime Ames industrial land, I-35 access.
      2215 Bailey Ave, Ames, IA 50010
      View Details

    Similar Nearby for Lease

    • $9 SF/Yr
      32,400 SF

      Hyatt Circle Industrial Space

      Ames, IA: New Flex Warehouse Space
      2826 Hyatt Cir, Ames, IA 50010
      View Details
    • $15 SF/Yr
      12,800 SF

      North Dayton Industrial Space

      Ames, IA industrial space for lease
      2542 Bailey Ave, Ames, IA 50010
      View Details
    • $6 SF/Yr
      81,697 SF

      Ames Industrial Space For Lease

      81,697 SF Flex Space Available
      23959 580Th Ave, Ames, IA 50010
      View Details
    • $1,500,500
      67,108 SF

      Versatile Commercial Buildings For Rent

      Two commercial buildings totaling 13,080 SF, great highway access.
      803 E Lincoln Way, Ames, IA 50010
      View Details
    • $7 SF/Yr
      3,000 SF

      Downtown Space Near Tom Evan's Park

      3000 sq ft space suitable for bar, retail, or office.
      400 Main St, Ames, IA 50010
      View Details
    • $20 SF/Yr
      14,333 SF

      Retail Space on Lincoln Way

      Retail space available for sublease on Lincoln Way.
      2420 Lincoln Way, Ames, IA 50010
      View Details
    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.
    215 Alexander Ave
    Ames, IA 50010-6405
    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.