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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2238 229th Pl Ames, IA 50014-6321

    • Office buildings
    • 900 SF
    • 2.07 lot acres
    OFF-MARKET
    Last Sale
    Dec 30, 2022
    $950,000
    Value Estimations
    $780,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US25-1211430
    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

    • Mr. Storage / Self-Storage Facility

    Property Details for 2238 229th Pl

    Year built
    2006
    Lot size
    2.07 lot acres
    Property size
    900 SF
    Property type
    Office buildings
    APN
    88325023450019
    APU
    88325023450019

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $780,000
      ML approach
      $875,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Ames
    County
    Boone
    State
    Iowa
    Longitude
    -93.73
    Latitude
    42.0241
    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
    $16,406
    $151,750
    $880,704
    $1,032,454
    -
    $151,750
    $880,704
    $1,032,454

    Comparable in this City

    • Value Estimation by Request
      953 SF

      2309 Chamberlain St

      OFFICE BUILDING • 953 SF
      2309 Chamberlain St, Ames, IA 50014-8430
      View Details
    • Value Estimation
      $210,000
      6,668 SF

      2316 259th St

      OFFICE BUILDING • 6,668 SF
      2316 259th St, Ames, IA 50014-2610
      View Details
    • Value Estimation
      $255,000
      3,500 SF

      2214 229th Pl

      OFFICE BUILDING • 3,500 SF
      2214 229th Pl, Ames, IA 50014-6324
      View Details
    • Value Estimation
      $235,000
      1,318 SF

      119 Stanton Ave Ste, Unit 201

      OFFICE BUILDING • 1,318 SF
      119 Stanton Ave Ste, Ames, IA 50014-2531
      View Details
    • Value Estimation
      $255,000
      1,422 SF

      119 Stanton Ave Ste, Unit 702

      OFFICE BUILDING • 1,422 SF
      119 Stanton Ave Ste, Ames, IA 50014-2536
      View Details
    • Value Estimation
      $270,000
      2,240 SF

      2213 229th Pl

      OFFICE BUILDING • 2,240 SF
      2213 229th Pl, Ames, IA 50014-6321
      View Details

    Similar Nearby for Sale

    • $652,890
      31 SF

      Ames Land Parcel For Sale

      Two parcels of land totaling 31 acres in Ames, Iowa.
      North Dakota Ave, Ames, IA 50014
      View Details
    • $135,600
      0.18 Acres

      Land in Ansley Ames Village

      Land for single-family homes in a village-style neighborhood.
      2415 Middleton Rd, Ames, IA 50014
      View Details
    • $250,000
      0.12 Acres

      Commercial Land on Lincoln Way

      Commercial site with high visibility and HOC zoning.
      3339 Lincoln Way, Ames, IA 50014
      View Details
    • $95,000
      0.74 Acres

      Residential Lot in Prairie Valley

      Build your dream home in a premier residential development.
      50283 Pr Pt Ct, Ames, IA 50014
      View Details
    • $741,510
      35.31 Acres

      Ames Farm: 35 Acres Commercial Land

      Prime Iowa Commercial Land - Excellent Investment
      0 Dakota Ave, Ames, IA 50014
      View Details
    • $741,510
      35.31 Acres

      Ames Farm: 35 Acres

      Iowa farmland, ideal hobby farm or homestead.
      0 Dakota Ave, Ames, IA 50014
      View Details

    Similar Nearby for Lease

    • $379,900
      2,440 SF

      Renovated Office Building on Acreage

      Move-in ready office building with modern updates and income potential.
      2213 229Th Pl, Ames, IA 50014
      View Details
    • $16 SF/Yr
      750 SF

      Ames Campustown Retail/Office Space

      Retail or office space in high-traffic Campustown location.
      207 Stanton Ave, Ames, IA 50014
      View Details
    • Contact for pricing
      1,205 SF

      Office Space Available For Rent

      Office space available for rent, approximately 1205 square feet.
      303 Welch Ave, Ames, IA 50014
      View Details
    • $18 SF/Yr
      5,425 SF

      Ames Retail Space: Lincoln Way Gem

      Prime Ames retail/office space, two suites available.
      2702 Lincoln Way, Ames, IA 50014
      View Details
    • $12 SF/Yr
      106,350 SF

      Ames Executive Office Space

      Prime Ames location, 4,000 sq ft available.
      111 Lynn Ave, Ames, IA 50014
      View Details
    • Contact for pricing
      1,216 SF

      Office Space Available For Rent

      Office space available for rent in Ames, Iowa.
      119 Stanton Ave, Ames, IA 50014
      View Details
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    Ames, IA 50014-6321
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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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