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

    232 Main St Ames, IA 50010-6298

    • Retail space
    • 12,750 SF
    • 0.17 lot acres
    OFF-MARKET
    Last Sale
    Jan 08, 2024
    Value Estimations
    $425,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US25-0736192
    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

    • Duck Worth Wearing / Maternity Store / Thrift Store
    • Catalyst Coworking / Coworking Space
    • Shoppe HQ / E-Commerce Service
    • MSS Ingenieria sas / Engineer
    • pinra9 / Building Design Company

    Property Details for 232 Main St

    Year built
    1885
    Lot size
    0.17 lot acres
    Property size
    12,750 SF
    Zone code
    DSC
    Property type
    Retail space
    APN
    09-02-381-290
    APU
    902381290

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $345,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $499,000
      Market price range: $180k - $1.57M
      AI Estimate
      $467,000
      Market price range: $467k - $1.06M

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

    Location Insight

    • Map
    • Local Demand
    City
    Ames
    County
    Story
    State
    Iowa
    Longitude
    -93.6132
    Latitude
    42.0249
    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
    $17,786
    $197,300
    $520,300
    $717,600
    -
    $197,300
    $520,300
    $717,600

    Comparable in this City

    • Value Estimation
      $170,000
      889 SF

      124 Main St

      RETAIL STORES (PERSONAL SERVICES) • 889 SF
      124 Main St, Ames, IA 50010-6360
      View Details
    • Value Estimation by Request
      650 SF

      113 Main St

      RETAIL STORES (PERSONAL SERVICES) • 650 SF
      113 Main St, Ames, IA 50010-6359
      View Details
    • Value Estimation
      $225,000
      599 SF

      118 Main St

      RETAIL STORES (PERSONAL SERVICES) • 599 SF
      118 Main St, Ames, IA 50010-6360
      View Details
    • Value Estimation
      $345,000
      5,227 SF

      2707 Stange Rd

      RETAIL STORES (PERSONAL SERVICES) • 5,227 SF
      2707 Stange Rd, Ames, IA 50010-3965
      View Details
    • Value Estimation
      $295,000
      6,822 SF

      814 Duff Ave, Unit 816

      RETAIL STORES (PERSONAL SERVICES) • 6,822 SF
      814 Duff Ave, Ames, IA 50010-6812
      View Details
    • Value Estimation
      $640,000
      114,744 SF

      120 Airport Rd

      RETAIL STORES (PERSONAL SERVICES) • 114,744 SF
      120 Airport Rd, Ames, IA 50010-8203
      View Details

    Similar Nearby for Sale

    • $399,000
      2,724 SF

      Retail Space on High-Traffic Corridor

      Retail property with high visibility and on-site parking.
      217 S Duff Ave, Ames, IA 50010
      View Details
    • $100,000
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      Ames Retail Opportunity

      Retail property for sale in Ames, Iowa.
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      Ames Industrial Park Investment

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    • $1,332,936
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      Ames Drive-Thru Business Lot

      4.07 acre lot suitable for drive-thru business in Ames.
      1815 Isaac Newton Dr, Ames, IA 50010
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    • $524,454
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      Ames Land Ready For Development

      Land suitable for drive-thru business near H30 and Dayton exit.
      1810 Isaac Newton Dr, Ames, IA 50010
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    • $1,137,000
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      Ames Commercial Land Development Opportunity

      3.07 Acres, High-Traffic Location, HOC Zoning
      2400 16Th St, Ames, IA 50010
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    Similar Nearby for Lease

    • $14 SF/Yr
      5,300 SF

      Ames Retail Space: The Edge

      Prime Ames retail, multiple suites available.
      2311 Chamberlain Ave, 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
    • $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
    • $18 SF/Yr
      6,707 SF

      Retail/Office Space For Rent

      Retail or office suites available with negotiable tenant improvements.
      3326 Lincoln Way, Ames, IA 50010
      View Details
    • $9 SF/Yr
      7,588 SF

      Restaurant Space Near Iowa State

      7,588 SF restaurant space near Iowa State University campus.
      2601 E 13Th St, Ames, IA 50010
      View Details
    • Contact for pricing
      75,000 SF

      Ames Mixed-Use Development Opportunity

      Prime Ames location, near ISU
      0 Jack Trice Way, Ames, IA 50010
      View Details
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    232 Main St
    Ames, IA 50010-6298
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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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