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    Property profile & analytics

    2409 Delaware Ave Ankeny, IA 50021-4553

    • Strip malls
    • 7,614 SF
    • 0.82 lot acres
    OFF-MARKET
    Value Estimations
    $765,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US25-2580043
    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

    • T-Mobile / Mobile Phone Store / Electronics & Wireless Store
    • Aspen Dental - Ankeny, IA / Dental Office
    • Dr. Tripti Kaul / Dental Office
    • Lee Charles DDS / Dental Office
    • Semrow Family Vision / Eye Care Center

    Property Details for 2409 Delaware Ave

    Year built
    2008
    Construction
    STEEL FRAME
    Lot size
    0.82 lot acres
    Property size
    7,614 SF
    Zone code
    C-2
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    181/00528-402-000
    APU
    18100528402000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,027,000
      Market price range: $358k - $1.16M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $750,000
      Current use
      AUTO REPAIR, GARAGE
      $1,185,000
      Change: +58% Conversion: Difficult
      MEDICAL BUILDING
      $1,150,000
      Change: +53% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,090,000
      Change: +45% Conversion: Easy
      RETAIL STORES
      $890,000
      Change: +18% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $865,000
      Change: +15% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $635,000
      Change: -15% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Ankeny
    County
    Polk
    State
    Iowa
    Longitude
    -93.5806
    Latitude
    41.7057
    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
    $51,388
    $724,000
    $1,186,000
    $1,910,000
    -
    $724,000
    $1,186,000
    $1,910,000

    Comparable in this City

    • Value Estimation
      $2,010,000
      23,122 SF

      802 Oralabor Rd

      SHOPPING CENTER, STRIP CENTER • 23,122 SF
      802 Oralabor Rd, Ankeny, IA 50021-4009
      View Details
    • Value Estimation
      $610,000
      6,120 SF

      113 Delaware Ave

      SHOPPING CENTER, STRIP CENTER • 6,120 SF
      113 Delaware Ave, Ankeny, IA 50021-9702
      View Details
    • Value Estimation by Request
      6,000 SF

      110 Trilein Dr

      SHOPPING CENTER, STRIP CENTER • 6,000 SF
      110 Trilein Dr, Ankeny, IA 50021-2041
      View Details
    • Value Estimation
      $4,275,000
      55,557 SF

      1802 Delaware Ave

      SHOPPING CENTER, STRIP CENTER • 55,557 SF
      1802 Delaware Ave, Ankeny, IA 50021-5603
      View Details
    • Value Estimation
      $1,435,000
      16,598 SF

      1690 Delaware Ave

      SHOPPING CENTER, STRIP CENTER • 16,598 SF
      1690 Delaware Ave, Ankeny, IA 50021-4694
      View Details
    • Value Estimation
      $1,435,000
      15,670 SF

      1805 Delaware Ave

      SHOPPING CENTER, STRIP CENTER • 15,670 SF
      1805 Delaware Ave, Ankeny, IA 50021-4039
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,260 SF

      New Retail Space in Ankeny

      Class A retail space in a newly constructed shopping center.
      2575 SE Hulsizer Rd, Ankeny, IA 50021
      View Details
    • Contact for pricing
      0.79 Acres

      Ankeny Retail Land: Springwood Center

      High-traffic Ankeny retail land, .79-3.5 acres.
      2813 Ankeny Blvd, Ankeny, IA 50021
      View Details
    • $2,041,204
      2.13 Acres

      Ankeny Retail Land - 2.13 Acres

      Prime Ankeny retail land, C-2 zoning. High visibility location.
      4575 Delaware Ave, Ankeny, IA 50021
      View Details
    • $340,000
      2.25 Acres

      Land in Ankeny, Iowa

      Land with development potential in Ankeny, Iowa.
      1912 NE Frisk Dr, Ankeny, IA 50021
      View Details
    • $165,000
      0.35 Acres

      Ankeny Land in Pine Lake

      Residential land in a planned community with pond and walking path.
      1907 NE Pond Vw Ct, Ankeny, IA 50021
      View Details
    • $220,000
      0.53 Acres

      Ankeny Land in Pine Lake

      Luxury custom home lots available in family-focused Pine Lake Estates.
      2019 NE Frisk Dr, Ankeny, IA 50021
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      133,079 SF

      Ankeny Retail Center Investment Opportunity

      High-traffic Ankeny retail space available.
      2010 Delaware Ave, Ankeny, IA 50021
      View Details
    • $21 SF/Yr
      32,060 SF

      Ankeny Retail Center - For Lease

      High-traffic Ankeny retail space available.
      2310 Delaware Ave, Ankeny, IA 50021
      View Details
    • Contact for pricing
      152,460 SF

      Ankeny, IA Retail Outparcel

      3.5-Acre Development Site, Ground Lease Available
      3625 Delaware Ave, Ankeny, IA 50021
      View Details
    • Contact for pricing
      3,817 SF

      Retail Space in Regional Corridor

      Retail space available in high-traffic Ankeny, Iowa corridor.
      1802-2010 SE Delaware Ave, Ankeny, IA 50021
      View Details
    • $10 SF/Yr
      133,079 SF

      Delaware Centre: Ankeny Retail Space

      Prime Ankeny retail space, multiple suites available.
      1802 Delaware Ave, Ankeny, IA 50021
      View Details
    • $9 SF/Yr
      46,282 SF

      Ankeny Office Park Investment Opportunity

      Des Moines Submarket, 4,709 SF Available
      1555 Delaware Ave, Ankeny, IA 50021
      View Details
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    2409 Delaware Ave
    Ankeny, IA 50021-4553
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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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