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    2423 Grand Ave Ames, IA 50010-4601
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    Property profile & analytics

    2423 Grand Ave, Ames, IA 50010-4601

    View on Map
    • Super regional malls
    • 55,615 SF
    • 4.12 lot acres
    Off-Market
    Last Sale Mar 8, 2024
    Property ID
    US25-0740694
    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.
    Value Estimations
    $4,490,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Kohl's / Department Store
    • SEPHORA at Kohl's / Cosmetic Store

    Property Details for 2423 Grand Ave

    Year built
    2012
    Lot size
    4.12 lot acres
    Zone code
    PRC
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    05-34-227-085
    APU
    534227085

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,833,000
      Market price range: $2.01M - $9.44M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $4,840,000
      Current use
      RESTAURANT
      $4,620,000
      Change: -5% Conversion: Difficult
      OFFICE BUILDING
      $4,395,000
      Change: -9% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $4,320,000
      Change: -11% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Ames
    County
    Story
    State
    Iowa
    Longitude
    -93.6225
    Latitude
    42.0468
    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
    $165,912
    $1,656,900
    $4,388,700
    $6,045,600
    -
    $1,656,900
    $4,388,700
    $6,045,600

    Comparable in this City

    • Value Estimation
      $3,590,000
      37,712 SF

      1409 Buckeye Ave

      REGIONAL SHOPPING CENTER, MALL
      1409 Buckeye Ave, Ames, IA 50010-8097
      View Details
    • Value Estimation
      $2,000,000
      8,250 SF

      213 Duff Ave

      SHOPPING CENTER, STRIP CENTER
      213 Duff Ave, Ames, IA 50010-6676
      View Details
    • Value Estimation
      $1,000,000
      20,500 SF

      715 Lincoln Way

      SHOPPING CENTER, STRIP CENTER
      715 Lincoln Way, Ames, IA 50010-6522
      View Details
    • Value Estimation
      $2,960,000
      17,750 SF

      701 Duff Ave

      SHOPPING CENTER, STRIP CENTER
      701 Duff Ave, Ames, IA 50010-6809
      View Details
    • Value Estimation
      $1,910,000
      12,510 SF

      1620 Kellogg Ave

      SHOPPING CENTER, STRIP CENTER
      1620 Kellogg Ave, Ames, IA 50010-8001
      View Details
    • Value Estimation by Request
      9,600 SF

      202 5th St

      SHOPPING CENTER, STRIP CENTER
      202 5th St, Ames, IA 50010-6854
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Divisible Commercial Building with Overhead Doors

      Divisible commercial building with loading access and storefront windows.
      2542 Bailey Ave, Ames, IA 50010
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    • $375,000
      Pending

      Downtown Ames Mixed-Use Opportunity

      Mixed-use property in vibrant downtown Ames near amenities.
      223 Main St, Ames, IA 50010
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      81,697 SF

      Ames Industrial Facility For Sale

      81,697 SF industrial facility with warehouse and R&D spaces.
      23959 580Th Ave, Ames, IA 50010
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    • $1,332,936
      4.07 Acres

      Commercial Lot Near Dayton Exit

      4.07 acre commercial lot suitable for drive-thru business.
      1815 Isaac Newton Dr, Ames, IA 50010
      View Details
    • $862,155
      6.98 Acres

      Ames Industrial Zoned Land

      6.98 acre industrial lot with easy highway access.
      2215 Bailey Ave, Ames, IA 50010
      View Details
    • $475,000
      1.28 Acres

      Commercial Lot in Ames, Iowa

      Commercial lot zoned HOC, located near Target in Ames.
      311 SE 3Rd St, Ames, IA 50010
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,200 SF

      Retail Space in Ames Corridor

      Retail spaces available in high-traffic Ames retail corridor.
      215 South 16Th St, Ames, IA 50010
      View Details
    • Contact for pricing
      2,000 SF

      Retail Space in High-Traffic Complex

      Retail space in high-traffic complex near Iowa State University.
      637 Lincoln Way, Ames, IA 50010
      View Details
    • $32 SF/Yr
      2,303 SF

      Retail Space on Grand Avenue

      Modern retail space with high visibility and ample parking.
      2925 Grand Ave, Ames, IA 50010
      View Details
    • Contact for pricing

      Retail Space in Duff Plaza

      Retail space available for lease in Ames, Iowa.
      1419 Buckeye Ave, Ames, IA 50010
      View Details
    • Contact for pricing
      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
      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

    Property Visit Statistics

    • Visits by month
      36.1k
    • Visitors by month
      25.9k
    • Avg Time on site
      30 min
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    Ames, IA 50010-4601
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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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