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    2480 1st S Ave Altoona, IA 50009-2364

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    2480 1st S Ave Altoona, IA 50009-2364

    View on Map
    • Grocery and convenience stores
    • 3,578 SF
    • 1.99 lot acres
    Off-Market
    Property ID
    US25-0401265
    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
    $505,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Grocery and convenience stores

    Property Details for 2480 1st S Ave

    Year built
    2018
    Construction
    FRAME
    Lot size
    1.99 lot acres
    Property size
    3,578 SF
    Property type
    Grocery and convenience stores
    APN
    171/00360-879-101
    APU
    17100360879101

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $345,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $760,000
      6.5%
      $700,000
      7%
      $650,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $467,000
      Market price range: $216k - $467k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $355,000
      Current use
      AUTO REPAIR, GARAGE
      $555,000
      Change: +58% Conversion: Difficult
      MEDICAL BUILDING
      $540,000
      Change: +53% Conversion: Difficult
      RETAIL STORES
      $415,000
      Change: +18% Conversion: Easy
      COMMERCIAL (GENERAL)
      $390,000
      Change: +11% Conversion: Easy
      WAREHOUSE, STORAGE
      $305,000
      Change: -13% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Altoona
    County
    Polk
    State
    Iowa
    Longitude
    -93.4653
    Latitude
    41.6289
    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
    $31,814
    $683,300
    $1,370,400
    $2,053,700
    -
    $683,300
    $1,370,400
    $2,053,700

    Comparable in this City

    • Value Estimation by Request
      3,464 SF

      3348 8th SW St

      CONVENIENCE STORE • 3,464 SF
      3348 8th SW St, Altoona, IA 50009-2605
      View Details
    • Value Estimation by Request
      2,442 SF

      102 8th SW St

      CONVENIENCE STORE • 2,442 SF
      102 8th SW St, Altoona, IA 50009
      View Details
    • Value Estimation
      $510,000
      3,880 SF

      170 36th SW Ave

      CONVENIENCE STORE • 3,880 SF
      170 36th SW Ave, Altoona, IA 50009-2646
      View Details
    • Value Estimation
      $2,240,000
      30,097 SF

      620 8th SE St

      GROCERY, SUPERMARKET • 30,097 SF
      620 8th SE St, Altoona, IA 50009-1961
      View Details
    • Value Estimation by Request
      1,350 SF

      3405 8th SW St

      CONVENIENCE STORE • 1,350 SF
      3405 8th SW St, Altoona, IA 50009-1018
      View Details
    • Value Estimation
      $1,815,000
      20,688 SF

      611 34th SW Ave

      GROCERY, SUPERMARKET • 20,688 SF
      611 34th SW Ave, Altoona, IA 50009-2654
      View Details

    Similar Nearby for Sale

    • $1,400,000
      6,320 SF

      Altoona Retail Space For Sale

      Retail building with high visibility and easy access.
      307-321 8Th St SW, Altoona, IA 50009
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    • Contact for pricing
      3,951 SF

      Retail Space on 8th Street

      3,951 SF retail space available for lease.
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      4,760 SF

      Altoona Restaurant with Redevelopment Potential

      Restaurant with redevelopment potential, excellent visibility and access.
      3131 8Th St SW, Altoona, IA 50009
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    • $2,395,000
      11,077 SF

      Retail Investment Property in Altoona

      Two-tenant retail investment property anchored by Dollar Tree.
      709 34Th Ave SW, Altoona, IA 50009
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      Prime Commercial Development Site

      6.73-acre site near major attractions, excellent connectivity.
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      Altoona Commercial Lot For Sale

      1.14 acre C-2 General Commercial parcel in Altoona, Iowa.
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    Similar Nearby for Lease

    • Contact for pricing
      3,769 SF

      Retail/Office Space Available for Lease

      3,769 SF retail/office space with high visibility.
      600-616 8Th St SW, Altoona, IA 50009
      View Details
    • Contact for pricing
      4,155 SF

      Retail Space on 8th Street

      Retail spaces with great visibility and flexible configurations available for lease.
      1003 8Th St SW, Altoona, IA 50009
      View Details
    • Contact for pricing
      1,450 SF

      Altoona Retail Space Available

      Retail space in Altoona's 8th Street SW retail corridor.
      3160 8Th St SW, Altoona, IA 50009
      View Details
    • Contact for pricing
      1,295 SF

      Retail Space Available for Lease

      Retail space for lease in Altoona, Iowa with 1,295 SF.
      3053 8Th St W, Altoona, IA 50009
      View Details
    • Contact for pricing

      Industrial Space in Altoona, Iowa

      328,147 SF industrial space available for lease in Altoona.
      2075 25Th St NW, Altoona, IA 50009
      View Details
    • Contact for pricing

      Gateway East Business Center Space

      New business park with interstate visibility and access.
      305 Adventureland Dr NW, Altoona, IA 50009
      View Details

    Property Visit Statistics

    • Visits by month
      29.0k
    • Visitors by month
      13.7k
    • Avg Time on site
      7 min
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    Altoona, IA 50009-2364
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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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