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

    2516 George Flagg Pkwy Des Moines, IA 50321-1154

    • Retail properties
    • 2,400 SF
    • 0.46 lot acres
    OFF-MARKET
    Last Sale
    Sep 29, 2022
    $562,500
    Value Estimations
    $545,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US25-0549441
    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

    • Precision Collision Repair / Auto Repair Shop

    Property Details for 2516 George Flagg Pkwy

    Year built
    1998
    Construction
    FRAME
    Lot size
    0.46 lot acres
    Property size
    2,400 SF
    Zone code
    M-1
    Property type
    Retail properties
    APN
    010/05171-002-000
    APU
    1005171002000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $510,000
      ML approach
      $545,000

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $415,000
      MEDICAL BUILDING
      $400,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    Polk
    State
    Iowa
    Longitude
    -93.6525
    Latitude
    41.5677
    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
    $4,744
    $42,300
    $252,700
    $295,000
    -
    $42,300
    $252,700
    $295,000

    Comparable in this City

    • Value Estimation by Request
      1,008 SF

      2701 Sunset Rd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 1,008 SF
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      View Details
    • Value Estimation
      $700,000
      6,300 SF

      5875 Fleur Dr

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 6,300 SF
      5875 Fleur Dr, Des Moines, IA 50321-2845
      View Details
    • Value Estimation
      $755,000
      6,031 SF

      4021 Fleur Dr

      CONVENIENCE STORE • 6,031 SF
      4021 Fleur Dr, Des Moines, IA 50321-2321
      View Details
    • Value Estimation by Request
      276 SF

      5515 Fleur Dr

      PARKING LOT • 276 SF
      5515 Fleur Dr, Des Moines, IA 50321
      View Details
    • Value Estimation
      $2,095,000
      13,833 SF

      4555 Fleur Dr

      RETAIL STORES (PERSONAL SERVICES) • 13,833 SF
      4555 Fleur Dr, Des Moines, IA 50321-2331
      View Details
    • Value Estimation
      $2,820,000
      32,622 SF

      4313 Fleur Dr

      GROCERY, SUPERMARKET • 32,622 SF
      4313 Fleur Dr, Des Moines, IA 50321-2327
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,400 SF

      Industrial Warehouse with Three Docks

      5,400 SF industrial warehouse with convenient access to transportation routes.
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    • $375,182
      2.97 Acres

      Des Moines Industrial Land - $375K

      2.97-acre lot, prime industrial location.
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      10.00 Acres

      Des Moines Industrial Land - 10-13.5 Acres

      Prime Des Moines industrial land, excellent access.
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    • $1,595,000
      23.97 Acres

      Des Moines Commercial Land - 24 Acres

      Prime Des Moines development land, high traffic area.
      7103 Fleur Dr, Des Moines, IA 50321
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    • Contact for pricing
      10,816 SF

      Des Moines Executive Office Building

      10,816 SF Office, Newly Remodeled
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    • $913,453

      Des Moines Industrial Land Available

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    Similar Nearby for Lease

    • $15 SF/Yr
      2,275 SF

      Fleur Drive Retail/Medical Space

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      4214 Fleur Dr, Des Moines, IA 50321
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    • $16 SF/Yr
      4,500 SF

      Fleur Drive Retail Building

      Free-standing retail building on Fleur Drive available for lease.
      4024 Fleur Dr, Des Moines, IA 50321
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    • Contact for pricing
      10,816 SF

      Des Moines Executive Office Space

      10,816 SF Office, Ample Parking
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    • $15 SF/Yr
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      Des Moines Office Space for Lease

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    • Contact for pricing
      221,000 SF

      Des Moines Warehouse - 221,000 SF

      Large Industrial Warehouse Space Available
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    • $15 SF/Yr
      20,000 SF

      Plug and Play Call Center

      20,000 SF call center with 150 seats and private offices.
      3600 Army Post Rd, Des Moines, IA 50321
      View Details
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    Des Moines, IA 50321-1154
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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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