Property profile

2617 1St Ave E Newton, IA 50208

FOR SALE
Retail space
Property ID
US25-1689941
36,940 SF 2.2 ac lot Built 1979
Entity Owned 2-yr Hold Absentee Owner ~ Est. High Equity
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2617 1St Ave E, Newton, IA 50208 For Sale
$1,575,000 36,940 SF
2617 1St Ave E, Newton, IA 50208
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Property summary

AI-generated overview

Ace Hardware Plaza offers a unique investment opportunity in a high-traffic location. This two-building complex, totaling 48,000 square feet, features a mix of executive, creative, and traditional office spaces, perfect for a variety of businesses. Built in 1979 and extensively renovated in 2020, the property boasts a Class B rating and offers multiple tenancy options. Individual suites range from a minimum of 1,400 square feet to a maximum contiguous space of 2,940 square feet, with a total of six suites available. Currently, 4,340 square feet are vacant, presenting a significant opportunity for expansion or new tenancy. The property sits on a substantial 95,396 square foot lot, zoned C-SC Shopping, ensuring ample parking and high visibility. Tenants currently include LaCabana restaurant, US Cellular, Tina's Nails, and True Value, all benefiting from the plaza's strategic location between Hy-Vee and Walmart. The single-story buildings feature 10-foot ceilings, providing a spacious and functional work environment. The property's prominent pylon signage ensures excellent visibility for tenants. This is an exceptional opportunity to secure office space in a thriving retail center with strong existing tenants and high foot traffic.

Property profile

Verified
Property type Retail space
Use group RETAIL STORES (PERSONAL SERVICES)
Year built 1979
Total area 36,940 SF
Lot 2.2 ac (95,832 SF)
APN 835277005
UPID US25-1689941

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Location

2617 1St Ave E Newton, IA 50208
Newton metro Census 40400 DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$1.96M
CAP Approach CAP
by Request
Comparable Approach Comparable
$1.14M
Blend (final) Blend
$1.58M

Owner & transaction history

since 2023
Last sale
$1.8M
1 recorded transaction
2023
$1.8M

Zoning & alternative use

Top alternative use upside
Industrial (general) $2.0M +25.7%

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
More about this property
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