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    Property profile & analytics

    2617 1St Ave Newton, IA 50208

    • Retail space
    • 36,940 SF
    • 2.20 lot acres
    For Lease
    View listing
    $6 SF/Yr
    Last Sale
    Dec 04, 2023
    $1,800,000
    Value Estimations
    $1,465,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US25-1689941
    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

    • Retail space

    Property Details for 2617 1St Ave

    Year built
    1979
    Lot size
    2.20 lot acres
    Property size
    36,940 SF
    Property type
    Retail space
    APN
    835277005
    APU
    835277005

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,575,000
      ML approach
      $1,955,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,137,000
      Market price range: $982k - $2.50M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,570,000
      Current use
      INDUSTRIAL (GENERAL)
      $1,975,000
      Change: +26% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Newton
    County
    Jasper
    State
    Iowa
    Longitude
    -93.0208
    Latitude
    41.6982
    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
    2023
    $40,848
    $183,750
    $976,330
    $1,160,080
    -
    $183,750
    $976,330
    $1,160,080

    Comparable in this City

    • Value Estimation
      $800,000
      54,676 SF

      3021 1st E Ave

      RETAIL STORES (PERSONAL SERVICES) • 54,676 SF
      3021 1st E Ave, Newton, IA 50208-2706
      View Details
    • Value Estimation
      $240,000
      5,174 SF

      209 2nd N St

      RETAIL STORES (PERSONAL SERVICES) • 5,174 SF
      209 2nd N St, Newton, IA 50208-3253
      View Details
    • Value Estimation
      $270,000
      1,456 SF

      6602 Ginger Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,456 SF
      6602 Ginger Ave, Newton, IA 50208-9080
      View Details
    • Value Estimation
      $940,000
      40,672 SF

      3020 1st E Ave

      RETAIL STORES (PERSONAL SERVICES) • 40,672 SF
      3020 1st E Ave, Newton, IA 50208-2705
      View Details
    • Value Estimation
      $240,000
      2,072 SF

      321 1st W Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,072 SF
      321 1st W Ave, Newton, IA 50208-3725
      View Details
    • Value Estimation
      $340,000
      14,880 SF

      1701 1st W Ave

      RETAIL STORES (PERSONAL SERVICES) • 14,880 SF
      1701 1st W Ave, Newton, IA 50208-2801
      View Details

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    Similar Nearby for Lease

    • $6 SF/Yr
      48,000 SF

      Ace Hardware Plaza: Office Suites Available

      Prime Retail/Office Space, Multiple Suites
      2617 1St Ave, Newton, IA 50208
      View Details
    • Contact for pricing
      7,045 SF

      Newton Retail Strip Center

      Prime Retail Space Available in Newton, IA
      308 1St Ave, Newton, IA 50208
      View Details
    • Contact for pricing

      Newton Commercial Land - 0.3 Acres

      Build-to-suit lot, prime Newton location. High-traffic area.
      3021 1St Ave, Newton, IA 50208
      View Details
    • Contact for pricing

      Commercial Land Near I-80

      Available land near I-80, suitable for retail or restaurant.
      SW 9Th St, Newton, IA 50208
      View Details
    • Contact for pricing
      61,444 SF

      Industrial Facility with Rail Access

      61,444 SF industrial facility with rail access available for lease.
      927 N 19Th Ave E, Newton, IA 50208
      View Details
    • Contact for pricing

      Commercial Land Ready For Development

      Land available for build to suit near Hwy 6.
      1St Ave E, Newton, IA 50208
      View Details
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    2617 1St Ave
    Newton, IA 50208
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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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