Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$530,000
Strip malls
2922 Merle Hay Rd Des Moines, IA 50310-1102
Individually Owned
1-yr Hold
Free & Clear
Property ID
US25-0257754
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1988
Construction
STEEL FRAME
Total area
5,283 SF
Lot
0.68 ac (29,800 SF)
Zoning code
C-1
APN
100/13129-000-000
UPID
US25-0257754
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Hy-Vee Grocery Store Grocery & Convenience Store Food Market
-
The O-Zone (Bike/Boat/Book/etc) Store Alternative Medicine Practice
-
Mummy’s African Hair Braiding Hair Salon
-
Friends And Family Cellular Mobile Phone Store Electronics & Wireless Store
-
El Michoacano Taqueria Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$365k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$616k
Blend (final)
Blend
$530k
Owner & transaction history
Gerardo Perez El Michoacano Taqueri · 1 yrs held
Gerardo Perez El Michoacano Taqueri
since 2024
7 recorded transactions
Zoning & alternative use
C-1 · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$880,000
+108.1%
Restaurant
$815,000
+93.0%
Apartment house (5+ units)
$780,000
+84.1%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Des Moines submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Des Moines submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$365,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$425,000
Current use
MEDICAL BUILDING
$880,000
Change: +108% · Conversion: Difficult
RESTAURANT
$815,000
Change: +93% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$780,000
Change: +84% · Conversion: Difficult
RETAIL STORES
$615,000
Change: +45% · Conversion: Easy
COMMERCIAL (GENERAL)
$545,000
Change: +28% · Conversion: Easy
WAREHOUSE, STORAGE
$485,000
Change: +15% · Conversion: Difficult
Blend value · Realmo final
$530k
Range $477k – $583k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$100 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2020Property tax & assessments
Tax year 2020
Tax billed
$19,784
Tax year 2020
Assessed value
$575,000
Assessed 2023
Previous assessed
$575,000
+0.0% YoY
Effective rate
3.44%
On assessed value
Assessed land
$315,000
Assessed improvement
$260,000
Land market value
$315,000
Improvement market value
$260,000
Total market value
$575,000
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1988
Construction
STEEL FRAME
Heating
YES
Cooling
YES
Buildings
1
Stories
1
Rooms
5
Bathrooms
1
Total area
5,283 SF
Lot
0.68 ac (29,800 SF)
Zoning code
C-1
APN
100/13129-000-000
UPID
US25-0257754
Jurisdiction
POLK
Zoning & alternative use
C-1 · Des Moines, IA
Zoning C-1 · permitted uses
C-1 · Des Moines, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Des Moines. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$425,000
MEDICAL BUILDING
Est. value
$880,000
RESTAURANT
Est. value
$815,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$780,000
RETAIL STORES
Est. value
$615,000
COMMERCIAL (GENERAL)
Est. value
$545,000
WAREHOUSE, STORAGE
Est. value
$485,000
NEIGHBORHOOD: SHOPPING CENTER Current
MEDICAL BUILDING
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
RETAIL STORES
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1988
Construction
STEEL FRAME
Heating
YES
Cooling
Yes
Stories
1
Buildings
1
Rooms
5
Bathrooms
1
Lot
0.68 ac
Current owner
From public records · entity-resolved
Gerardo Perez El Michoacano Taqueri
Individual
Free & Clear · 1 yrs held
Mailing address
PO BOX 3837, URBANDALE, IA 50323-0837
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 21, 2024
$480,000
Gerardo Perez El Michoacano Taqueri
Solid Ground Merle Hay LLC
Deed
—
Oct 31, 2016
—
Solid Ground-merle Hay LLC
—
Deed
related
$300,000 · Bank Iowa
Jul 1, 2016
—
Solid Ground-merle Hay LLC
We Can Build It Lc
Quit Claim Deed
related
—
Dec 4, 2012
$750,000
We Can Build It Lc
Community St Bk
Warranty Deed
$730,770 · Community State Bank
Dec 6, 2011
$750,000
Community St Bk
Sheriff Of Polk County
Trustees Deed
related
—
—
—
Solid Ground-merle Hay LLC
—
Deed Of Trust
related
$300,000 · Bank Iowa
—
—
Joseph G Bertroche SR.
—
Deed Of Trust
related
$132,225 · Peoples Trust & Savings Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 2922 Merle Hay Rd?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
