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

    2922 Merle Hay Rd Des Moines, IA 50310-1102

    • Strip malls
    • 5,283 SF
    • 0.68 lot acres
    OFF-MARKET
    Value Estimations
    $530,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US25-0257754
    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

    • Hy-Vee Grocery Store / Grocery Store
    • The O-Zone / Vaporizer Store / Gift Shop
    • Mummy’s African Hair Braiding / Hair Salon
    • Friends And Family Cellular / Cell Phone Store
    • El Michoacano Taqueria / Mexican Restaurant / Vegan Restaurant

    Property Details for 2922 Merle Hay Rd

    Year built
    1988
    Construction
    STEEL FRAME
    Lot size
    0.68 lot acres
    Property size
    5,283 SF
    Zone code
    C-1
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    100/13129-000-000
    APU
    10013129000000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $365,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $615,000
      Market price range: $280k - $616k

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    Polk
    State
    Iowa
    Longitude
    -93.6982
    Latitude
    41.6218
    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
    $19,784
    $315,000
    $260,000
    $575,000
    -
    $315,000
    $260,000
    $575,000

    Comparable in this City

    • Value Estimation
      $3,460,000
      46,836 SF

      3839 Merle Hay Rd

      SHOPPING CENTER, STRIP CENTER • 46,836 SF
      3839 Merle Hay Rd, Des Moines, IA 50310-1307
      View Details
    • Value Estimation
      $765,000
      8,052 SF

      4212 Douglas Ave

      SHOPPING CENTER, STRIP CENTER • 8,052 SF
      4212 Douglas Ave, Des Moines, IA 50310-3659
      View Details
    • Value Estimation by Request
      14,782 SF

      3520 Beaver Ave

      SHOPPING CENTER, STRIP CENTER • 14,782 SF
      3520 Beaver Ave, Des Moines, IA 50310-3264
      View Details
    • Value Estimation
      $550,000
      12,582 SF

      3621 Beaver Ave

      SHOPPING CENTER, STRIP CENTER • 12,582 SF
      3621 Beaver Ave, Des Moines, IA 50310-3246
      View Details
    • Value Estimation
      $905,000
      29,587 SF

      4944 Franklin Ave

      SHOPPING CENTER, STRIP CENTER • 29,587 SF
      4944 Franklin Ave, Des Moines, IA 50310-1952
      View Details
    • Value Estimation
      $4,400,000
      59,760 SF

      2350 Euclid Ave

      SHOPPING CENTER, STRIP CENTER • 59,760 SF
      2350 Euclid Ave, Des Moines, IA 50310
      View Details

    Similar Nearby for Sale

    • $975,000
      12,220 SF

      Retail Space in Harding Hills

      Junior anchor space available for sale or lease.
      3430 Martin Luther King Jr Pkwy, Des Moines, IA 50310
      View Details
    • $1,175,000
      5.90 Acres

      Des Moines Development Land

      6-Acre Mixed-Use Development Site
      2701 Douglas Ave, Des Moines, IA 50310
      View Details
    • $230,000
      2,437 SF

      Versatile Office/Retail Building in Des Moines

      2,437 SF building in Beaverdale neighborhood, ready for buildout.
      4418 Douglas Ave, Des Moines, IA 50310
      View Details
    • $750,000
      5,514 SF

      Freestanding Retail Building For Sale

      Freestanding retail building with showroom, warehouse, and office space.
      4931 Douglas Ave, Des Moines, IA 50310
      View Details
    • $1,500,000
      39,164 SF

      Des Moines Industrial Flex Space

      39,164 SF Flex Space, Vacant, $1.5M
      101 Sheridan Ave, Des Moines, IA 50310
      View Details
    • $1,285,550
      1.04 Acres

      Des Moines Commercial Land Opportunity

      1.04 Acres, Prime Location, High Visibility
      5701 Douglas Ave, Des Moines, IA 50310
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      269,705 SF

      Haymarket Square: Retail Opportunity

      Prime Shopping Center, 5 Spaces Available
      4365 Merle Hay Rd, Des Moines, IA 50310
      View Details
    • Contact for pricing
      56,700 SF

      Des Moines Retail Space - Merle Hay Rd

      High-profile retail space, Des Moines, IA.
      4343 Merle Hay Rd, Des Moines, IA 50310
      View Details
    • Contact for pricing
      223,876 SF

      Des Moines Retail Space Available

      Prime Retail Space, Multiple Units Available
      4094 Merle Hay Rd, Des Moines, IA 50310
      View Details
    • $9 SF/Yr
      25,187 SF

      Franklin Plaza Shops: Office Suites

      Prime Polk County office space available.
      4944 Franklin Ave, Des Moines, IA 50310
      View Details
    • $24 SF/Yr
      4,092 SF

      Freestanding Retail Space on Corner

      Retail property with high visibility and existing restaurant infrastructure.
      4212 Merle Hay Rd, Des Moines, IA 50310
      View Details
    • $10 SF/Yr
      22,220 SF

      Automotive Property with Outdoor Storage

      Turnkey automotive property with paint booth and outdoor storage.
      4410 Merle Hay Rd, Des Moines, IA 50310
      View Details
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    Des Moines, IA 50310-1102
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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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