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    Property profile & analytics

    3220 Martin Luther King Jr Pkwy Des Moines, IA 50310-5607

    • Retail space
    • 9,220 SF
    • 1.51 lot acres
    OFF-MARKET
    Last Sale
    Aug 12, 2021
    $737,500
    Value Estimations
    $785,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US25-0689684
    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

    • Dollar General / (Bike/Boat/Book/etc) Store / Cosmetic Store
    • Western Union / Bank / Credit Union

    Property Details for 3220 Martin Luther King Jr Pkwy

    Year built
    2012
    Construction
    STEEL FRAME
    Lot size
    1.51 lot acres
    Property size
    9,220 SF
    Zone code
    C-2
    Property type
    Retail space
    APN
    080/07168-042-004
    APU
    8007168042004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $865,000
      ML approach
      $805,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,088,000
      Market price range: $527k - $1.71M
      AI Estimate
      $795,000
      Market price range: $301k - $1.26M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,070,000
      Current use
      COMMERCIAL (GENERAL)
      $945,000
      Change: -12% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    Polk
    State
    Iowa
    Longitude
    -93.6505
    Latitude
    41.6245
    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
    $32,268
    $277,000
    $763,000
    $1,040,000
    -
    $277,000
    $763,000
    $1,040,000

    Comparable in this City

    • Value Estimation by Request
      2,604 SF

      2917 Payne Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,604 SF
      2917 Payne Rd, Des Moines, IA 50310-5647
      View Details
    • Value Estimation by Request
      1,290 SF

      5714 Hickman Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,290 SF
      5714 Hickman Rd, Des Moines, IA 50310-1121
      View Details
    • Value Estimation
      $985,000
      7,744 SF

      3517 Merle Hay Rd

      RETAIL STORES (PERSONAL SERVICES) • 7,744 SF
      3517 Merle Hay Rd, Des Moines, IA 50310
      View Details
    • Value Estimation by Request
      2,000 SF

      Des Moines, IA 50310

      RETAIL STORES (PERSONAL SERVICES) • 2,000 SF
      Des Moines, IA 50310
      View Details
    • Value Estimation
      $1,085,000
      8,320 SF

      2410 Hickman Rd

      RETAIL STORES (PERSONAL SERVICES) • 8,320 SF
      2410 Hickman Rd, Des Moines, IA 50310-6134
      View Details
    • Value Estimation by Request
      3,048 SF

      2714 Beaver Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,048 SF
      2714 Beaver Ave, Des Moines, IA 50310-3931
      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
    • $750,000
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      Freestanding Retail Building For Sale

      Freestanding retail building with showroom, warehouse, and office space.
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      Versatile Office/Retail Building in Des Moines

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    • $1,175,000
      5.90 Acres

      Des Moines Development Land

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      Merle Hay Tower: Redevelopment Opportunity

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    Similar Nearby for Lease

    • $9 SF/Yr
      25,187 SF

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      Prime Polk County office space available.
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    • $24 SF/Yr
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      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
      5,587 SF

      Retail Space on Douglas Avenue

      Retail spaces available with high visibility and flexible layouts.
      6817-6833 Douglas Ave, Urbandale, IA 50310
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    • 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
    • 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
      269,705 SF

      Haymarket Square: Retail Opportunity

      Prime Shopping Center, 5 Spaces Available
      4365 Merle Hay Rd, Des Moines, IA 50310
      View Details
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    Des Moines, IA 50310-5607
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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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