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    Property profile & analytics

    351 Gtwy Dr Grimes, IA 50111-2260

    • Grocery and convenience stores
    • 22,338 SF
    • 3.86 lot acres
    OFF-MARKET
    Value Estimations
    $1,860,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US25-0262059
    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

    • Grocery and convenience stores

    Property Details for 351 Gtwy Dr

    Year built
    1998
    Construction
    STEEL FRAME
    Lot size
    3.86 lot acres
    Property size
    22,338 SF
    Zone code
    C-2
    Property type
    Grocery and convenience stores
    APN
    311/00305-550-041
    APU
    31100305550041

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,221,000
      Market price range: $1.34M - $3.90M
      AI Estimate
      $1,469,000
      Market price range: $767k - $2.81M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,605,000
      Current use
      COMMERCIAL (GENERAL)
      $3,030,000
      Change: +16% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $2,200,000
      Change: -15% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Grimes
    County
    Polk
    State
    Iowa
    Longitude
    -93.7791
    Latitude
    41.6863
    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
    $66,320
    $502,000
    $1,368,000
    $1,870,000
    -
    $502,000
    $1,368,000
    $1,870,000

    Comparable in this City

    • Value Estimation
      $780,000
      7,520 SF

      2351 1st St

      CONVENIENCE STORE • 7,520 SF
      2351 1st St, Grimes, IA 50111-7611
      View Details
    • Value Estimation
      $550,000
      4,514 SF

      1900 37th St

      CONVENIENCE STORE • 4,514 SF
      1900 37th St, Grimes, IA 50111
      View Details
    • Value Estimation
      $595,000
      3,240 SF

      204 1st St

      CONVENIENCE STORE • 3,240 SF
      204 1st St, Grimes, IA 50111-4798
      View Details
    • Value Estimation by Request
      3,312 SF

      1880 Princeton Dr

      CONVENIENCE STORE • 3,312 SF
      1880 Princeton Dr, Grimes, IA 50111-4825
      View Details
    • Value Estimation
      $685,000
      6,549 SF

      1701 37th St

      CONVENIENCE STORE • 6,549 SF
      1701 37th St, Grimes, IA 50111
      View Details
    • Value Estimation
      $1,930,000
      4,087 SF

      1401 1st St

      CONVENIENCE STORE • 4,087 SF
      1401 1st St, Grimes, IA 50111-5292
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      21,238 SF

      Hope Plaza II: Grimes Retail Center

      Prime Grimes, IA storefront investment
      825 Gateway Dr, Grimes, IA 50111
      View Details
    • $718,740
      1.10 Acres

      Grimes Blvd Commercial Land

      High-visibility Iowa commercial land.
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    • $886,010
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      Retail Space For Sale

      Retail spaces available from 1,500 to 11,000 square feet.
      1881 SE Princeton Dr, Grimes, IA 50111
      View Details
    • Contact for pricing

      Retail Building in Hope District

      20,054 sqft retail building at the entrance of Hope District.
      1101 E 1St St, Grimes, IA 50111
      View Details
    • $878,170
      1.12 Acres

      Grimes Retail Land Investment Opportunity

      Prime 1.12-acre retail lot, 48,908 SF.
      1151 Gateway Dr, Grimes, IA 50111
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      10,000 SF

      Retail/Flex Space in Grimes, Iowa

      Up to 10,000 sqft retail/flex space for lease.
      3505 SE Grimes Blvd, Grimes, IA 50111
      View Details
    • Contact for pricing

      Grimes Sportsplex: 80 Acres For Lease

      Prime Iowa Commercial Land, Retail Potential
      0 1St St, Grimes, IA 50111
      View Details
    • $27 SF/Yr
      21,238 SF

      Hope Plaza II: Grimes Retail Space

      New Retail Strip Center, 6 Suites Available
      825 Gateway Dr, Grimes, IA 50111
      View Details
    • $22 SF/Yr

      New Retail Center in Grimes

      New retail strip center near high-traffic area and entertainment district.
      825 NE Gateway Dr, Grimes, IA 50111
      View Details
    • $28 SF/Yr
      20,054 SF

      Prime Retail Space, Hope District

      High-traffic location, flexible spaces available.
      1101 1St St, Grimes, IA 50111
      View Details
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    351 Gtwy Dr
    Grimes, IA 50111-2260
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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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