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Property profile & analytics
OFF-MARKET
Estimated value
$880,000
Strip malls
3600 Xrds Dr Grimes, IA 50111-5048
Entity Owned
7-yr Hold
Free & Clear
Property ID
US25-0067310
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
2004
Construction
STEEL FRAME
Total area
9,800 SF
Lot
1.23 ac (53,666 SF)
Zoning code
M-1A
APN
311/00304-557-004
UPID
US25-0067310
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.07M
Blend (final)
Blend
$880k
Owner & transaction history
City Of Grimes · 7 yrs held
City Of Grimes
since 2019
7 recorded transactions
Zoning & alternative use
M-1A · Grimes, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
12-10-2 M-1A District Regulations 12-10-3 M-2 District Regulations 12-10-4 M-3 District Regulations 12-11 Overlay Districts 12-11-1 Highway 141 Mixed Use Development Corridor District 12-11-1 Highway 141 Mixed Use Development Corridor District (Continued) 12-11-2 Transportation Corridor Mixed Use Development Overlay District 12-12 Bulk Regulations 12-12-1 Bu…
Zone name
Commercial And Limited Light Industrial District
General category
INDUSTRIAL
Zone area
920.36 ac
Top alternative use upside
Commercial (general)
$1.3M
+37.6%
Retail stores
$1.1M
+18.3%
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 Grimes submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Grimes 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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$965,000
Current use
COMMERCIAL (GENERAL)
$1,330,000
Change: +38% · Conversion: Easy
RETAIL STORES
$1,145,000
Change: +18% · Conversion: Easy
WAREHOUSE, STORAGE
$835,000
Change: -13% · Conversion: Difficult
Blend value · Realmo final
$880k
Range $792k – $968k · ±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
$90 / 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
$46,688
Tax year 2020
Assessed value
$1,530,000
Assessed 2023
Previous assessed
$1,530,000
+0.0% YoY
Effective rate
3.05%
On assessed value
Assessed land
$212,000
Assessed improvement
$1,318,000
Land market value
$212,000
Improvement market value
$1,318,000
Total market value
$1,530,000
Applied tax rate
13.0000
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
2004
Construction
STEEL FRAME
Heating
FORCED AIR
Buildings
1
Stories
1
Total area
9,800 SF
Lot
1.23 ac (53,666 SF)
Zoning code
M-1A
APN
311/00304-557-004
UPID
US25-0067310
Jurisdiction
POLK
Zoning & alternative use
M-1A · Grimes, IAZoning M-1A · permitted uses
M-1A · Grimes, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
12-10-2 M-1A District Regulations 12-10-3 M-2 District Regulations 12-10-4 M-3 District Regulations 12-11 Overlay Districts 12-11-1 Highway 141 Mixed Use Development Corridor District 12-11-1 Highway 141 Mixed Use Development Corridor District (Continued) 12-11-2 Transportation Corridor Mixed Use Development Overlay District 12-12 Bulk Regulations 12-12-1 Bulk Regulations Table 12-12-2 Internal Bulk Requirements Table 12-13 Architecture Regulations 12-13-1 Architectural Design Requirements 12-14 Sign Regulations 12-14-1 Title 12-14-2 Purpose and Scope 12-14-3 Jurisdiction 12-14-4 Applicability 12-14-5 Prohibited Signs and Condition 12-14-6 Design Standards 12-14-7 Sign Area Formula 12-14-8 Ground-Mounted Signs 12-14-9 Building-Mounted Signs 12-14-10 Subdivision Signs 12-14-11 City Facility Signs 12-14-12 Electronic Message Boards 12-14-13 Window Signs 12-14-14 Addresses 12-14-15 Home Occupation Signs 12-14-16 Temporary Signs and Flags 12-14-17 Signs on Public Property 12-14-18 Planned Unit Development Signs 12-14-19 Governors District Signs 12-14-20 Exceptions 12-14-21 Permit Requirements; Fees;
Zone name
Commercial And Limited Light Industrial District
General category
INDUSTRIAL
Zone area
920.36 ac
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$965,000
COMMERCIAL (GENERAL)
Est. value
$1.3M
RETAIL STORES
Est. value
$1.1M
WAREHOUSE, STORAGE
Est. value
$835,000
NEIGHBORHOOD: SHOPPING CENTER Current
COMMERCIAL (GENERAL)
RETAIL STORES
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
2004
Construction
STEEL FRAME
Heating
FORCED AIR
Stories
1
Buildings
1
Lot
1.23 ac
Current owner
From public records · entity-resolved
City Of Grimes
Entity
Free & Clear · 7 yrs held
Mailing address
2401 SE TONES DR STE #17, ANKENY, IA 50021-8886
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 8, 2019
$40,000
City Of Grimes
Dale Four Way Lc
Warranty Deed
—
Jul 12, 2011
—
Dle 4 Way LLC
—
Loan Modification
related
$14,600,000 · Great Wstrn Bk
Dec 16, 2010
—
Dle Four Way Lc
—
Grant Deed
related
$14,100,000 · Great Wstrn Bk
Feb 1, 2008
—
Regency Capital Fund I LLC
Partners 141 III
Warranty Deed
—
Apr 21, 2006
—
141 Partners III Lc
City Of Grimes
Grant Deed
—
Aug 1, 2005
—
141 Partners III Lc
James M Myers
Warranty Deed
—
Jul 8, 2005
$98,500
141 Partners III Lc
Steven C Nichols
Warranty Deed
—
—
—
141 Partners III Lc
—
Deed Of Trust
related
$184,000 · First Fsb/ia
—
—
141 Partners III Lc
—
Deed Of Trust
related
$816,000 · First Fsb/ia
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.
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