Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    3850 Merle Hay Rd Des Moines, IA 50310
    Back to Search
    Property profile & analytics

    3850 Merle Hay Rd, Des Moines, IA 50310

    View on Map
    • Super regional malls
    • 171,297 SF
    • 9.53 lot acres
    For Sale
    $1,600,000
    View Listing →
    Former Office Building with Theater For Sale
    $1,600,000
    67,325 SF

    Former Office Building with Theater

    Former office building with attached theater, suitable for redevelopment.

    3850 Merle Hay Rd, Des Moines, IA 50310
    View Listing
    Property ID
    US25-0235543
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Drake Headstart / High School / Daycare Center
    • Catron Jerald L PhD / Physician / Medical Clinic
    • Cathi's Salon / Hair Salon
    • Komen’s National Breast Care / Association Or Organization
    • Omega 3 Family Farms / Food Processing Plant

    Property Details for 3850 Merle Hay Rd

    Year built
    2014
    Construction
    STEEL FRAME
    Lot size
    9.53 lot acres
    Zone code
    C-4
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    100/09472-002-002
    APU
    10009472002002

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 19, 2016 $6,999,000 Merle Hay Investors LLC Merle Hay Mall LP Quit Claim Deed · related —
    Aug 12, 2016 $6,999,000 Merle Hay Investors LLC Merle Hay Mall LP Quit Claim Deed · related —
    Aug 12, 2016 — Merle Hay Investors LLC — Deed · related $39.5M · Associated Bk
    Aug 27, 2014 — Merle Hay Mall LP — Loan Modification · related $50M · Associated Bk
    Jul 2, 2013 — Merle Hay Mall LP — Deed Of Trust · related $48M · Associated Bk/green Bay
    Aug 16, 2010 — Merle Hay Mall LP — Deed Of Trust · related $35M · Wells Fargo Bank
    — — Merle Hay Mall LP — Loan Modification · related $50M · Associated Bk
    — — Merle Hay Investors LLC — Loan Modification · related $39.5M · Associated Bk

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $12,842,000
      Market price range: $9.09M - $20.0M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $13,700,000
      Current use
      RETAIL STORES
      $19,895,000
      Change: +45% Conversion: Easy
      COMMERCIAL (GENERAL)
      $17,590,000
      Change: +28% Conversion: Easy
      WAREHOUSE, STORAGE
      $15,745,000
      Change: +15% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    Polk
    State
    Iowa
    Longitude
    -93.7019
    Latitude
    41.6312
    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
    $373,426
    $5,270,000
    $5,259,000
    $10,529,000
    -
    $5,270,000
    $5,259,000
    $10,529,000

    Comparable in this City

    • Value Estimation
      $10,370,000
      386,236 SF

      3850 Merle Hay Rd

      REGIONAL SHOPPING CENTER, MALL
      3850 Merle Hay Rd, Des Moines, IA 50310-1330
      View Details
    • Value Estimation
      $11,400,000
      134,112 SF

      4094 Merle Hay Rd

      REGIONAL SHOPPING CENTER, MALL
      4094 Merle Hay Rd, Des Moines, IA 50310-1310
      View Details
    • Value Estimation
      $3,865,000
      123,794 SF

      3800 Merle Hay Rd

      REGIONAL SHOPPING CENTER, MALL
      3800 Merle Hay Rd, Des Moines, IA 50310-1305
      View Details
    • Value Estimation
      $4,105,000
      165,004 SF

      3800 Merle Hay Rd Ste, Unit 1100

      REGIONAL SHOPPING CENTER, MALL
      3800 Merle Hay Rd Ste, Des Moines, IA 50310-1303
      View Details
    • Value Estimation
      $4,400,000
      59,760 SF

      2350 Euclid Ave

      SHOPPING CENTER, STRIP CENTER
      2350 Euclid Ave, Des Moines, IA 50310
      View Details
    • Value Estimation by Request
      12,212 SF

      3430 Martin Luther King Jr Pkwy

      SHOPPING CENTER, STRIP CENTER
      3430 Martin Luther King Jr Pkwy, Des Moines, IA 50310-5608
      View Details

    Similar Nearby for Sale

    • $915,000
      8,600 SF

      Retail Center in Beaverdale Neighborhood

      Established retail center in Des Moines' desirable Beaverdale neighborhood.
      3708 Beaver Ave, Des Moines, IA 50310
      View Details
    • Contact for pricing
      66,400 SF

      Retail Mall Redevelopment Opportunity

      Anchored retail center with indoor, direct access and strong corridor exposure along high-traffic Merle Hay Road.
      3850 Merle Hay Rd, Des Moines, IA 50310
      View Details
    • $230,000
      Pending

      Beaverdale Office/Retail Building For Sale

      2,437 SF office/retail building in Des Moines' Beaverdale neighborhood.
      4418 Douglas Ave, Des Moines, IA 50310
      View Details
    • Contact for pricing
      39,164 SF

      Des Moines Flex Industrial Space

      39,164 SF flex industrial space available for sale.
      101 Sheridan Ave, Des Moines, IA 50310
      View Details
    • $1,700,000

      Turnkey Bank in Thriving District

      Spacious bank building with redevelopment potential in a walkable neighborhood.
      2805 Beaver Ave, Des Moines, IA 50310
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space Available For Rent

      Retail space available for rent at 2833 Douglas Avenue.
      2833 Douglas Ave, Des Moines, IA 50310
      View Details
    • Contact for pricing

      Commercial Space Available For Lease

      Commercial space available for lease in Des Moines, Iowa.
      4944 Franklin Ave, Des Moines, IA 50310
      View Details
    • Contact for pricing

      High Profile Retail Box Space

      Retail space for rent on high-traffic Merle Hay Road.
      4343 Merle Hay Rd, Des Moines, IA 50310
      View Details
    • Contact for pricing

      Retail Space on Hickman Road

      Stand-alone retail location with high visibility and ample parking.
      5625 Hickman Rd, Des Moines, IA 50310
      View Details
    • Contact for pricing
      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
    • $14 SF/Yr
      1,400 SF

      Retail Space Near Merle Hay

      Retail spaces available in community strip center on Merle Hay.
      3408 Merle Hay Rd, Des Moines, IA 50310
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3850 Merle Hay Rd
    Des Moines, IA 50310
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3850 Merle Hay Rd, Des Moines, IA, 50310
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!