Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    400 1st St Grimes, IA 50111-2175
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    400 1st St Grimes, IA 50111-2175

    View on Map
    • Commercial real estate
    • 1,780 SF
    • 1.90 lot acres
    Off-Market
    Last Sale Sep 9, 2022
    Property ID
    US25-0291841
    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

    • Commercial real estate

    Property Details for 400 1st St

    Year built
    1930
    Construction
    WOOD FRAME
    Lot size
    1.90 lot acres
    Property size
    1,780 SF
    Zone code
    C-2
    Property type
    Commercial real estate
    APN
    311/00305-805-003
    APU
    31100305805003

    Description

    This exceptional 2.2-acre commercial property in Grimes, Iowa, presents a unique investment opportunity. Located at 400 W 1st St, just south of Highway 44, the land is zoned C-2, allowing for diverse development possibilities. The property comprises two adjacent lots totaling 2.2 acres (1.89 acres and 0.303 acres). A key feature is a pre-existing 5,500 square foot barn, offering immediate retail potential or adaptable space for various uses. The land's price is $875,000, translating to a land value of $9.16 per square foot. The C-2 zoning opens doors to a range of commercial ventures, including the development of a strip center, perfectly complementing the existing barn structure. This property's strategic location and versatile zoning make it an attractive proposition for developers and investors seeking a high-potential commercial site in a growing Iowa community. The existing barn provides a significant advantage, offering immediate income potential or a foundation for creative redevelopment. Detailed information regarding the property's potential uses and development possibilities is available upon request. The property is situated in Polk County, Iowa, with a zip code of 50111. This prime location offers excellent visibility and accessibility.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Grimes
    County
    Polk
    State
    Iowa
    Longitude
    -93.7983
    Latitude
    41.6878
    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
    $8,084
    $227,000
    $76,000
    $303,000
    -
    $227,000
    $76,000
    $303,000

    Comparable in this City

    • Value Estimation by Request
      37.52 Acres

      19Th St

      Land • 37.52 Acres
      0 19Th St, Grimes, IA 50111
      View Details
    • Value Estimation by Request
      2.85 Acres

      1700 Beaverbrooke Blvd

      Land • 2.85 Acres
      1700 Beaverbrooke Blvd, Grimes, IA 50111
      View Details
    • Value Estimation by Request
      3.50 Acres

      3455 Gateway Dr

      Land • 3.50 Acres
      3455 Gateway Dr, Grimes, IA 50111
      View Details
    • Value Estimation by Request

      1St St

      Individual retail properties
      0 1St St, Grimes, IA 50111
      View Details
    • Value Estimation by Request

      1700 Beaverbrooke Blvd

      Land
      1700 Beaverbrooke Blvd, Grimes, IA 50111
      View Details
    • Value Estimation by Request
      8.49 Acres

      3201 37Th St

      Land • 8.49 Acres
      3201 37Th St, Grimes, IA 50111
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Land Available in Grimes, Iowa

      Land for sale at 1201 NE Gateway Dr, Grimes, IA
      1201 NE Gateway Dr, Grimes, IA 50111
      View Details
    • Contact for pricing
      10,000 SF

      Prime Commercial Development Site

      1.10 acre commercial site with high visibility in Grimes, Iowa.
      3505 SE Grimes Blvd, Grimes, IA 50111
      View Details
    • Contact for pricing

      Commercial Lots in Hope Development

      Commercial lots with high visibility in a growing development.
      1700 NE Beaverbrooke Blvd, Grimes, IA 50111
      View Details
    • Contact for pricing
      21,238 SF

      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
    • $750,946

      Grimes Commercial Land For Sale

      2.4 acre commercial land in established Grimes location.
      265 SW Brookside Dr, Grimes, IA 50111
      View Details
    • Contact for pricing

      Prime Grimes Commercial Land Opportunity

      Thriving NW Suburban location with Highway 141 frontage.
      SE 19Th St, Grimes, IA 50111
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Speculative Warehouse Development in Grimes

      Warehouse development in a growing Iowa city near major interstates.
      3901 SE Park St, Grimes, IA 50111
      View Details
    • Contact for pricing

      Development Land in Grimes, Iowa

      Land available for sale in Grimes, Iowa.
      550 SE Gateway Dr, Grimes, IA 50111
      View Details
    • Contact for pricing

      Prime Land Near HyVee

      0.750 acres of commercial land in rapidly growing community.
      1200 E 1St St, Grimes, IA 50111
      View Details
    • 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 Flex Space Sublease

      Flex space available for sublease in Grimes, Iowa.
      200 SE 37Th St, Grimes, IA 50111
      View Details
    • Contact for pricing

      Land Adjacent to Hy-Vee

      Land for rent adjacent to Hy-Vee in Grimes, Iowa.
      360 NE Gateway Dr, Grimes, IA 50111
      View Details
    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.
    400 1st St
    Grimes, IA 50111-2175
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!