Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$11,400,000
Super regional malls
4094 Merle Hay Rd Des Moines, IA 50310-1310
Entity Owned
Absentee Owner
Free & Clear
Property ID
US25-1001405
Property summary
AI-generated overview
This exceptional retail property, located at 4094 Merle Hay Rd in Des Moines, Iowa, offers a diverse range of leasing opportunities. The building boasts a total of 223,876 square feet of commercial space, with multiple tenancies available. Flexible space options cater to various business needs, ranging from a minimum of 1,265 square feet to a maximum contiguous space of 60,790 square feet. Currently, there is 65,211 square feet of vacant space ready for immediate occupancy. This prime location in Polk County, Iowa, offers excellent visibility and accessibility, making it an ideal choice for businesses seeking a strong presence in the Des Moines market. The property's address is 4094 Merle Hay Rd, Des Moines, IA 50310. Its strategic location provides convenient access for customers and employees alike. The building's size and layout provide ample opportunity for customization to suit individual business requirements. This is a rare opportunity to secure high-quality retail space in a thriving Des Moines location. Contact us today to learn more about the available spaces and leasing options. The property is zoned for commercial use.
Property profile
Verified
Property type
Super regional malls
Use group
REGIONAL SHOPPING CENTER, MALL
Year built
1988
Construction
STEEL FRAME
Total area
134,112 SF
Lot
15.01 ac (653,966 SF)
APN
100/09472-008-004
UPID
US25-1001405
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
Current use
Occupant on record · Public records
-
Burlington Department Store
-
Baby Depot (Bike/Boat/Book/etc) Store Clothing & Fashion Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$15.63M
Blend (final)
Blend
$11.40M
Owner & transaction history
RHINO HOLDINGS HAYMARKET LLC
RHINO HOLDINGS HAYMARKET LLC
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$15.6M
+45.2%
Commercial (general)
$13.8M
+28.4%
Warehouse, storage
$12.3M
+14.9%
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 Des Moines submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Des Moines 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
$10,730,000
Current use
RETAIL STORES
$15,575,000
Change: +45% · Conversion: Easy
COMMERCIAL (GENERAL)
$13,770,000
Change: +28% · Conversion: Easy
WAREHOUSE, STORAGE
$12,325,000
Change: +15% · Conversion: Difficult
Blend value · Realmo final
$11.40M
Range $10.26M – $12.54M · ±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
$85 / 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 2023Property tax & assessments
Tax year 2023
Assessed value
$13,200,000
Assessed 2023
Previous assessed
$13,200,000
+0.0% YoY
Assessed land
$6,940,000
Assessed improvement
$6,260,000
Land market value
$6,940,000
Improvement market value
$6,260,000
Total market value
$13,200,000
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
Super regional malls
Use group
REGIONAL SHOPPING CENTER, MALL
Status
Off-Market
Year built
1988
Construction
STEEL FRAME
Buildings
2
Stories
1
Total area
134,112 SF
Lot
15.01 ac (653,966 SF)
APN
100/09472-008-004
UPID
US25-1001405
Jurisdiction
POLK
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$10.7M
RETAIL STORES
Est. value
$15.6M
COMMERCIAL (GENERAL)
Est. value
$13.8M
WAREHOUSE, STORAGE
Est. value
$12.3M
NEIGHBORHOOD: SHOPPING CENTER Current
RETAIL STORES
COMMERCIAL (GENERAL)
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
1988
Construction
STEEL FRAME
Stories
1
Buildings
2
Lot
15.01 ac
Current owner
From public records · entity-resolved
RHINO HOLDINGS HAYMARKET LLC
Entity
Free & Clear · 0 yrs held
Mailing address
2200 PASEO VERDE PKWY STE #260, HENDERSON, NV 89052-2703
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 4094 Merle Hay Rd?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
