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Property profile & analytics
OFF-MARKET
Estimated value
$16,575,000
Strip malls
4347 Merle Hay Rd Des Moines, IA 50310-2301
Entity Owned
2-yr Hold
Absentee Owner
Free & Clear
Property ID
US25-0317812
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1979
Construction
STEEL FRAME
Total area
100,517 SF
Lot
17.82 ac (776,239 SF)
Zoning code
C-2
APN
100/13383-001-010
UPID
US25-0317812
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
-
Office Depot Tech Services Tech Support Center IT Consulting Firm
-
Office Depot (Bike/Boat/Book/etc) Store
-
Office Depot Print & Copy Services (Bike/Boat/Book/etc) Store Printing Service
-
The Laundry Place (Bike/Boat/Book/etc) Store
-
FedEx ShipSite Postal Service Courier Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$16.58M
CAP Approach
CAP
$18.32M
Comparable Approach
Comparable
$11.71M
Blend (final)
Blend
$16.58M
Owner & transaction history
Haymarket Investors LLC · 2 yrs held
Haymarket Investors LLC
since 2024
Last sale
$16.6M
3 recorded transactions
Zoning & alternative use
C-2 · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$17.3M
+115.3%
Medical building
$16.7M
+108.1%
Restaurant
$15.5M
+93.0%
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
$16,575,000
ML approach
$16,575,000
CAP Approach
CAP Return
Estimation
6%
$19,840,000
6.5%
$18,315,000
7%
$17,005,000
Alternative Use
Use
Estimation
AUTO REPAIR, GARAGE
$17,310,000
Change: +115% · Conversion: Difficult
MEDICAL BUILDING
$16,730,000
Change: +108% · Conversion: Difficult
RESTAURANT
$15,515,000
Change: +93% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$14,800,000
Change: +84% · Conversion: Difficult
RETAIL STORES
$11,675,000
Change: +45% · Conversion: Easy
COMMERCIAL (GENERAL)
$10,320,000
Change: +28% · Conversion: Easy
Blend value · Realmo final
$16.58M
Range $14.92M – $18.23M · ±10% · vs last sale $16.58M (Jan 5 2024)
Last sale anchor
$16.58M
Jan 5 2024
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
$165 / 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
$476,344
Tax year 2020
Assessed value
$13,800,000
Assessed 2023
Previous assessed
$13,800,000
+0.0% YoY
Effective rate
3.45%
On assessed value
Assessed land
$7,630,000
Assessed improvement
$6,170,000
Land market value
$7,630,000
Improvement market value
$6,170,000
Total market value
$13,800,000
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
1979
Construction
STEEL FRAME
Heating
CENTRAL
Buildings
3
Stories
1
Total area
100,517 SF
Lot
17.82 ac (776,239 SF)
Zoning code
C-2
APN
100/13383-001-010
UPID
US25-0317812
Jurisdiction
POLK
Zoning & alternative use
C-2 · Des Moines, IAZoning C-2 · permitted uses
C-2 · Des Moines, IA
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
AUTO REPAIR, GARAGE
Est. value
$17.3M
MEDICAL BUILDING
Est. value
$16.7M
RESTAURANT
Est. value
$15.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$14.8M
RETAIL STORES
Est. value
$11.7M
COMMERCIAL (GENERAL)
Est. value
$10.3M
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
RETAIL STORES
COMMERCIAL (GENERAL)
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
1979
Construction
STEEL FRAME
Heating
CENTRAL
Stories
1
Buildings
3
Lot
17.82 ac
Current owner
From public records · entity-resolved
Haymarket Investors LLC
Entity
Free & Clear · 2 yrs held
Mailing address
500 E BROWARD BLVD STE #1130, FORT LAUDERDALE, FL 33394-3022
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 5, 2024
$16,576,500
Haymarket Investors LLC
Brixmor Ga Haymarket Square LLC
Special Warranty Deed
—
Jul 18, 2007
—
Galileo Haymarket Karam LLC
Galileo Apollo Vi Sub LLC
Quit Claim Deed
related
—
Aug 24, 2005
$16,700,000
Galileo Apollo Vi Sub LLC
New Plan Excel Realty Trust INC
Quit Claim Deed
related
—
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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