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    511 1st Ave Perry, IA 50220-1802

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    511 1st Ave Perry, IA 50220-1802

    View on Map
    • Grocery and convenience stores
    • 9,512 SF
    • 5.64 lot acres
    Off-Market
    Last Sale Mar 3, 2022
    Property ID
    US25-0300394
    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

    • DigitalMint Bitcoin ATM / Currency Exchange Service / Financial Institution
    • Bitstop Bitcoin ATM / Crypto Atm / Currency Exchange Service
    • KWIK STAR #1180 / Grocery & Convenience Store
    • Kwik Star / Car Wash

    Property Details for 511 1st Ave

    Year built
    2022
    Lot size
    5.64 lot acres
    Property size
    9,512 SF
    Property type
    Grocery and convenience stores
    APN
    216228005
    APU
    216228005

    Description

    Perry Plaza, a multi-tenant retail center totaling 41,455 square feet, presents a compelling investment opportunity in Perry, Iowa. Located at 511 1st Ave, this property boasts a strong tenant mix, including Domino's Pizza, and benefits from a highly visible location off Highways 144 and 141. The seven-acre lot houses six individual units, currently occupied by five businesses. One 1,000 square foot space is available, previously used as a hair salon. Built in 1976, the center offers a solid foundation for continued growth and profitability. The asking price is $2,000,000, translating to $48.25 per square foot. The property's strategic location near other established retailers, such as Tractor Supply and Domino's Pizza, and the recent completion of a new Kwik Star nearby, ensures high visibility and foot traffic. The strong anchor tenant and low cost per square foot contribute to a robust net operating income (NOI) when fully leased. This property is situated approximately 25 miles northwest of Des Moines, offering access to a larger regional market. The property's combination of established tenants, prime location, and development potential makes it an attractive investment for discerning buyers seeking a stable and growing retail portfolio. The property offers a unique opportunity to acquire a well-positioned retail center with immediate income potential and future upside.

    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
    Perry
    County
    Dallas
    State
    Iowa
    Longitude
    -94.1082
    Latitude
    41.8329
    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
    2022
    $1,394
    $736,690
    $2,816,620
    $3,553,310
    -
    $736,690
    $2,816,620
    $3,553,310

    Comparable in this City

    • Value Estimation
      $2,700,000
      33,666 SF

      1215 141st St

      GROCERY, SUPERMARKET • 33,666 SF
      1215 141st St, Perry, IA 50220-8127
      View Details
    • Value Estimation by Request
      3,431 SF

      1211 1st Ave

      CONVENIENCE STORE • 3,431 SF
      1211 1st Ave, Perry, IA 50220
      View Details
    • Value Estimation by Request
      1,316 SF

      2810 Willis Ave

      CONVENIENCE STORE • 1,316 SF
      2810 Willis Ave, Perry, IA 50220-2322
      View Details
    • Value Estimation
      $2,725,000
      1,992 SF

      1115 141st St

      CONVENIENCE STORE • 1,992 SF
      1115 141st St, Perry, IA 50220-8126
      View Details
    • Value Estimation by Request
      3,894 SF

      1308 1st Ave

      CONVENIENCE STORE • 3,894 SF
      1308 1st Ave, Perry, IA 50220-1503
      View Details
    • Value Estimation
      $1,755,000
      21,277 SF

      1315 Willis Ave

      GROCERY, SUPERMARKET • 21,277 SF
      1315 Willis Ave, Perry, IA 50220-1635
      View Details

    Similar Nearby for Sale

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      Restored Building in Perry, Iowa

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    • $495,000
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      Former Funeral Home For Sale

      9,240 SF building suitable for retail, office, or religious use.
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    • Contact for pricing
      5,400 SF

      Retail Space on Highway 141

      Retail space available near Highway 141 in Perry, Iowa.
      524 1St Ave, Perry, IA 50220
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    • $495,000

      Former Funeral Home For Sale

      9,240 SF building suitable for retail, office, or religious use.
      1417 2Nd St, Perry, IA 50220
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    • Contact for pricing
      9,920 SF

      Perry, Iowa Mixed-Use Building

      9,920 SF mixed-use building in the heart of Perry.
      1208 Willis Ave, Perry, IA 50220
      View Details
    • $250,000
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      Turnkey Diner Opportunity in Perry

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    Perry, IA 50220-1802
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    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
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