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Property profile & analytics
OFF-MARKET
Estimated value
$1,000,000
Strip malls
5965 Merle Hay Rd Johnston, IA 50131-1396
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US25-0391238
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
2001
Construction
FRAME
Total area
8,040 SF
Lot
1.13 ac (49,092 SF)
Zoning code
C-2
APN
241/00385-001-000
UPID
US25-0391238
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$990k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$659k
Blend (final)
Blend
$1.00M
Owner & transaction history
Edf Management LLC · 2 yrs held
Edf Management LLC
since 2023
Last sale
$1.0M
4 recorded transactions
Zoning & alternative use
C-2 · Johnston, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
2. Community Commercial District. The intent of the C-2 District is to provide a broad range of commercial and retail uses and services which are intended to serve the community market area. 3. Regional Commercial District. The intent of the C-3 District is to accommodate medium and high intensity commercial uses with access and visibility to major streets a…
Zone name
Community Commercial District
General category
COMMERCIAL
Zone area
122.81 ac
Top alternative use upside
Restaurant
$1.4M
+74.6%
Auto repair, garage
$1.3M
+57.5%
Apartment house (5+ units)
$1.2M
+53.5%
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 Johnston submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Johnston 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
$960,000
ML approach
$990,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$795,000
Current use
RESTAURANT
$1,385,000
Change: +75% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,250,000
Change: +58% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,215,000
Change: +54% · Conversion: Difficult
MEDICAL BUILDING
$1,215,000
Change: +53% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,075,000
Change: +36% · Conversion: Easy
RETAIL STORES
$940,000
Change: +18% · Conversion: Easy
WAREHOUSE, STORAGE
$685,000
Change: -13% · Conversion: Difficult
Blend value · Realmo final
$1.00M
Range $900k – $1.10M · ±10% · vs last sale $1.03M (Dec 14 2023)
Last sale anchor
$1.03M
Dec 14 2023
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
$124 / 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
$24,542
Tax year 2020
Assessed value
$945,000
Assessed 2023
Previous assessed
$945,000
+0.0% YoY
Effective rate
2.60%
On assessed value
Assessed land
$519,000
Assessed improvement
$426,000
Land market value
$519,000
Improvement market value
$426,000
Total market value
$945,000
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
2001
Construction
FRAME
Heating
NONE
Buildings
1
Stories
2
Total area
8,040 SF
Lot
1.13 ac (49,092 SF)
Zoning code
C-2
APN
241/00385-001-000
UPID
US25-0391238
Jurisdiction
POLK
Zoning & alternative use
C-2 · Johnston, IAZoning C-2 · permitted uses
C-2 · Johnston, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
2. Community Commercial District. The intent of the C-2 District is to provide a broad range of commercial and retail uses and services which are intended to serve the community market area. 3. Regional Commercial District. The intent of the C-3 District is to accommodate medium and high intensity commercial uses with access and visibility to major streets and which are intended to serve the regional market area. This district should be located away from residential areas. 4. Office Employment District. The intent of the E-1 District is to provide a suitable environment for employment centers, offices, workplaces, and associated complementary uses. This district is meant to accommodate traditional employment uses, as well as reflect the changing workplace environment. Specific design standards for this district encourage high quality exterior design techniques which yield visual attractiveness. 5. General Employment District. The intent of the E-2 District is to provide a suitable environment for a wide variety of employment uses including retail, service, office, and warehousing with a strong focus on the physical attributes of a site. Specific design standards for this district City of Johnston Zoning and Subdivision Update Last Updated: March 31, 2023
Zone name
Community Commercial District
General category
COMMERCIAL
Zone area
122.81 ac
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$795,000
RESTAURANT
Est. value
$1.4M
AUTO REPAIR, GARAGE
Est. value
$1.3M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.2M
MEDICAL BUILDING
Est. value
$1.2M
COMMERCIAL (GENERAL)
Est. value
$1.1M
RETAIL STORES
Est. value
$940,000
WAREHOUSE, STORAGE
Est. value
$685,000
NEIGHBORHOOD: SHOPPING CENTER Current
RESTAURANT
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
COMMERCIAL (GENERAL)
RETAIL STORES
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
2001
Construction
FRAME
Heating
NONE
Stories
2
Buildings
1
Lot
1.13 ac
Current owner
From public records · entity-resolved
Edf Management LLC
Entity
Mailing address
2119 SW CASCADE FLS DR, ANKENY, IA 50023-7270
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 14, 2023
$1,025,000
Edf Management LLC
Las Management LLC
Warranty Deed
$1,025,000 · Bank Of America NA
Apr 25, 2017
—
Las Management LLC
La Properties
Quit Claim Deed
related
—
—
—
La Properties
—
Deed Of Trust
related
$187,000 · Wells Fargo Bank
—
—
La Properties
—
Deed Of Trust
related
$282,000 · Wells Fargo Bank
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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