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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    6035 Merle Hay Rd Johnston, IA 50131-1424

    • Car washes
    • 4,415 SF
    • 1.73 lot acres
    OFF-MARKET
    Last Sale
    Feb 16, 2023
    $4,172,000
    Value Estimations
    $4,025,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US25-1156656
    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.

    Current Use by Public Records

    • Car washes

    Property Details for 6035 Merle Hay Rd

    Year built
    2022
    Construction
    STEEL FRAME
    Lot size
    1.73 lot acres
    Property size
    4,415 SF
    Property type
    Car washes
    APN
    241/00476-400-005
    APU
    24100476400005

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,900,000
      ML approach
      $3,860,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Johnston
    County
    Polk
    State
    Iowa
    Longitude
    -93.697
    Latitude
    41.6707
    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
    $17,100
    $797,000
    $1,283,000
    $2,080,000
    -
    $797,000
    $1,283,000
    $2,080,000

    Comparable in this City

    • Value Estimation by Request
      2,484 SF

      5740 Merle Hay Rd

      CAR WASH • 2,484 SF
      5740 Merle Hay Rd, Johnston, IA 50131-1215
      View Details
    • Value Estimation by Request
      4,054 SF

      8355 Birchwood Ct

      CAR WASH • 4,054 SF
      8355 Birchwood Ct, Johnston, IA 50131
      View Details
    • Value Estimation
      $3,575,000
      22,682 SF

      5200 Merle Hay Rd

      AUTO REPAIR, GARAGE • 22,682 SF
      5200 Merle Hay Rd, Johnston, IA 50131-1205
      View Details
    • Value Estimation
      $1,775,000
      13,644 SF

      5138 Merle Hay Rd

      VEHICLE SALES, RENTALS • 13,644 SF
      5138 Merle Hay Rd, Johnston, IA 50131-1203
      View Details
    • Value Estimation by Request
      2,035 SF

      6014 59th Ct

      RESTAURANT • 2,035 SF
      6014 59th Ct, Johnston, IA 50131-1527
      View Details
    • Value Estimation by Request
      480 SF

      6180 Merle Hay Rd

      RETAIL STORES (PERSONAL SERVICES) • 480 SF
      6180 Merle Hay Rd, Johnston, IA 50131-1223
      View Details

    Similar Nearby for Sale

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      Urbandale Commercial Land - 7.58 Acres

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    • $80,000
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      Turnkey Bakery and Cafe Space

      Fully built-out bakery and cafe space in Johnston, Iowa.
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    • $195,000
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      Residential Lot in Greenwood Haven

      0.41 acre walkout lot backing to trees in Johnston, IA.
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      Residential Land in Johnston, Iowa

      Land for sale in a new, scenic residential community.
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    • $484,700

      1.48 Acres Commercial Land

      1.48 acres of commercial land with high traffic count.
      6025 Merle Hay Rd, Johnston, IA 50131
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    Similar Nearby for Lease

    • Contact for pricing
      32,000 SF

      Des Moines NW Johnston Dr Office/Retail

      Prime Des Moines location; build-to-suit options.
      5450 Johnston Dr, Johnston, IA 50131
      View Details
    • $14 SF/Yr
      58,658 SF

      Johnston Executive Office Suites

      Prime Johnston location, flexible suites available
      86th St & Northpark Dr, Johnston, IA 50131
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    • Contact for pricing
      8,955 SF

      Gateway Crossing Retail Space

      Johnston, IA: Prime Retail Opportunity
      5260 Merle Hay Rd, Johnston, IA 50131
      View Details
    • $14 SF/Yr
      1,376 SF

      Retail Space on Merle Hay

      Turnkey retail space with high visibility and ample parking.
      5800 Merle Hay Rd, Johnston, IA 50131
      View Details
    • $15 SF/Yr
      4,437 SF

      Restaurant Space Available For Rent

      Second generation restaurant space with existing kitchen equipment.
      5955 Merle Hay Rd, Johnston, IA 50131
      View Details
    • $11 SF/Yr
      1,600 SF

      Retail/Office Space Near I-80

      Highly visible retail/office building, 1/2 mile from I-80.
      5525 Merle Hay Rd, Johnston, IA 50131
      View Details
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    6035 Merle Hay Rd
    Johnston, IA 50131-1424
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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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