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Property profile & analytics
OFF-MARKET
Estimated value
$2,815,000
Grocery and convenience stores
619 Burnett Ave Ames, IA 50010-6125
Entity Owned
Absentee Owner
Free & Clear
Property ID
US25-0530800
Property profile
Verified
Property type
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Year built
2019
Total area
23,574 SF
Lot
2.33 ac (101,397 SF)
Zoning code
NC
APN
09-02-307-040
UPID
US25-0530800
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
-
Fareway Meat and Grocery Grocery & Convenience Store Food Market
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$3.60M
Comparable Approach
Comparable
$2.89M
Blend (final)
Blend
$2.82M
Owner & transaction history
FAREWAY STORES INC
FAREWAY STORES INC
Zoning & alternative use
NC · Ames, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
Sec. 29.801. “NC” NEIGHBORHOOD COMMERCIAL ZONING STANDARDS. (1) Purpose. The Neighborhood Commercial (NC) zone is intended for small areas in or near residential neighborhoods. The zone encourages the provision of small -scale retail and service use for nearby residents. Uses are restricted in size to promote a local orientation and to limit adverse impacts…
Zone name
Neighborhood Commercial
General category
COMMERCIAL
Zone area
37.01 ac
Top alternative use upside
Warehouse, storage
$2.8M
+60.1%
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 Ames submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Ames 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%
$3,900,000
6.5%
$3,600,000
7%
$3,340,000
Alternative Use
Use
Estimation
RETAIL STORES
$1,770,000
Current use
WAREHOUSE, STORAGE
$2,835,000
Change: +60% · Conversion: Difficult
Blend value · Realmo final
$2.82M
Range $2.53M – $3.10M · ±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
$119 / 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
Tax billed
$112,460
Tax year 2023
Assessed value
$4,150,200
Assessed 2024
Previous assessed
$4,150,200
+0.0% YoY
Effective rate
2.71%
On assessed value
Assessed land
$912,800
Assessed improvement
$3,237,400
Land market value
$912,800
Improvement market value
$3,237,400
Total market value
$4,150,200
Applied tax rate
1,001.0000
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
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Status
Off-Market
Year built
2019
Heating
NONE
Stories
1
Total area
23,574 SF
Lot
2.33 ac (101,397 SF)
Zoning code
NC
APN
09-02-307-040
UPID
US25-0530800
Jurisdiction
STORY
Zoning & alternative use
NC · Ames, IAZoning NC · permitted uses
NC · Ames, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
Sec. 29.801. “NC” NEIGHBORHOOD COMMERCIAL ZONING STANDARDS. (1) Purpose. The Neighborhood Commercial (NC) zone is intended for small areas in or near residential neighborhoods. The zone encourages the provision of small -scale retail and service use for nearby residents. Uses are restricted in size to promote a local orientation and to limit adverse impacts on nearby residential areas. Development is intended to be pedestrian -oriented and compatible with the scale of surrounding residential areas. Parking areas are strictly regulated, to promote compatibility with the character of surrounding residential development and the intended pedestrian orientation of the uses. (2) Permitted Uses. The uses permitted in the NC Zone are set forth in Table 29.801(2) below:
Zone name
Neighborhood Commercial
General category
COMMERCIAL
Zone area
37.01 ac
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$1.8M
WAREHOUSE, STORAGE
Est. value
$2.8M
RETAIL STORES Current
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
2019
Heating
NONE
Stories
1
Lot
2.33 ac
Current owner
From public records · entity-resolved
FAREWAY STORES INC
Entity
Free & Clear · 0 yrs held
Mailing address
715 8TH ST, BOONE, IA 50036-2727
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.
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