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

    6199 Leland Ave Des Moines, IA 50321-9624

    • Retail space
    • 4,340 SF
    • 2.35 lot acres
    OFF-MARKET
    Last Sale
    Dec 01, 2021
    $813,000
    Value Estimations
    $820,000
    Show details
    Cap Rate Potential
    4.4%
    Retail space
    Location Intelligence
    Property ID
    US25-2543463
    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

    • Retail space

    Property Details for 6199 Leland Ave

    Year built
    1992
    Construction
    FRAME
    Lot size
    2.35 lot acres
    Property size
    4,340 SF
    Zone code
    M-1
    Property type
    Retail space
    APN
    120/00139-513-002
    APU
    12000139513002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $950,000
      ML approach
      $865,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $705,000
      6.5%
      $650,000
      7%
      $600,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $505,000
      Current use
      AUTO REPAIR, GARAGE
      $745,000
      Change: +48% Conversion: Difficult
      MEDICAL BUILDING
      $720,000
      Change: +43% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    Polk
    State
    Iowa
    Longitude
    -93.7016
    Latitude
    41.5294
    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
    $8,126
    $142,000
    $190,000
    $332,000
    -
    $142,000
    $190,000
    $332,000

    Comparable in this City

    • Value Estimation
      $2,095,000
      13,833 SF

      4555 Fleur Dr

      RETAIL STORES (PERSONAL SERVICES) • 13,833 SF
      4555 Fleur Dr, Des Moines, IA 50321-2331
      View Details
    • Value Estimation
      $1,190,000
      10,180 SF

      5101 Fleur Dr

      RETAIL STORES (PERSONAL SERVICES) • 10,180 SF
      5101 Fleur Dr, Des Moines, IA 50321-2831
      View Details
    • Value Estimation by Request
      1,125 SF

      6815 Fleur Dr

      RETAIL STORES (PERSONAL SERVICES) • 1,125 SF
      6815 Fleur Dr, Des Moines, IA 50321-3126
      View Details
    • Value Estimation by Request
      6,000 SF

      6151 Thornton Ave, Unit 1

      RETAIL STORES (PERSONAL SERVICES) • 6,000 SF
      6151 Thornton Ave, Des Moines, IA 50321-2413
      View Details
    • Value Estimation by Request
      2,558 SF

      6151 Thornton Ave, Unit 4

      RETAIL STORES (PERSONAL SERVICES) • 2,558 SF
      6151 Thornton Ave, Des Moines, IA 50321-2413
      View Details
    • Value Estimation by Request
      2,006 SF

      4136 Park Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,006 SF
      4136 Park Ave, Des Moines, IA 50321-1352
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,400 SF

      Industrial Warehouse with Three Docks

      5,400 SF industrial warehouse with convenient access to transportation routes.
      2611 Sunset Rd, Des Moines, IA 50321
      View Details
    • $247,595
      1.96 Acres

      Des Moines Industrial Land - $247K

      1.96-acre lot, prime industrial location.
      3450 Gannett Ave, Des Moines, IA 50321
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    • Contact for pricing
      15.80 Acres

      Des Moines Development Land Opportunity

      Prime Iowa land, mixed-use zoning, near airport.
      5260 Army Post Rd, Des Moines, IA 50321
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    • $535,000
      1.42 Acres

      Commercial Land Near Des Moines Airport

      Commercial land near Des Moines Airport, ideal for entrepreneurs.
      2501 Mckinley Ave, Des Moines, IA 50321
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    • $1,595,000

      Development Land Near Airport

      24 acres of development land south of Des Moines Airport.
      7103 Fleur Dr, Des Moines, IA 50321
      View Details
    • $285,000
      2.76 Acres

      Des Moines Agricultural Land - $285K

      2.76 Acres, Airport Commerce Park, Des Moines
      7000 22Nd St, Des Moines, IA 50321
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      2,275 SF

      Fleur Drive Retail/Medical Space

      Well-maintained retail or medical space in a high-traffic area.
      4214 Fleur Dr, Des Moines, IA 50321
      View Details
    • $16 SF/Yr
      4,500 SF

      Fleur Drive Retail Building

      Free-standing retail building on Fleur Drive available for lease.
      4024 Fleur Dr, Des Moines, IA 50321
      View Details
    • Contact for pricing
      10,816 SF

      Des Moines Executive Office Space

      10,816 SF Office, Ample Parking
      2620 Fleur Dr, Des Moines, IA 50321
      View Details
    • $9 SF/Yr
      12,627 SF

      Des Moines Office Space Available

      Sublease opportunity with workstations, offices, and conference rooms.
      3620 SW 61St St, Des Moines, IA 50321
      View Details
    • $425,000
      3,456 SF

      Office Building Near Airport

      3,456 SF office building in high-traffic area near airport.
      5805 Fleur Dr, Des Moines, IA 50321
      View Details
    • Contact for pricing
      60,000 SF

      Prime Location on Park Avenue

      60,000 SF specialty property with optimal access and proximity.
      5701 Park Ave, Des Moines, IA 50321
      View Details
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    6199 Leland Ave
    Des Moines, IA 50321-9624
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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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