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Property profile & analytics
OFF-MARKET
Estimated value
$550,000
Investment properties
6505 Merle Hay Rd Johnston, IA 50131-1493
Entity Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US25-0099921
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
2011
Construction
FRAME
Total area
5,766 SF
Lot
0.78 ac (34,176 SF)
Zoning code
ROC-2
APN
241/00668-001-000
UPID
US25-0099921
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
$345k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$473k
Blend (final)
Blend
$550k
Owner & transaction history
Grasso Properties One LLC · 1 yrs held
Grasso Properties One LLC
since 2024
Last sale
$636,500
4 recorded transactions
Zoning & alternative use
ROC-2 · Johnston, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$895,000
+16.2%
Apartment house (5+ units)
$875,000
+13.3%
Medical building
$870,000
+13.0%
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
by Request
ML approach
$345,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$770,000
Current use
AUTO REPAIR, GARAGE
$895,000
Change: +16% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$875,000
Change: +13% · Conversion: Moderate
MEDICAL BUILDING
$870,000
Change: +13% · Conversion: Easy
RETAIL STORES
$675,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$550k
Range $495k – $605k · ±10% · vs last sale $637k (May 7 2024)
Last sale anchor
$637k
May 7 2024
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
$95 / 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
$10,738
Tax year 2020
Assessed value
$473,000
Assessed 2023
Previous assessed
$473,000
+0.0% YoY
Effective rate
2.27%
On assessed value
Assessed land
$216,000
Assessed improvement
$257,000
Land market value
$216,000
Improvement market value
$257,000
Total market value
$473,000
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
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
2011
Construction
FRAME
Heating
FORCED AIR
Cooling
YES
Buildings
1
Stories
2
Rooms
6
Bathrooms
1
Total area
5,766 SF
Lot
0.78 ac (34,176 SF)
Zoning code
ROC-2
APN
241/00668-001-000
UPID
US25-0099921
Jurisdiction
POLK
Zoning & alternative use
ROC-2 · Johnston, IA
Zoning ROC-2 · permitted uses
ROC-2 · Johnston, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Johnston. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$770,000
AUTO REPAIR, GARAGE
Est. value
$895,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$875,000
MEDICAL BUILDING
Est. value
$870,000
RETAIL STORES
Est. value
$675,000
COMMERCIAL (GENERAL) Current
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
RETAIL STORES
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
2011
Construction
FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
1
Rooms
6
Bathrooms
1
Lot
0.78 ac
Current owner
From public records · entity-resolved
Grasso Properties One LLC
Entity
Free & Clear · 1 yrs held
Mailing address
5637 NW RITTGERS CT, JOHNSTON, IA 50131-1271
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
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
Aug 7, 2024
—
Grasso Properties One LLC
Steven Grasso
Correction Deed
related
—
Aug 7, 2024
$636,500
Paulson Properties LLC
Grasso Properties One LLC
Warranty Deed
$760,000 · Visionbank Of Iowa
Apr 22, 2011
$120,000
Steven Grasso
Hirz,richard & Theresa
Warranty Deed
—
—
—
Steven G Grasso
—
Deed Of Trust
related
$240,000 · Charter 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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