2617 1St AveNewton, IA 50208

Property Details for 2617 1St Ave

Year built

1979

Lot size

2.20 AC

Property size (Sq ft)

36,940 SF

Property type

Retail space

APN

835277005

APU

835277005

Description

Ace Hardware Plaza offers a unique investment opportunity in a high-traffic location. This two-building complex, totaling 48,000 square feet, features a mix of executive, creative, and traditional office spaces, perfect for a variety of businesses. Built in 1979 and extensively renovated in 2020, the property boasts a Class B rating and offers multiple tenancy options. Individual suites range from a minimum of 1,400 square feet to a maximum contiguous space of 2,940 square feet, with a total of six suites available. Currently, 4,340 square feet are vacant, presenting a significant opportunity for expansion or new tenancy. The property sits on a substantial 95,396 square foot lot, zoned C-SC Shopping, ensuring ample parking and high visibility. Tenants currently include LaCabana restaurant, US Cellular, Tina's Nails, and True Value, all benefiting from the plaza's strategic location between Hy-Vee and Walmart. The single-story buildings feature 10-foot ceilings, providing a spacious and functional work environment. The property's prominent pylon signage ensures excellent visibility for tenants. This is an exceptional opportunity to secure office space in a thriving retail center with strong existing tenants and high foot traffic.

• CAP approach

  CAP return

  Valuation

  6%

  $9,470,032

  6.5%

  $8,741,568

  7%

  $8,117,170

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,751,252

  Geo Method

  $4,751,252

• Alternative Use

  Use

  Valuation

  Residential

  $7,373,840

  Hospitality

  $6,754,398

  Educational

  $5,619,580

  Medical

  $5,812,846

  Retail

  $8,741,568

Location Insight

City

Newton

County

Jasper

State

Iowa

Latitude

41.6982

Longitude

-93.0208

CBSA code

19780

CBSA name

DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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