511 1St AvePerry, IA 50220

Property Details for 511 1St Ave

Year built

2022

Lot size

5.64 AC

Property size (Sq ft)

9,512 SF

Property type

Grocery and convenience stores

APN

216228005

APU

216228005

Description

Perry Plaza, a multi-tenant retail center totaling 41,455 square feet, presents a compelling investment opportunity in Perry, Iowa. Located at 511 1st Ave, this property boasts a strong tenant mix, including Domino's Pizza, and benefits from a highly visible location off Highways 144 and 141. The seven-acre lot houses six individual units, currently occupied by five businesses. One 1,000 square foot space is available, previously used as a hair salon. Built in 1976, the center offers a solid foundation for continued growth and profitability. The asking price is $2,000,000, translating to $48.25 per square foot. The property's strategic location near other established retailers, such as Tractor Supply and Domino's Pizza, and the recent completion of a new Kwik Star nearby, ensures high visibility and foot traffic. The strong anchor tenant and low cost per square foot contribute to a robust net operating income (NOI) when fully leased. This property is situated approximately 25 miles northwest of Des Moines, offering access to a larger regional market. The property's combination of established tenants, prime location, and development potential makes it an attractive investment for discerning buyers seeking a stable and growing retail portfolio. The property offers a unique opportunity to acquire a well-positioned retail center with immediate income potential and future upside.

• CAP approach

  CAP return

  Valuation

  6%

  $2,019,924

  6.5%

  $1,864,545

  7%

  $1,731,364

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,223,441

  Geo Method

  $1,223,441

• Alternative Use

  Use

  Valuation

  Residential

  $1,572,814

  Hospitality

  $1,440,689

  Educational

  $1,198,636

  Medical

  $1,239,859

  Retail

  $1,864,545

Location Insight

City

Perry

County

Dallas

State

Iowa

Latitude

41.8329

Longitude

-94.1082

CBSA code

19780

CBSA name

DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].