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    Custom-Builder Residential Lots Title is generated by Realmo AI

    2366 E Red Cedar Drive, Des Moines, IA 50226

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    For Sale
    $140,000

    LAND - Des Moines, IA

    Lot size:
    0.27 Acres
    Added:
    May 12, 2026
    Days on Market:
    24
    Last Refresh:
    Jun 4 at 7:06 pm

    Property Features for 2366 E Red Cedar Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    RES
    Standard status
    Active
    Lot size
    0.27 Acres

    Taxes and HOA fees

    Tax Description
    Lot 27 Antler Ridge Plat 2

    Utilities

    Water source
    Public

    We can help!

    Listing Contact
    Julie Larson

    Listing agent Julie Larson

    Listing office LPT Realty, LLC 2425 N Ankeny Blvd Ste. 101, Clive, IA

    Listing date May 12, 2026

    MLS# 740308 Listing URL

    Copyright © 2026 Des Moines Area Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Third plat in Antler Ridge in Polk City offering 25 lots
    • Lot prices range from $140,000 to $240,000
    • Lot sizes range from 0.27 to 1.00 acres
    • Options include standard, daylight, and walkout lots that back up to trees
    • Public water available; bring your own builder
    • Antler Ridge is south of the marina near Saylorville Lake, walking trails, and the town square; Ankeny Schools

    Overview

    This offering presents a new third plat of residential home lots at Antler Ridge, designed for buyers who want to bring their own builder. The development includes 25 lots with build-ready timing slated for Summer 2026. Lot sizes range from approximately .27 to 1.00 acres, with options described as Standard, Daylight, and Walkout configurations. Several lots are noted as backing up to trees, offering a natural backdrop for future home designs.

    The community is described as south of the Marina and close to Saylorville Lake, with nearby walking trails and access to the town square. Schools are identified as part of Ankeny Schools.

    For buyers and builders, these lots fit well for owner-custom projects where site planning matters, especially given the variety of lot styles and the potential for wooded rear views. The residential zoning classification (RES) supports straightforward development for new housing, and the phased timing can help coordinate construction schedules around the Summer 2026 build-ready window. If you are looking for a controlled subdivision setting with flexible lot types, this Antler Ridge plat is an opportunity worth reviewing.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Des Moines
    County
    Polk
    State
    Iowa
    Longitude
    -93.706097
    Latitude
    41.762485

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    FAQs

    What type of property is this?
    Residential land & home lot - Build your plan on daylight and walkout-ready home lots within a new lakeside community development.
    Where is this residential land & home lot located?
    The property is located at 2366 E Red Cedar Drive Des Moines, IA.
    What is the asking price?
    The asking price for this property is $140,000.
    What are key features of this property?
    This property features: Third plat in Antler Ridge in Polk City offering 25 lots; Lot prices range from $140,000 to $240,000; Lot sizes range from 0.27 to 1.00 acres
    (515) 360-1297
    We can help!
    Listing Contact
    Julie Larson
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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.

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    2366 E Red Cedar Drive, Des Moines, IA 50226
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