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Property profile & analytics
OFF-MARKET
Estimated value
$705,000
Retail space
1000 Cherry St Des Moines, IA 50309-4227
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US25-0153114
Property summary
AI-generated overview
This exceptional 6,700-square-foot building, situated in Des Moines' Central Business District, presents a unique opportunity for businesses seeking a versatile space. Currently offering 5,800 square feet of vacant space, this single-tenant property is classified as Class B and boasts a blend of warehouse, R&D, and flex capabilities, making it suitable for a wide range of uses. Built in 1947 and renovated in 2001, the one-story building provides ample parking with 26 spaces available. Its prime location offers high visibility and accessibility, benefiting from significant foot and road traffic near Martin Luther King Jr. Parkway. The property's proximity to major transportation hubs ensures convenient commutes for employees and clients. The surrounding area is vibrant, with nearby businesses including Hotel Fort Des Moines (Hilton), EMC Insurance, Wellmark, Community Choice Credit Union, YMCA, and Exile Brewing Company. Flexible and shorter lease terms may be available, making this an attractive option for businesses of various sizes and needs. This is a rare opportunity to secure a well-located, adaptable space in a thriving Des Moines business district.
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
2001
Construction
STEEL FRAME
Total area
6,714 SF
Lot
0.2 ac (8,712 SF)
Zoning code
C-3B
APN
020/01604-000-000
UPID
US25-0153114
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
$700k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$738k
Blend (final)
Blend
$705k
Owner & transaction history
Bgc LLC · 2 yrs held
Bgc LLC
since 2023
Last sale
$665,900
1 recorded transaction
Zoning & alternative use
C-3B · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.2M
+48.3%
Medical building
$1.1M
+43.3%
Restaurant
$1.0M
+32.9%
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 Des Moines submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Des Moines 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
$755,000
ML approach
$700,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$780,000
Current use
AUTO REPAIR, GARAGE
$1,155,000
Change: +48% · Conversion: Difficult
MEDICAL BUILDING
$1,115,000
Change: +43% · Conversion: Difficult
RESTAURANT
$1,035,000
Change: +33% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$990,000
Change: +27% · Conversion: Difficult
Blend value · Realmo final
$705k
Range $635k – $776k · ±10% · vs last sale $666k (Sep 29 2023)
Last sale anchor
$666k
Sep 29 2023
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
$105 / 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
$14,570
Tax year 2020
Assessed value
$517,000
Assessed 2023
Previous assessed
$517,000
+0.0% YoY
Effective rate
2.82%
On assessed value
Assessed land
$144,000
Assessed improvement
$373,000
Land market value
$144,000
Improvement market value
$373,000
Total market value
$517,000
Applied tax rate
1.0000
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
2001
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
YES
Buildings
1
Stories
1
Rooms
4
Bathrooms
1
Total area
6,714 SF
Lot
0.2 ac (8,712 SF)
Zoning code
C-3B
APN
020/01604-000-000
UPID
US25-0153114
Jurisdiction
POLK
Zoning & alternative use
C-3B · Des Moines, IA
Zoning C-3B · permitted uses
C-3B · Des Moines, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Des Moines. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$780,000
AUTO REPAIR, GARAGE
Est. value
$1.2M
MEDICAL BUILDING
Est. value
$1.1M
RESTAURANT
Est. value
$1.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$990,000
RETAIL STORES Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
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
2001
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
Yes
Stories
1
Buildings
1
Rooms
4
Bathrooms
1
Lot
0.2 ac
Current owner
From public records · entity-resolved
Bgc LLC
Entity
Mailing address
4225 FLEUR DR #171, DES MOINES, IA 50321-2325
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 29, 2023
$665,900
Bgc LLC
1000 Cherry Street LLC
Contract Sale
$599,310 · Not Available
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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