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Property profile & analytics
FOR LEASE
Investment properties
1101 Southeast 37Th St Grimes, IA 50111
Entity Owned
5-yr Hold
Free & Clear
Property ID
US25-0383039
For Lease
1 / 16
Contact for pricing
1101 Southeast 37Th St, Grimes, IA 50111
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Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
2001
Construction
STEEL FRAME
Total area
23,484 SF
Lot
6 ac (261,360 SF)
Zoning code
M-3
APN
311/00013-045-000
UPID
US25-0383039
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
$2.44M
CAP Approach
CAP
$3.58M
Comparable Approach
Comparable
$1.67M
Blend (final)
Blend
$2.74M
Owner & transaction history
Central Iowa Ready Mix INC · 5 yrs held
Central Iowa Ready Mix INC
since 2021
Last sale
$2.8M
2 recorded transactions
Zoning & alternative use
M-3 · Grimes, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
12-10-4 M-3 District Regulations 12-11 Overlay Districts 12-11-1 Highway 141 Mixed Use Development Corridor District 12-11-1 Highway 141 Mixed Use Development Corridor District (Continued) 12-11-2 Transportation Corridor Mixed Use Development Overlay District 12-12 Bulk Regulations 12-12-1 Bulk Regulations Table 12-12-2 Internal Bulk Requirements Table 12-13…
Zone name
Heavy Industrial District
General category
INDUSTRIAL
Zone area
224.10 ac
Top alternative use upside
Restaurant
$4.0M
+26.9%
Auto repair, garage
$3.7M
+14.5%
Apartment house (5+ units)
$3.6M
+11.6%
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 Grimes submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Grimes 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
$2,735,000
ML approach
$2,440,000
CAP Approach
CAP Return
Estimation
6%
$3,875,000
6.5%
$3,575,000
7%
$3,320,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$3,185,000
Current use
RESTAURANT
$4,045,000
Change: +27% · Conversion: Difficult
AUTO REPAIR, GARAGE
$3,650,000
Change: +14% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$3,555,000
Change: +12% · Conversion: Moderate
MEDICAL BUILDING
$3,545,000
Change: +11% · Conversion: Easy
RETAIL STORES
$2,740,000
Change: -14% · Conversion: Easy
Blend value · Realmo final
$2.74M
Range $2.46M – $3.01M · ±10% · vs last sale $2.75M (Aug 4 2021)
Last sale anchor
$2.75M
Aug 4 2021
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
$116 / 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
$20,972
Tax year 2020
Assessed value
$1,060,000
Assessed 2023
Previous assessed
$1,060,000
+0.0% YoY
Effective rate
1.98%
On assessed value
Assessed land
$760,000
Assessed improvement
$300,000
Land market value
$760,000
Improvement market value
$300,000
Total market value
$1,060,000
Applied tax rate
12.0000
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
For Lease
Year built
2001
Construction
STEEL FRAME
Heating
YES
Buildings
1
Stories
4
Total area
23,484 SF
Lot
6 ac (261,360 SF)
Zoning code
M-3
APN
311/00013-045-000
UPID
US25-0383039
Jurisdiction
POLK
Zoning & alternative use
M-3 · Grimes, IAZoning M-3 · permitted uses
M-3 · Grimes, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
12-10-4 M-3 District Regulations 12-11 Overlay Districts 12-11-1 Highway 141 Mixed Use Development Corridor District 12-11-1 Highway 141 Mixed Use Development Corridor District (Continued) 12-11-2 Transportation Corridor Mixed Use Development Overlay District 12-12 Bulk Regulations 12-12-1 Bulk Regulations Table 12-12-2 Internal Bulk Requirements Table 12-13 Architecture Regulations 12-13-1 Architectural Design Requirements 12-14 Sign Regulations 12-14-1 Title 12-14-2 Purpose and Scope 12-14-3 Jurisdiction 12-14-4 Applicability 12-14-5 Prohibited Signs and Condition 12-14-6 Design Standards 12-14-7 Sign Area Formula 12-14-8 Ground-Mounted Signs 12-14-9 Building-Mounted Signs 12-14-10 Subdivision Signs 12-14-11 City Facility Signs 12-14-12 Electronic Message Boards 12-14-13 Window Signs 12-14-14 Addresses 12-14-15 Home Occupation Signs 12-14-16 Temporary Signs and Flags 12-14-17 Signs on Public Property 12-14-18 Planned Unit Development Signs 12-14-19 Governors District Signs 12-14-20 Exceptions 12-14-21 Permit Requirements; Fees;
Zone name
Heavy Industrial District
General category
INDUSTRIAL
Zone area
224.10 ac
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$3.2M
RESTAURANT
Est. value
$4.0M
AUTO REPAIR, GARAGE
Est. value
$3.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.6M
MEDICAL BUILDING
Est. value
$3.5M
RETAIL STORES
Est. value
$2.7M
COMMERCIAL (GENERAL) Current
RESTAURANT
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
2001
Construction
STEEL FRAME
Heating
YES
Stories
4
Buildings
1
Lot
6 ac
Current owner
From public records · entity-resolved
Central Iowa Ready Mix INC
Entity
Free & Clear · 5 yrs held
Mailing address
5550 NE 22ND ST, DES MOINES, IA 50313-2530
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 4, 2021
$2,750,000
Central Iowa Ready Mix INC
Absolute Group INC
Warranty Deed
—
Jan 8, 2021
$1,650,000
Absolute Group INC
Bt Grimes Hldgs LLC
Warranty Deed
$1,500,000 · Great Western Bk
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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