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Property profile & analytics
FOR LEASE
Warehouses
111 11Th St Des Moines, IA 50309
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US25-0324893
For Lease
1 / 2
$9.95 SF/Yr
111 11Th St, Des Moines, IA 50309
View Listing →
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1946
Construction
FRAME
Total area
7,920 SF
Lot
0.36 ac (15,740 SF)
Zoning code
C-3A
APN
020/01612-001-000
UPID
US25-0324893
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
$780k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$990k
Blend (final)
Blend
$805k
Owner & transaction history
111 11th St LLC · 1 yrs held
111 11th St LLC
since 2025
Last sale
$830,000
7 recorded transactions
Zoning & alternative use
C-3A · Boone, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.2M
+82.1%
Apartment house (5+ units)
$1.2M
+77.5%
Medical building
$1.2M
+76.9%
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
$775,000
ML approach
$780,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$675,000
Current use
AUTO REPAIR, GARAGE
$1,230,000
Change: +82% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$1,200,000
Change: +77% · Conversion: Difficult
MEDICAL BUILDING
$1,195,000
Change: +77% · Conversion: Difficult
RETAIL STORES
$925,000
Change: +37% · Conversion: Moderate
COMMERCIAL (GENERAL)
$865,000
Change: +28% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$780,000
Change: +16% · Conversion: Moderate
Blend value · Realmo final
$805k
Range $725k – $886k · ±10% · vs last sale $830k (Aug 22 2023)
Last sale anchor
$830k
Aug 22 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
$102 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$20,026
Tax year 2023
Assessed value
$577,000
Assessed 2024
Previous assessed
$577,000
+0.0% YoY
Effective rate
3.47%
On assessed value
Assessed land
$346,000
Assessed improvement
$231,000
Land market value
$346,000
Improvement market value
$231,000
Total market value
$577,000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
For Lease
Year built
1946
Construction
FRAME
Heating
CENTRAL
Buildings
1
Stories
1
Rooms
4
Bathrooms
1
Total area
7,920 SF
Lot
0.36 ac (15,740 SF)
Zoning code
C-3A
APN
020/01612-001-000
UPID
US25-0324893
Jurisdiction
POLK
Zoning & alternative use
C-3A · Boone, IA
Zoning C-3A · permitted uses
C-3A · Boone, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Boone. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$675,000
AUTO REPAIR, GARAGE
Est. value
$1.2M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.2M
MEDICAL BUILDING
Est. value
$1.2M
RETAIL STORES
Est. value
$925,000
COMMERCIAL (GENERAL)
Est. value
$865,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$780,000
WAREHOUSE, STORAGE Current
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
RETAIL STORES
COMMERCIAL (GENERAL)
NEIGHBORHOOD: SHOPPING CENTER
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
1946
Construction
FRAME
Heating
CENTRAL
Stories
1
Buildings
1
Rooms
4
Bathrooms
1
Lot
0.36 ac
Current owner
From public records · entity-resolved
111 11th St LLC
Entity
Mailing address
1315 TAMARACK TRL, IOWA CITY, IA 52245-3567
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 12, 2025
$835,000
111 11th St LLC
Wade Investments LLC
Warranty Deed
$825,000 · Hills Bank & Trust Company
Aug 22, 2023
$830,000
Wade Investments LLC
West End Manufacturing LLC
Warranty Deed
$985,000 · Hills Bank And Trust Co
Sep 28, 2022
$650,000
West End Manufacturing LLC
Hoxies Addition Lc
Warranty Deed
$650,877 · Earlham Savings Bank
Jun 21, 2011
$340,000
Hoxies Addition Lc
Capital Sanitary Supply Co INC
Warranty Deed
—
Jun 9, 2009
—
Hoxies Addition Lc
Capital Sanitary Supply Co INC
Grant Deed
related
—
Jun 29, 2007
—
Schroder Construction Svcs Ltd
Rhiner Bros Plumbing Co INC
Warranty Deed
$590,000 · West Bank
—
—
Elizabeth A Cartwright
—
Deed Of Trust
related
$15,725 · City Of West Des Moines
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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