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Property profile & analytics
OFF-MARKET
Estimated value
$2,800,000
Apartment buildings
121 12th St 120 Des Moines, IA 50309-4228
Entity Owned
11-yr Hold
Absentee Owner
Property ID
US25-1083908
Property summary
AI-generated overview
This exceptional Class A, 26-unit apartment building, known as Station 121, presents a compelling investment opportunity in Des Moines, Iowa's desirable Western Gateway neighborhood. Completed in 2018, this multifamily conversion boasts 19,500 square feet of net rentable space across a two-story building. Each of the 26 units offers a unique floor plan, showcasing original architectural details. The property benefits from a prime location, surrounded by major employers including Dotdash Meredith, Wellmark Blue Cross Blue Shield, Nationwide Insurance, EMC Insurance, Principal Financial Group, Maverik, Iowa Methodist Medical Center, and UnityPoint Health. Further enhancing its appeal, American Equity's new headquarters (approximately 650 employees) and the City of Des Moines' new offices are located just one block away. Residents enjoy easy walkability to downtown Des Moines' vibrant coffee shops, restaurants, and entertainment venues. A significant advantage is the property tax abatement, extending until 2028. The asking price is $4,000,000, translating to $153,846.15 per unit. This stabilized investment presents a rare opportunity to acquire a high-quality asset in a thriving urban core. The property is located at 121 12th St, Des Moines, IA 50309.
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
2017
Construction
FRAME
Total area
28,498 SF
Lot
0.4 ac (17,424 SF)
Zoning code
C-3
APN
020/01646-002-001
UPID
US25-1083908
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
Current use
Occupant on record · Public records
-
Station 121 Apartment Building
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$3.66M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.80M
Owner & transaction history
12th Street Lofts LLC · 11 yrs held
12th Street Lofts LLC
since 2015
3 recorded transactions
Zoning & alternative use
C-3 · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$4.4M
+4.8%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$3,960,000
6.5%
$3,655,000
7%
$3,395,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$4,195,000
Current use
RESTAURANT
$4,400,000
Change: +5% · Conversion: Difficult
Blend value · Realmo final
$2.80M
Range $2.52M – $3.08M · ±10%
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
$98 / 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
$9,048
Tax year 2020
Assessed value
$3,680,000
Assessed 2023
Previous assessed
$3,680,000
+0.0% YoY
Effective rate
0.25%
On assessed value
Assessed land
$383,000
Assessed improvement
$3,297,000
Land market value
$383,000
Improvement market value
$3,297,000
Total market value
$3,680,000
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
2017
Construction
FRAME
Heating
YES
Cooling
YES
Buildings
1
Stories
2
Units
26
Rooms
5
Bathrooms
1
Total area
28,498 SF
Lot
0.4 ac (17,424 SF)
Zoning code
C-3
APN
020/01646-002-001
UPID
US25-1083908
Jurisdiction
POLK
Zoning & alternative use
C-3 · Des Moines, IA
Zoning C-3 · permitted uses
C-3 · 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
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$4.2M
RESTAURANT
Est. value
$4.4M
APARTMENT HOUSE (5+ UNITS) Current
RESTAURANT
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
2017
Construction
FRAME
Heating
YES
Cooling
Yes
Stories
2
Buildings
1
Units
26
Rooms
5
Bathrooms
1
Lot
0.4 ac
Current owner
From public records · entity-resolved
12th Street Lofts LLC
Entity
Mailing address
6900 WESTOWN PKWY, WEST DES MOINES, IA 50266-2520
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 29, 2015
—
12th Street Lofts LLC
—
Trustees Deed
related
$800,000 · Trubank
May 15, 2015
$1,000,000
12th Street Lofts LLC
Donald F JR
Warranty Deed
—
Jul 29, 2011
—
Walsmith,donald F JR & Beverly K
—
Trustees Deed
related
$235,000 · Veridian Cu
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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