Entity Owned 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
Current use
Occupant on record · Public records
-
Apartment Building
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$3.66M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$465k
Owner & transaction history
since 2015
3 recorded transactions
Zoning & alternative use
C-3 · Des Moines, IA
Top alternative use upside
Restaurant
$4.4M
+4.8%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
2 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
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Summary
1
Valuation conclusion
Included free
Estimated market value
$465k
Value range
$419k – $512k
±10% around blend
Estimated value / SF
$16 / SF
Confidence
Property data
100
Market benchmarks
67
Comparable evidence
60
$419k
blend $465k
$512k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
28,498 SF
Lot area
0.4 ac
Year built
2017
Stories
2
APN
020/01646-002-001
Zoning
C-3
Assessed value
$3,680,000
Annual tax
$9,048
3
Income approach: direct capitalization
Partial preview
Income approach indication
$3.66M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$3.96M
@ 6.5% CAP return
$3.66M
@ 7% CAP return
$3.40M
4
Sales comparison
Partial preview
Too few qualifying comparables for a sales-approach estimation.
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$465k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 61 sales
$147
-89%
County 123 sales
$151
-89%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $16/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Restaurant
Gross theoretical uplift
+5%
vs current-use indication
Apartment House (5+ Units) · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Not available
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Market rates by use type
PDF export
Professional Plan · 30 reports
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Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$3.68M
Move the market yield to see immediate price impact.
Value / SF
$129
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$232k
$4.64M
$3.31M
$2.58M
$258k
$5.15M
$3.68M
$2.86M
$283k
$5.67M
$4.05M
$3.15M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
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
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
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, IAZoning C-3 · permitted uses
C-3 · Des Moines, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · 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
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
C-3
Jurisdiction
Des Moines, IA
Recorded code
C-3
Ownership Intelligence
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Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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