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Property profile & analytics
OFF-MARKET
Estimated value
$1,045,000
Bars & Pubs
121 Welch Ave Ames, IA 50014-7228
Entity Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US25-0487128
Property profile
Verified
Property type
Bars & Pubs
Use group
BAR, TAVERN
Year built
1930
Total area
4,810 SF
Lot
0.12 ac (5,400 SF)
Zoning code
CSC
APN
09-09-126-190
UPID
US25-0487128
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
-
Cy's Roost Bar & Pub
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.02M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.05M
Owner & transaction history
Prime Real Estate Ventures LLC · 4 yrs held
Prime Real Estate Ventures LLC
since 2022
Last sale
$1.1M
2 recorded transactions
Zoning & alternative use
CSC · Ames, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
Sec. 29.809. “CSC” CAMPUSTOWN SERVICE CENTER. (1) Purpose. The Campustown Service Center (CSC) zone is intended to provide high- density development within an area of the city adjacent to Iowa State University. A broad range of uses is allowed to serve the needs of people who wish to be near ISU, including students and staff, and their families. Development…
Zone name
Campustown Service Center
General category
CIVIC_INSTITUTIONAL
Zone area
31.68 ac
Top alternative use upside
Office building
$670,000
+47.5%
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 Ames submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Ames 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
$955,000
ML approach
$1,015,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$670,000
Change: +48% · Conversion: Moderate
Blend value · Realmo final
$1.05M
Range $941k – $1.15M · ±10% · vs last sale $1.10M (Apr 4 2022)
Last sale anchor
$1.10M
Apr 4 2022
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
$217 / 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
$15,508
Tax year 2023
Assessed value
$671,900
Assessed 2024
Previous assessed
$635,000
+5.8% YoY
Effective rate
2.31%
On assessed value
Assessed land
$337,500
Assessed improvement
$334,400
Land market value
$337,500
Improvement market value
$334,400
Total market value
$671,900
Applied tax rate
1,001.0000
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
Bars & Pubs
Use group
BAR, TAVERN
Status
Off-Market
Year built
1930
Heating
NONE
Stories
2
Total area
4,810 SF
Lot
0.12 ac (5,400 SF)
Zoning code
CSC
APN
09-09-126-190
UPID
US25-0487128
Jurisdiction
STORY
Zoning & alternative use
CSC · Ames, IAZoning CSC · permitted uses
CSC · Ames, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
Sec. 29.809. “CSC” CAMPUSTOWN SERVICE CENTER. (1) Purpose. The Campustown Service Center (CSC) zone is intended to provide high- density development within an area of the city adjacent to Iowa State University. A broad range of uses is allowed to serve the needs of people who wish to be near ISU, including students and staff, and their families. Development is intended to encourage lively commercial activity in the building at the street level and pedestrial activity , with a strong emphasis on safe, vital and attractive streets. Development is intended to be very dense with high building coverage, large buildings in scale with the predominant building pattern in the Campustown commercial are, and buildings place close together, while also conserving and preserving existing valuable characteristics by a ssuring compatibility between existing and new development. Building placement, scale at the street, design and materials reinforce a dynamic, pedestrian-friendly neighborhood character. (2) Permitted Uses. T he uses pe rmitte d in the C SC Zon e are set for th in T ab le 29. 80 9 (2 ) be low:
Zone name
Campustown Service Center
General category
CIVIC_INSTITUTIONAL
Zone area
31.68 ac
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING
Est. value
$670,000
OFFICE BUILDING
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
1930
Heating
NONE
Stories
2
Lot
0.12 ac
Current owner
From public records · entity-resolved
Prime Real Estate Ventures LLC
Entity
Mailing address
3315 146TH CIR, URBANDALE, IA 50323-2065
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
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
Apr 4, 2022
$1,100,000
Prime Real Estate Ventures LLC
Gary C Katz
Deed
$1,100,000 · Central State Bank
Apr 4, 2022
—
Gary C Katz
Donald Katz
Deed
—
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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