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Property profile & analytics
OFF-MARKET
Estimated value
$1,145,000
Warehouses
1413 Polk City Dr Polk City, IA 50226-5700
Entity Owned
1-yr Hold
Free & Clear
Property ID
US25-0584562
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2011
Construction
TYPE NOT SPECIFIED
Total area
9,600 SF
Lot
2.95 ac (128,633 SF)
Zoning code
M-1
APN
261/00001-072-005
UPID
US25-0584562
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
$1.20M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.08M
Blend (final)
Blend
$1.15M
Owner & transaction history
Hps 28 LLC · 1 yrs held
Hps 28 LLC
since 2024
2 recorded transactions
Zoning & alternative use
M-1 · Polk City, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
A. M-1 Light Industrial District. The M-1 district is intended to reserve sites appropriate for the location of industrial uses with relatively limited environmental effects. The district is designed to provide appropriate space and regulations to encourage good quality industrial development while assuring that facilities are served with adequate parking an…
Zone name
Light Industrial District
General category
INDUSTRIAL
Zone area
62.91 ac
Top alternative use upside
Restaurant
$1.7M
+101.8%
Auto repair, garage
$1.5M
+82.1%
Apartment house (5+ units)
$1.5M
+77.5%
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 Polk City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Polk City 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
$1,150,000
ML approach
$1,200,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$820,000
Current use
RESTAURANT
$1,655,000
Change: +102% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,490,000
Change: +82% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$1,455,000
Change: +77% · Conversion: Difficult
MEDICAL BUILDING
$1,450,000
Change: +77% · Conversion: Difficult
RETAIL STORES
$1,120,000
Change: +37% · Conversion: Moderate
COMMERCIAL (GENERAL)
$1,050,000
Change: +28% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$945,000
Change: +16% · Conversion: Moderate
Blend value · Realmo final
$1.15M
Range $1.03M – $1.26M · ±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
$119 / 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
Assessed value
$1,050,000
Assessed 2023
Previous assessed
$1,050,000
+0.0% YoY
Assessed land
$126,000
Assessed improvement
$924,000
Land market value
$126,000
Improvement market value
$924,000
Total market value
$1,050,000
Applied tax rate
6.0000
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
Off-Market
Year built
2011
Construction
TYPE NOT SPECIFIED
Heating
NONE
Buildings
3
Stories
1
Total area
9,600 SF
Lot
2.95 ac (128,633 SF)
Zoning code
M-1
APN
261/00001-072-005
UPID
US25-0584562
Jurisdiction
POLK
Zoning & alternative use
M-1 · Polk City, IAZoning M-1 · permitted uses
M-1 · Polk City, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
A. M-1 Light Industrial District. The M-1 district is intended to reserve sites appropriate for the location of industrial uses with relatively limited environmental effects. The district is designed to provide appropriate space and regulations to encourage good quality industrial development while assuring that facilities are served with adequate parking and loading facilities and buffered from less intensive uses.
Zone name
Light Industrial District
General category
INDUSTRIAL
Zone area
62.91 ac
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$820,000
RESTAURANT
Est. value
$1.7M
AUTO REPAIR, GARAGE
Est. value
$1.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.5M
MEDICAL BUILDING
Est. value
$1.5M
RETAIL STORES
Est. value
$1.1M
COMMERCIAL (GENERAL)
Est. value
$1.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$945,000
WAREHOUSE, STORAGE Current
RESTAURANT
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
2011
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Buildings
3
Lot
2.95 ac
Current owner
From public records · entity-resolved
Hps 28 LLC
Entity
Free & Clear · 1 yrs held
Mailing address
3160 SE GRIMES BLVD STE #700, GRIMES, IA 50111-5018
Ownership since
2024
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 28, 2024
—
Hps 28 LLC
Philip Watson Vinton JR
Special Warranty Deed
—
Dec 30, 2022
$1,530,000
Hps 28 LLC
Philip Watson Vinton JR
Warranty Deed
$25,000 · Trubank
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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