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Property profile & analytics
OFF-MARKET
Estimated value
$1,280,000
Medical Office Space
1450 28th St West Des Moines, IA 50266-1430
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US25-0428464
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1998
Construction
STEEL FRAME
Total area
7,438 SF
Lot
1.7 ac (73,878 SF)
Zoning code
PUD OFFICE
APN
320/02826-884-000
UPID
US25-0428464
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
-
Dr. Jeffrey Lilly Dental Office
-
Endodontics, P.C. Dental Office
-
Becker Thomas DDS Dental Office
-
Benjamin Nashleanas Dental Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.22M
CAP Approach
CAP
$1.27M
Comparable Approach
Comparable
$1.38M
Blend (final)
Blend
$1.28M
Owner & transaction history
Molar Madness LLC · 3 yrs held
Molar Madness LLC
since 2022
Last sale
$1.7M
2 recorded transactions
Zoning & alternative use
PUD OFFICE · West Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.3M
+14.0%
Auto repair, garage
$1.2M
+2.9%
Apartment house (5+ units)
$1.1M
+0.3%
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 West Des Moines submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs West 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
$1,250,000
ML approach
$1,215,000
CAP Approach
CAP Return
Estimation
6%
$1,375,000
6.5%
$1,270,000
7%
$1,180,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$1,125,000
Current use
RESTAURANT
$1,280,000
Change: +14% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,155,000
Change: +3% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,125,000
Change: +0% · Conversion: Moderate
Blend value · Realmo final
$1.28M
Range $1.15M – $1.41M · ±10% · vs last sale $1.66M (Dec 28 2022)
Last sale anchor
$1.66M
Dec 28 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
$172 / 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
$49,216
Tax year 2020
Assessed value
$1,980,000
Assessed 2023
Previous assessed
$1,980,000
+0.0% YoY
Effective rate
2.49%
On assessed value
Assessed land
$597,000
Assessed improvement
$1,383,000
Land market value
$597,000
Improvement market value
$1,383,000
Total market value
$1,980,000
Applied tax rate
20.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1998
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
YES
Buildings
1
Stories
1
Total area
7,438 SF
Lot
1.7 ac (73,878 SF)
Zoning code
PUD OFFICE
APN
320/02826-884-000
UPID
US25-0428464
Jurisdiction
POLK
Zoning & alternative use
PUD OFFICE · West Des Moines, IA
Zoning PUD OFFICE · permitted uses
PUD OFFICE · West Des Moines, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
West Des Moines. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$1.1M
RESTAURANT
Est. value
$1.3M
AUTO REPAIR, GARAGE
Est. value
$1.2M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.1M
MEDICAL BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
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
1998
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
1
Lot
1.7 ac
Current owner
From public records · entity-resolved
Molar Madness LLC
Entity
Mailing address
1450 28TH ST, WEST DES MOINES, IA 50266-1430
Mailing matches property
Yes
Owner-occupied
Yes
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
Dec 28, 2022
$1,660,000
Molar Madness LLC
Ljk Building LLC
Warranty Deed
$1,328,000 · Two Rivers Bank & Trust
—
—
Ljk Building LLC
—
Deed Of Trust
related
$521,462 · Iowa State Bank
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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