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Property profile & analytics
FOR LEASE
Strip malls
1938 Southeast 6Th St Des Moines, IA 50315
Entity Owned
12-yr Hold
Absentee Owner
Free & Clear
Property ID
US25-0489123
For Lease
1 / 2
$10 SF/Yr
1938 Southeast 6Th St, Des Moines, IA 50315
View Listing →
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
2013
Construction
STEEL FRAME
Total area
5,412 SF
Lot
0.26 ac (11,254 SF)
APN
020/00000-170-001
UPID
US25-0489123
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
-
The Grateful Chef Restaurant Take-out & Catering
-
Hancock Mortgage Partners LLC Loan Service Bank
-
Nails & Beauty Studio Hair Salon Nail Salon
-
La Baja Mexican Cuisine Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$613k
Blend (final)
Blend
$515k
Owner & transaction history
Sevastopol Station LLC · 12 yrs held
Sevastopol Station LLC
since 2014
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$835,000
+93.0%
Apartment house (5+ units)
$795,000
+84.1%
Retail stores
$630,000
+45.2%
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$435,000
Current use
RESTAURANT
$835,000
Change: +93% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$795,000
Change: +84% · Conversion: Difficult
RETAIL STORES
$630,000
Change: +45% · Conversion: Easy
WAREHOUSE, STORAGE
$495,000
Change: +15% · Conversion: Difficult
COMMERCIAL (GENERAL)
$410,000
Change: -6% · Conversion: Easy
Blend value · Realmo final
$515k
Range $464k – $567k · ±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
$95 / 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
$14,352
Tax year 2020
Assessed value
$842,000
Assessed 2023
Previous assessed
$842,000
+0.0% YoY
Effective rate
1.70%
On assessed value
Assessed land
$47,600
Assessed improvement
$794,400
Land market value
$47,600
Improvement market value
$794,400
Total market value
$842,000
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
For Lease
Year built
2013
Construction
STEEL FRAME
Heating
NONE
Buildings
1
Stories
1
Total area
5,412 SF
Lot
0.26 ac (11,254 SF)
APN
020/00000-170-001
UPID
US25-0489123
Jurisdiction
POLK
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$435,000
RESTAURANT
Est. value
$835,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$795,000
RETAIL STORES
Est. value
$630,000
WAREHOUSE, STORAGE
Est. value
$495,000
COMMERCIAL (GENERAL)
Est. value
$410,000
NEIGHBORHOOD: SHOPPING CENTER Current
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
RETAIL STORES
WAREHOUSE, STORAGE
COMMERCIAL (GENERAL)
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
2013
Construction
STEEL FRAME
Heating
NONE
Stories
1
Buildings
1
Lot
0.26 ac
Current owner
From public records · entity-resolved
Sevastopol Station LLC
Entity
Free & Clear · 12 yrs held
Mailing address
3737 WOODLAND AVE STE #100, WEST DES MOINES, IA 50266-1937
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 18, 2020
—
Sevastopol Property LLC
—
Deed
related
$833,005 · Liberty National Bank
Jun 20, 2017
—
Neighborhood Dev Corp
—
Deed
related
$68,846 · City Of Des Moines
Jan 15, 2014
—
Sevastopol Station LLC
Neighborhood Dev Corp
Quit Claim Deed
related
—
—
—
Neighborhood Dev Corp
—
Deed Of Trust
related
$1,080,000 · Lincoln Savings Bank
—
—
Neighborhood Dev Corp
—
Deed Of Trust
related
$68,846 · City Of Des Moines
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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