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    Property profile & analytics

    1938 6th St, Unit 201 Des Moines, IA 50315-1412

    • Apartment buildings
    • 6,736 SF
    • 0.32 lot acres
    OFF-MARKET
    Value Estimations
    $665,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US25-0733689
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by 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

    Property Details for 1938 6th St

    Year built
    2013
    Construction
    FRAME
    Lot size
    0.32 lot acres
    Property size
    6,736 SF
    Property type
    Apartment buildings
    APN
    020/00000-170-002
    APU
    2000000170002

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $935,000
      6.5%
      $865,000
      7%
      $800,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $527,000
      Market price range: $172k - $1.17M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $990,000
      Current use
      RESTAURANT
      $1,040,000
      Change: +5% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    Polk
    State
    Iowa
    Longitude
    -93.6061
    Latitude
    41.5702
    CBSA code
    19780
    CBSA name
    DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2020
    $1,166
    $59,200
    $1,030,800
    $1,090,000
    -
    $59,200
    $1,030,800
    $1,090,000

    Comparable in this City

    • Value Estimation
      $1,155,000
      17,241 SF

      29 Mckinley Ave

      APARTMENT HOUSE (5+ UNITS) • 17,241 SF
      29 Mckinley Ave, Des Moines, IA 50315-4173
      View Details
    • Value Estimation
      $24,725,000
      21,648 SF

      200 Dickman Rd

      APARTMENT HOUSE (5+ UNITS) • 21,648 SF
      200 Dickman Rd, Des Moines, IA 50315-6262
      View Details
    • Value Estimation
      $1,535,000
      18,576 SF

      100 Mckinley Ave

      APARTMENT HOUSE (5+ UNITS) • 18,576 SF
      100 Mckinley Ave, Des Moines, IA 50315-4174
      View Details
    • Value Estimation
      $1,645,000
      11,656 SF

      920 Mdw Ln

      APARTMENT HOUSE (5+ UNITS) • 11,656 SF
      920 Mdw Ln, Des Moines, IA 50315-6666
      View Details
    • Value Estimation
      $7,115,000
      12,896 SF

      1204 Hartford Ave

      APARTMENT HOUSE (5+ UNITS) • 12,896 SF
      1204 Hartford Ave, Des Moines, IA 50315-1461
      View Details
    • Value Estimation
      $24,725,000
      24,492 SF

      7201 5th St

      APARTMENT HOUSE (5+ UNITS) • 24,492 SF
      7201 5th St, Des Moines, IA 50315-6400
      View Details

    Similar Nearby for Sale

    • $2,250,000
      14,336 SF

      Des Moines Multifamily Investment Opportunity

      35-unit multifamily property near Des Moines CBD.
      2127 Indianola Ave, Des Moines, IA 50315
      View Details
    • Contact for pricing
      8,064 SF

      Des Moines Multifamily Investment Opportunity

      Well-maintained 12-unit apartment community in Des Moines, Iowa.
      6920 SW 9Th St, Des Moines, IA 50315
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      Des Moines Multifamily Investment Opportunity

      Multifamily property in Des Moines, Iowa. Due diligence available.
      530 E Kenyon Ave, Des Moines, IA 50315
      View Details
    • New
      $169,000
      1,872 SF

      Des Moines Fourplex Investment Opportunity

      Southside Des Moines fourplex ready for completion and cash flow.
      708 Wall Ave, Des Moines, IA 50315
      View Details
    • New
      $225,000
      3,550 SF

      Historic Mixed-Use Property For Sale

      Unique mixed-use property with commercial space and residential apartments.
      3516 SW 9Th St, Des Moines, IA 50315
      View Details
    • Contact for pricing

      Des Moines Multifamily Residential Property

      Multifamily property near parks and Des Moines attractions.
      612 Bancroft St, Des Moines, IA 50315
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,630 SF

      Des Moines Office Space Available

      1,630 SF office space for lease in Des Moines.
      4601-4605 SW 9Th St, Des Moines, IA 50315
      View Details
    • Contact for pricing
      6,000 SF

      Industrial Space Available For Lease

      6,000 SF industrial space available for lease.
      5020-5034 Park Ave, Des Moines, IA 50315
      View Details
    • New
      Contact for pricing
      6,600 SF

      Divisible Warehouse Space Available

      Up to 145,000 RSF available with shared access.
      1901 Bell Ave, Des Moines, IA 50315
      View Details
    • Contact for pricing
      310,000 SF

      Proposed Industrial Facility with Abatement

      Proposed industrial facility offering 310,000 SF with tax abatement.
      1717 E Army Post Rd, Des Moines, IA 50315
      View Details
    • $6 SF/Yr
      14,600 SF

      Retail Space on Army Post

      Retail space with high visibility and ample parking.
      1000-1040 E Army Post Rd, Des Moines, IA 50315
      View Details
    • Contact for pricing
      1,600 SF

      Updated Retail Space For Rent

      Recently updated 1600 SF retail space near downtown.
      3205-3207 SW 9Th St, Des Moines, IA 50315
      View Details
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    Des Moines, IA 50315-1412
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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