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Property profile & analytics
OFF-MARKET
Estimated value
$1,540,000
Warehouses
2019 Grand Ave West Des Moines, IA 50265-4202
Entity Owned
5-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US25-0384446
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
1970
Construction
STEEL FRAME
Total area
19,368 SF
Lot
2 ac (87,120 SF)
Zoning code
LI
APN
320/00246-005-000
UPID
US25-0384446
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
-
Tallgrass Theatre Co Theater & Performing Art Venue
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.57M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.27M
Blend (final)
Blend
$1.54M
Owner & transaction history
Jocar Properties LLC · 5 yrs held
Jocar Properties LLC
since 2021
Last sale
$1.6M
4 recorded transactions
Zoning & alternative use
LI · West Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
Light industrial areas shall be designated to provide areas for most light industrial, and warehouse and distribution facilities. It is of special concern to the city that there be an adequate variety of sizes and locations of light industrial parcels. Appropriate buffering as prescribed by the zoning ordinance shall be established between light industrial a…
Zone name
Light Industrial
General category
INDUSTRIAL
Zone area
660.73 ac
Source
Realmo
Top alternative use upside
Retail stores
$2.3M
+36.8%
Commercial (general)
$2.1M
+29.3%
Neighborhood: shopping center
$1.9M
+15.6%
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
$1,485,000
ML approach
$1,565,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,650,000
Current use
RETAIL STORES
$2,260,000
Change: +37% · Conversion: Moderate
COMMERCIAL (GENERAL)
$2,135,000
Change: +29% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$1,910,000
Change: +16% · Conversion: Moderate
Blend value · Realmo final
$1.54M
Range $1.39M – $1.69M · ±10% · vs last sale $1.55M (May 5 2021)
Last sale anchor
$1.55M
May 5 2021
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
$80 / 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
$40,548
Tax year 2023
Assessed value
$1,390,000
Assessed 2024
Previous assessed
$1,390,000
+0.0% YoY
Effective rate
2.92%
On assessed value
Assessed land
$528,000
Assessed improvement
$862,000
Land market value
$528,000
Improvement market value
$862,000
Total market value
$1,390,000
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
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Year built
1970
Construction
STEEL FRAME
Heating
YES
Cooling
YES
Buildings
1
Stories
1
Total area
19,368 SF
Lot
2 ac (87,120 SF)
Zoning code
LI
APN
320/00246-005-000
UPID
US25-0384446
Jurisdiction
POLK
Zoning & alternative use
LI · West Des Moines, IAZoning LI · permitted uses
LI · West Des Moines, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
Light industrial areas shall be designated to provide areas for most light industrial, and warehouse and distribution facilities. It is of special concern to the city that there be an adequate variety of sizes and locations of light industrial parcels. Appropriate buffering as prescribed by the zoning ordinance shall be established between light industrial areas and other uses, in particular, residential uses. Every effort should also be made to encourage redevelopment of existing industrial areas. Access to light industrial areas should be off of arterial and or collector streets.
Zone name
Light Industrial
General category
INDUSTRIAL
Zone area
660.73 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$1.7M
RETAIL STORES
Est. value
$2.3M
COMMERCIAL (GENERAL)
Est. value
$2.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.9M
WAREHOUSE, STORAGE Current
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
1970
Construction
STEEL FRAME
Heating
YES
Cooling
Yes
Stories
1
Buildings
1
Lot
2 ac
Current owner
From public records · entity-resolved
Jocar Properties LLC
Entity
Mailing address
1226 ILLINOIS ST, DES MOINES, IA 50314-3106
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 28, 2024
—
Jocar Properties LLC
—
Deed
related
$811,924 · Community State Bank
May 5, 2021
$1,550,000
Jocar Properties LLC
West Green Industrial Park LLC
Warranty Deed
$1,012,500 · Midwestone Bank
May 4, 2020
$800,000
West Green Indl Pk LLC
Skate W INC
Warranty Deed
—
—
—
Skate West INC
—
Deed Of Trust
related
$550,000 · West 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.
Try Rey
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