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Property profile & analytics
OFF-MARKET
Estimated value
$765,000
Apartment buildings
202 College Ave Ankeny, IA 50023-2136
Entity Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US25-0012296
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1967
Construction
FRAME
Total area
4,352 SF
Lot
0.49 ac (21,210 SF)
Zoning code
R-3
APN
181/00392-048-000
UPID
US25-0012296
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
$775k
CAP Approach
CAP
$520k
Comparable Approach
Comparable
$468k
Blend (final)
Blend
$765k
Owner & transaction history
Jordi Properties LLC · 4 yrs held
Jordi Properties LLC
since 2022
Last sale
$1.0M
5 recorded transactions
Zoning & alternative use
R-3 · Ankeny, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$675,000
+54.7%
Medical building
$655,000
+50.4%
Commercial (general)
$630,000
+43.9%
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 Ankeny submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Ankeny 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
$770,000
ML approach
$775,000
CAP Approach
CAP Return
Estimation
6%
$565,000
6.5%
$520,000
7%
$480,000
Alternative Use
Use
Estimation
AUTO REPAIR, GARAGE
$675,000
Change: +55% · Conversion: Difficult
MEDICAL BUILDING
$655,000
Change: +50% · Conversion: Moderate
COMMERCIAL (GENERAL)
$630,000
Change: +44% · Conversion: Moderate
RETAIL STORES
$510,000
Change: +16% · Conversion: Difficult
Blend value · Realmo final
$765k
Range $689k – $842k · ±10% · vs last sale $1.02M (Jun 9 2022)
Last sale anchor
$1.02M
Jun 9 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
$176 / 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
$6,828
Tax year 2020
Assessed value
$477,000
Assessed 2023
Previous assessed
$477,000
+0.0% YoY
Effective rate
1.43%
On assessed value
Assessed land
$68,500
Assessed improvement
$408,500
Land market value
$68,500
Improvement market value
$408,500
Total market value
$477,000
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1967
Construction
FRAME
Heating
CENTRAL
Cooling
YES
Buildings
1
Stories
2
Units
8
Bathrooms
2
Total area
4,352 SF
Lot
0.49 ac (21,210 SF)
Zoning code
R-3
APN
181/00392-048-000
UPID
US25-0012296
Jurisdiction
POLK
Zoning & alternative use
R-3 · Ankeny, IA
Zoning R-3 · permitted uses
R-3 · Ankeny, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Ankeny. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
AUTO REPAIR, GARAGE
Est. value
$675,000
MEDICAL BUILDING
Est. value
$655,000
COMMERCIAL (GENERAL)
Est. value
$630,000
RETAIL STORES
Est. value
$510,000
AUTO REPAIR, GARAGE
MEDICAL BUILDING
COMMERCIAL (GENERAL)
RETAIL STORES
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
1967
Construction
FRAME
Heating
CENTRAL
Cooling
Yes
Stories
2
Buildings
1
Units
8
Bathrooms
2
Lot
0.49 ac
Current owner
From public records · entity-resolved
Jordi Properties LLC
Entity
Mailing address
412 NE HANOVER CT, ANKENY, IA 50021-5313
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 9, 2022
$1,024,000
Jordi Properties LLC
D & L Barth Residential Housing Coo
Warranty Deed
$329,931 · Community State Bank
Aug 31, 2012
$242,500
D Cooper
202 Nw Clg Avenue Hsng Coopera
Warranty Deed
$363,750 · Community State Bank
Jul 22, 2010
—
202 Nw Clg Avenue Hsng Coopera
Ramsey,dennis & Patricia A
Quit Claim Deed
related
—
Nov 5, 2004
$165,000
Dennis Ramsey
Critelli Properties LLC
Grant Deed
—
—
—
Dennis D Ramsey
—
Deed Of Trust
related
$135,000 · Clarke County St 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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