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Property profile & analytics
OFF-MARKET
Estimated value
$1,265,000
Apartment buildings
205 Hayes Dr Ankeny, IA 50021-2068
Entity Owned
14-yr Hold
Property ID
US25-0592382
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
2012
Construction
FRAME
Total area
13,032 SF
Lot
6.61 ac (288,019 SF)
Zoning code
C-2
APN
181/00391-159-001
UPID
US25-0592382
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
-
Fletcher Estates Apartment Complex Apartment Building
-
Signature Construction LLC Construction Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.56M
Comparable Approach
Comparable
$889k
Blend (final)
Blend
$1.27M
Owner & transaction history
Pedcor Investments-2011-cxxxvi · 14 yrs held
Pedcor Investments-2011-cxxxvi
since 2011
2 recorded transactions
Zoning & alternative use
C-2 · Ankeny, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$2.0M
+36.9%
Medical building
$2.0M
+33.1%
Commercial (general)
$1.9M
+26.4%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,685,000
6.5%
$1,555,000
7%
$1,445,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,480,000
Current use
AUTO REPAIR, GARAGE
$2,025,000
Change: +37% · Conversion: Difficult
MEDICAL BUILDING
$1,965,000
Change: +33% · Conversion: Moderate
COMMERCIAL (GENERAL)
$1,870,000
Change: +26% · Conversion: Moderate
RETAIL STORES
$1,520,000
Change: +3% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$1,285,000
Change: -13% · Conversion: Difficult
Blend value · Realmo final
$1.27M
Range $1.14M – $1.39M · ±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
$97 / 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
$21,308
Tax year 2020
Assessed value
$2,075,500
Assessed 2023
Previous assessed
$2,075,500
+0.0% YoY
Effective rate
1.03%
On assessed value
Assessed land
$454,000
Assessed improvement
$1,621,500
Land market value
$454,000
Improvement market value
$1,621,500
Total market value
$2,075,500
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
2012
Construction
FRAME
Heating
NONE
Buildings
4
Stories
2
Units
16
Total area
13,032 SF
Lot
6.61 ac (288,019 SF)
Zoning code
C-2
APN
181/00391-159-001
UPID
US25-0592382
Jurisdiction
POLK
Zoning & alternative use
C-2 · Ankeny, IA
Zoning C-2 · permitted uses
C-2 · 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
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$1.5M
AUTO REPAIR, GARAGE
Est. value
$2.0M
MEDICAL BUILDING
Est. value
$2.0M
COMMERCIAL (GENERAL)
Est. value
$1.9M
RETAIL STORES
Est. value
$1.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.3M
APARTMENT HOUSE (5+ UNITS) Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
COMMERCIAL (GENERAL)
RETAIL STORES
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
2012
Construction
FRAME
Heating
NONE
Stories
2
Buildings
4
Units
16
Lot
6.61 ac
Current owner
From public records · entity-resolved
Pedcor Investments-2011-cxxxvi
Entity
Mailing address
PO BOX 574, CARMEL, IN 46082-0574
Ownership since
2011
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
Nov 23, 2011
$286,000
Pedcor Investments-2011-cxxxvi
Spahr Robert H Trust
Warranty Deed
$6,141,030 · Bank Of America
—
—
Pedcor Investments-2011-cxxxvi
—
Loan Modification
related
$1,250,000 · Merchants Bk/in
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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