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Property profile & analytics
OFF-MARKET
Estimated value
$6,635,000
High-rise multifamily apartments
206 3rd St Burlington, IA 52601-5332
Entity Owned
13-yr Hold
~
Est. High Equity
Property ID
US25-0265755
Property profile
Verified
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Year built
1911
Total area
106,305 SF
Lot
0.33 ac (14,201 SF)
Zoning code
C3
APN
16-04-105-008
UPID
US25-0265755
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
-
Mumma Films // Destination Wedding Videographer Wedding Service
-
The Burlington Apartments Apartment Building
-
The Main Line Restaurant Restaurant
-
Bledsoe Premier Home Health Care Home Health Care Service
-
Aspen Property Management Property Management Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.80M
Blend (final)
Blend
$6.64M
Owner & transaction history
Historic Burlington LLC · 13 yrs held
Historic Burlington LLC
since 2012
7 recorded transactions
Zoning & alternative use
C3 · Burlington, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The Central Business District, Downtown Mixed Use, is intended to provide appropriate development regulations for Downtown Burlington, the grouping of uses is designed to strengthen the downtown role as a center for trade, service, housing, entertainment, and civic life, mixed uses are allowed and encouraged within the CBD District
Zone name
Central Business District
General category
MIXED_USE
Zone area
174.34 ac
Source
Realmo
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 Burlington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Burlington 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
APARTMENT HOUSE (5+ UNITS)
$10,540,000
Current use
COMMERCIAL (GENERAL)
$9,810,000
Change: -7% · Conversion: Moderate
RESTAURANT
$8,890,000
Change: -16% · Conversion: Difficult
OFFICE BUILDING
$8,485,000
Change: -20% · Conversion: Moderate
Blend value · Realmo final
$6.64M
Range $5.97M – $7.30M · ±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
$62 / 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 2021Property tax & assessments
Tax year 2021
Tax billed
$65,128
Tax year 2021
Assessed value
$3,133,900
Assessed 2023
Previous assessed
$2,500,000
+25.4% YoY
Effective rate
2.08%
On assessed value
Assessed land
$21,300
Assessed improvement
$3,112,600
Land market value
$21,300
Improvement market value
$3,112,600
Total market value
$3,133,900
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
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Status
Off-Market
Year built
1911
Heating
NONE
Buildings
3
Stories
9
Units
75
Total area
106,305 SF
Lot
0.33 ac (14,201 SF)
Zoning code
C3
APN
16-04-105-008
UPID
US25-0265755
Jurisdiction
DES MOINES
Zoning & alternative use
C3 · Burlington, IAZoning C3 · permitted uses
C3 · Burlington, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The Central Business District, Downtown Mixed Use, is intended to provide appropriate development regulations for Downtown Burlington, the grouping of uses is designed to strengthen the downtown role as a center for trade, service, housing, entertainment, and civic life, mixed uses are allowed and encouraged within the CBD District
Zone name
Central Business District
General category
MIXED_USE
Zone area
174.34 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$10.5M
COMMERCIAL (GENERAL)
Est. value
$9.8M
RESTAURANT
Est. value
$8.9M
OFFICE BUILDING
Est. value
$8.5M
APARTMENT HOUSE (5+ UNITS) Current
COMMERCIAL (GENERAL)
RESTAURANT
OFFICE BUILDING
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
1911
Heating
NONE
Stories
9
Buildings
3
Units
75
Lot
0.33 ac
Current owner
From public records · entity-resolved
Historic Burlington LLC
Entity
Mailing address
127 PUBLIC SQ TOWER, CLEVELAND, OH 44114-1291
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 8, 2016
—
Historic Burlington LLC
—
Deed
related
$3,100,000 · Pillar Multifamily
Dec 21, 2012
$1,150,000
Historic Burlington LLC
Tritex R/e Advisors II INC
Grant Deed
$1,421,000 · Cedar Rapids Bank & Trust Co
Apr 22, 2011
—
Real Est Advisors Tritex II
Federal Natl Mtg Assn Fnma
Grant Deed
—
Apr 22, 2011
$2,490,327
Federal Natl Mtg Assn Fnma
Sheriff Of Des Moines County
Trustees Deed
related
—
—
—
Historic Burlington LLC
—
Deed Of Trust
related
$1,840,000 · Cedar Rapids Bk&tr
—
—
Historic Burlington LLC
—
Loan Modification
related
$1,520,000 · Cedar Rapids Bank & Trust Co
—
—
Historic Burlington LLC
—
Deed Of Trust
related
$3,100,000 · Pillar Multifamily
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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