Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$1,245,000
Turn key restaurants
208 3rd St Des Moines, IA 50309-2204
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US25-2513535
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
2008
Construction
FRAME
Total area
6,508 SF
Lot
0.07 ac (2,942 SF)
Zoning code
C-3R
APN
020/01300-001-000
UPID
US25-2513535
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
-
Voodoo Lounge Des Moines Bar & Pub
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.20M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.25M
Owner & transaction history
Kelley Holdings LLC · 4 yrs held
Kelley Holdings LLC
since 2022
Last sale
$1.3M
7 recorded transactions
Zoning & alternative use
C-3R · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.2M
+14.4%
Auto repair, garage
$1.1M
+11.6%
Medical building
$1.1M
+7.8%
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 Des Moines submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs 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
$1,175,000
ML approach
$1,195,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$1,005,000
Current use
COMMERCIAL (GENERAL)
$1,150,000
Change: +14% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,120,000
Change: +12% · Conversion: Difficult
MEDICAL BUILDING
$1,085,000
Change: +8% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$960,000
Change: -5% · Conversion: Difficult
Blend value · Realmo final
$1.25M
Range $1.12M – $1.37M · ±10% · vs last sale $1.30M (Feb 14 2022)
Last sale anchor
$1.30M
Feb 14 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
$191 / 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
$19,548
Tax year 2020
Assessed value
$418,000
Assessed 2023
Previous assessed
$418,000
+0.0% YoY
Effective rate
4.68%
On assessed value
Assessed land
$97,100
Assessed improvement
$320,900
Land market value
$97,100
Improvement market value
$320,900
Total market value
$418,000
Applied tax rate
1.0000
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
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
2008
Construction
FRAME
Heating
CENTRAL
Cooling
YES
Buildings
1
Stories
2
Rooms
4
Bathrooms
1
Total area
6,508 SF
Lot
0.07 ac (2,942 SF)
Zoning code
C-3R
APN
020/01300-001-000
UPID
US25-2513535
Jurisdiction
POLK
Zoning & alternative use
C-3R · Des Moines, IA
Zoning C-3R · permitted uses
C-3R · Des Moines, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Des Moines. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT Current
Est. value
$1.0M
COMMERCIAL (GENERAL)
Est. value
$1.2M
AUTO REPAIR, GARAGE
Est. value
$1.1M
MEDICAL BUILDING
Est. value
$1.1M
APARTMENT HOUSE (5+ UNITS)
Est. value
$960,000
RESTAURANT Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
APARTMENT HOUSE (5+ UNITS)
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
2008
Construction
FRAME
Heating
CENTRAL
Cooling
Yes
Stories
2
Buildings
1
Rooms
4
Bathrooms
1
Lot
0.07 ac
Current owner
From public records · entity-resolved
Kelley Holdings LLC
Entity
Mailing address
208 3RD ST, DES MOINES, IA 50309-2204
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
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 14, 2022
$1,300,000
Kelley Holdings LLC
Ftm INC
Warranty Deed
$1,189,766 · Heartland Bank
May 14, 2019
$1,300,000
Kelley Holdings LLC
Ftm INC
Grant Deed
related
—
Oct 26, 2018
—
Ftm INC
—
Deed
related
$735,000 · Cherrywood Mtg LLC
Jul 15, 2016
—
Ftm INC
—
Deed
related
$649,000 · West Bk
Nov 30, 2007
$294,000
Ftm INC
Mahoney,jill
Warranty Deed
—
Nov 30, 2007
—
Ftm INC
Brenton,dale
Warranty Deed
$631,304 · Bank Iowa
—
—
Ftm INC
—
Deed Of Trust
related
$735,000 · Cherrywood Mtg LLC
—
—
Ftm INC
—
Deed Of Trust
related
$555,000 · West Bk
—
—
Ftm INC
—
Deed Of Trust
related
$137,000 · Bank Iowa
—
—
Ftm INC
—
Loan Modification
related
$649,000 · West Bk
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 208 3rd St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
