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Property profile & analytics
FOR LEASE
Investment properties
2141 Grand Ave Des Moines, IA 50312
Entity Owned
12-yr Hold
~
Est. High Equity
Property ID
US25-0019259
For Lease
1 / 4
$9.50 SF/Yr
2141 Grand Ave, Des Moines, IA 50312
View Listing →
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
2005
Construction
STEEL FRAME
Total area
35,884 SF
Lot
1.24 ac (54,232 SF)
Zoning code
C-2
APN
030/00088-001-000
UPID
US25-0019259
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
-
iHeartMedia Marketing & Advertising Advertising Agency
-
1075 KISS FM Radio Station Telecommunications Service
-
KDRB Radio Station Telecommunications Service
-
KXNO Radio Station Telecommunications Service
-
WHO 1040 AM Radio Station Telecommunications Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.96M
Blend (final)
Blend
$3.28M
Owner & transaction history
Aterra 46 2141 Grand Dsm LLC · 12 yrs held
Aterra 46 2141 Grand Dsm LLC
since 2014
7 recorded transactions
Zoning & alternative use
C-2 · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$5.3M
+43.4%
Retail stores
$4.2M
+13.1%
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
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
COMMERCIAL (GENERAL)
$3,685,000
Current use
APARTMENT HOUSE (5+ UNITS)
$5,285,000
Change: +43% · Conversion: Moderate
RETAIL STORES
$4,170,000
Change: +13% · Conversion: Easy
WAREHOUSE, STORAGE
$3,300,000
Change: -11% · Conversion: Difficult
Blend value · Realmo final
$3.28M
Range $2.95M – $3.61M · ±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
$91 / 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
$97,866
Tax year 2020
Assessed value
$2,820,000
Assessed 2023
Previous assessed
$2,820,000
+0.0% YoY
Effective rate
3.47%
On assessed value
Assessed land
$1,150,000
Assessed improvement
$1,670,000
Land market value
$1,150,000
Improvement market value
$1,670,000
Total market value
$2,820,000
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
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
For Lease
Year built
2005
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
YES
Buildings
1
Stories
3
Total area
35,884 SF
Lot
1.24 ac (54,232 SF)
Zoning code
C-2
APN
030/00088-001-000
UPID
US25-0019259
Jurisdiction
POLK
Zoning & alternative use
C-2 · Des Moines, IA
Zoning C-2 · permitted uses
C-2 · 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
COMMERCIAL (GENERAL) Current
Est. value
$3.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$5.3M
RETAIL STORES
Est. value
$4.2M
WAREHOUSE, STORAGE
Est. value
$3.3M
COMMERCIAL (GENERAL) Current
APARTMENT HOUSE (5+ UNITS)
RETAIL STORES
WAREHOUSE, STORAGE
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
2005
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
Yes
Stories
3
Buildings
1
Lot
1.24 ac
Current owner
From public records · entity-resolved
Aterra 46 2141 Grand Dsm LLC
Entity
Mailing address
1001 GRAND AVE, WEST DES MOINES, IA 50265-3502
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 20, 2024
—
Aterra 46 2141 Grand Dsm LLC
—
Deed
related
$1,422,207 · Central State Bank
May 1, 2014
$2,600,000
Aterra 46 2141 Grand Dsm LLC
Trubank
Warranty Deed
—
Mar 5, 2009
$3,000,000
First National Bank Midwest
Sheriff Of Polk County
Trustees Deed
related
—
—
—
Boesen Grand Land Co LLC
—
Deed Of Trust
related
$2,400,000 · Valley Bank
—
—
Boesen Grand Land Co LLC
—
Deed Of Trust
related
$1,645,493 · First American Bank
—
—
Boesen Grand Land Co LLC
—
Deed Of Trust
related
$3,200,000 · Polk County
—
—
Boesen Grand Land Co LLC
—
Deed Of Trust
related
$2,900,000 · Community State Bank
—
—
Boesen Grand Land Co LLC
—
Deed Of Trust
related
$1,645,493 · First American Bank
—
—
Boesen Grand Land Co LLC
—
Deed Of Trust
related
$3,600,000 · First National Bank Midwest
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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