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Property profile & analytics
OFF-MARKET
Estimated value
$995,000
Investment properties
2203 Grand Ave Des Moines, IA 50312-5305
Entity Owned
~
Est. High Equity
Property ID
US25-0043744
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
1981
Construction
FRAME
Total area
10,563 SF
Lot
0.39 ac (16,940 SF)
Zoning code
C-2
APN
030/06228-000-000
UPID
US25-0043744
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
-
Bailey Harlander, Realtor Real Estate Agency
-
RE/MAX : Brett Fine and The FINE Group Real Estate Agency
-
Bryan York Realty Team Real Estate Agency
-
The Jenny Farrell Team - RE/MAX Concepts Real Estate Agency
-
Norm Olson - Re/Max Concepts Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$650k
Blend (final)
Blend
$995k
Owner & transaction history
2203 Grand LLC
2203 Grand LLC
since 2025
Last sale
$1.3M
7 recorded transactions
Zoning & alternative use
C-2 · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.6M
+50.3%
Apartment house (5+ units)
$1.6M
+43.4%
Retail stores
$1.2M
+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)
$1,085,000
Current use
RESTAURANT
$1,630,000
Change: +50% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,555,000
Change: +43% · Conversion: Moderate
RETAIL STORES
$1,225,000
Change: +13% · Conversion: Easy
WAREHOUSE, STORAGE
$970,000
Change: -11% · Conversion: Difficult
Blend value · Realmo final
$995k
Range $896k – $1.09M · ±10% · vs last sale $1.25M (Jun 3 2025)
Last sale anchor
$1.25M
Jun 3 2025
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
$94 / 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
$18,362
Tax year 2020
Assessed value
$614,000
Assessed 2023
Previous assessed
$614,000
+0.0% YoY
Effective rate
2.99%
On assessed value
Assessed land
$241,000
Assessed improvement
$373,000
Land market value
$241,000
Improvement market value
$373,000
Total market value
$614,000
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
Off-Market
Year built
1981
Construction
FRAME
Heating
CENTRAL
Cooling
YES
Buildings
1
Stories
3
Rooms
7
Bathrooms
1
Total area
10,563 SF
Lot
0.39 ac (16,940 SF)
Zoning code
C-2
APN
030/06228-000-000
UPID
US25-0043744
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
$1.1M
RESTAURANT
Est. value
$1.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.6M
RETAIL STORES
Est. value
$1.2M
WAREHOUSE, STORAGE
Est. value
$970,000
COMMERCIAL (GENERAL) Current
RESTAURANT
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
1981
Construction
FRAME
Heating
CENTRAL
Cooling
Yes
Stories
3
Buildings
1
Rooms
7
Bathrooms
1
Lot
0.39 ac
Current owner
From public records · entity-resolved
2203 Grand LLC
Entity
Mailing address
6600 UNIVERSITY AVE, DES MOINES, IA 50324-1639
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
13 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 3, 2025
$1,250,000
2203 Grand LLC
Rec Holding LLC
Warranty Deed
$995,000 · Veridian Cu
Aug 26, 2025
—
Lawrence Nixon
Debora A West
Quitclaim Deed
related
—
Aug 26, 2025
$90,000
C And Z Properties LLC
Lawrence Nixon
Warranty Deed
$236,372 · State Savings Bank
May 5, 2025
—
Debora A West
Mitchell-west Furnace Company INC
Warranty Deed
—
Aug 3, 2018
$679,000
Rec Holdings LLC
Crawford House Partners LLC
Warranty Deed
$608,667 · Legacy Bank
May 2, 2017
$679,000
Rec Holding LLC
Crawford House Partners LLC
Dual Purpose Document
related
$609,000 · Crawford House Partners LLC
Oct 30, 2013
$19,000
Crawford House Partners LLC
Iowa St Bk
Warranty Deed
$427,500 · City State Bank
Feb 12, 2013
—
Iowa St. Bk
Humphrey,marc A & Jennifer A
Warranty Deed
related
—
Jul 27, 2006
—
Marc A Humphrey
—
Trustees Deed
related
$758,643 · Iowa State Bank
—
—
Crawford House Partners LLC
—
Deed Of Trust
related
$197,000 · Iowa Business Growth Co
—
—
Crawford House Partners LLC
—
Loan Modification
related
$237,500 · City St Bk
—
—
Marc A Humphrey
—
Deed Of Trust
related
$350,000 · Iowa State Bank
—
—
Marc A Humphrey
—
Deed Of Trust
related
$660,788 · Iowa State 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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