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Property profile & analytics
OFF-MARKET
Estimated value
$9,280,000
Apartment buildings
2400 Hickman Rd Des Moines, IA 50310-6139
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US25-0385405
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1973
Construction
FRAME
Total area
18,147 SF
Lot
11.09 ac (482,993 SF)
Zoning code
R-3
APN
080/05898-003-000
UPID
US25-0385405
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
-
The Grove at Hickman Apartment Complex
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$9.45M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$9.28M
Owner & transaction history
Hickman Partners LLC · 5 yrs held
Hickman Partners LLC
since 2021
Last sale
$8.7M
3 recorded transactions
Zoning & alternative use
R-3 · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$10,215,000
ML approach
$9,450,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$9.28M
Range $8.35M – $10.21M · ±10% · vs last sale $8.73M (Jun 7 2021)
Last sale anchor
$8.73M
Jun 7 2021
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
$511 / 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
$202,242
Tax year 2020
Assessed value
$9,050,000
Assessed 2023
Previous assessed
$9,050,000
+0.0% YoY
Effective rate
2.23%
On assessed value
Assessed land
$1,280,000
Assessed improvement
$7,770,000
Land market value
$1,280,000
Improvement market value
$7,770,000
Total market value
$9,050,000
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1973
Construction
FRAME
Heating
CENTRAL
Cooling
YES
Buildings
9
Stories
3
Total area
18,147 SF
Lot
11.09 ac (482,993 SF)
Zoning code
R-3
APN
080/05898-003-000
UPID
US25-0385405
Jurisdiction
POLK
Zoning & alternative use
R-3 · Des Moines, IA
Zoning R-3 · permitted uses
R-3 · 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.
Building & site characteristics
From public records
Year built
1973
Construction
FRAME
Heating
CENTRAL
Cooling
Yes
Stories
3
Buildings
9
Lot
11.09 ac
Current owner
From public records · entity-resolved
Hickman Partners LLC
Entity
Mailing address
PO BOX 540491, OMAHA, NE 68154-0491
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 7, 2021
$8,729,000
Hickman Partners LLC
Royal Oaks Dsm LLC
Special Warranty Deed
$8,703,200 · Lincoln Savings Bank
Mar 20, 2018
$7,308,000
Royal Oaks Dsm LLC
Royal Oaks Ptrs LLC
Grant Deed
related
—
Sep 30, 2015
—
Ro Apartments LLP
Pramhus,c Gary & Claudia
Quit Claim Deed
related
$4,192,000 · Northmarq Cap
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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