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Property profile & analytics
OFF-MARKET
Estimated value
$680,000
Strip malls
2437 Adventureland Dr Altoona, IA 50009-9409
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US25-0562203
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
2013
Construction
FRAME
Total area
6,600 SF
Lot
0.97 ac (42,253 SF)
Zoning code
C-3
APN
171/00122-532-000
UPID
US25-0562203
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$865k
Blend (final)
Blend
$680k
Owner & transaction history
Fungu Brothers II LLC · 4 yrs held
Fungu Brothers II LLC
since 2022
1 recorded transaction
Zoning & alternative use
C-3 · Altoona, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.0M
+57.5%
Apartment house (5+ units)
$1.0M
+53.5%
Medical building
$995,000
+53.1%
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 Altoona submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Altoona 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
NEIGHBORHOOD: SHOPPING CENTER
$650,000
Current use
AUTO REPAIR, GARAGE
$1,025,000
Change: +58% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,000,000
Change: +54% · Conversion: Difficult
MEDICAL BUILDING
$995,000
Change: +53% · Conversion: Difficult
RETAIL STORES
$770,000
Change: +18% · Conversion: Easy
COMMERCIAL (GENERAL)
$720,000
Change: +11% · Conversion: Easy
WAREHOUSE, STORAGE
$565,000
Change: -13% · Conversion: Difficult
Blend value · Realmo final
$680k
Range $612k – $748k · ±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
$103 / 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
$31,474
Tax year 2020
Assessed value
$1,240,000
Assessed 2023
Previous assessed
$1,240,000
+0.0% YoY
Effective rate
2.54%
On assessed value
Assessed land
$400,000
Assessed improvement
$840,000
Land market value
$400,000
Improvement market value
$840,000
Total market value
$1,240,000
Applied tax rate
3.0000
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
2013
Construction
FRAME
Heating
NONE
Buildings
1
Stories
1
Units
3
Total area
6,600 SF
Lot
0.97 ac (42,253 SF)
Zoning code
C-3
APN
171/00122-532-000
UPID
US25-0562203
Jurisdiction
POLK
Zoning & alternative use
C-3 · Altoona, IA
Zoning C-3 · permitted uses
C-3 · Altoona, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Altoona. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$650,000
AUTO REPAIR, GARAGE
Est. value
$1.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.0M
MEDICAL BUILDING
Est. value
$995,000
RETAIL STORES
Est. value
$770,000
COMMERCIAL (GENERAL)
Est. value
$720,000
WAREHOUSE, STORAGE
Est. value
$565,000
NEIGHBORHOOD: SHOPPING CENTER Current
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
RETAIL STORES
COMMERCIAL (GENERAL)
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
2013
Construction
FRAME
Heating
NONE
Stories
1
Buildings
1
Units
3
Lot
0.97 ac
Current owner
From public records · entity-resolved
Fungu Brothers II LLC
Entity
Mailing address
2437 ADVENTURELAND DR, ALTOONA, IA 50009-9409
Mailing matches property
Yes
Owner-occupied
Yes
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
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 24, 2022
—
Fungu Brothers II LLC
—
Deed
related
$865,000 · South Story Bank & Trust
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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