New search
Property profile & analytics
FOR LEASE
Strip malls
2600 University Ave, West Des Moines, IA 50266
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US25-2578412
For Lease
1 / 4
$9 SF/Yr
2600 University Ave, West Des Moines, IA 50266
View Listing →
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
2016
Construction
STEEL FRAME
Total area
48,424 SF
Lot
11.27 ac (490,921 SF)
Zoning code
RC
APN
320/04947-031-099
UPID
US25-2578412
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
-
K. Renee Home Furniture & Home Goods Home Decor Store
-
Bitcoin Depot ATM Atm
-
Afghan Supermarket Grocery & Convenience Store Food Market
-
Bitcoin Depot | Bitcoin ATM Atm Crypto Atm
-
Day 1 Nutrition Pharmacy (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$5.03M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$5.00M
Owner & transaction history
Mdm Equity 2021 LLC · 4 yrs held
Mdm Equity 2021 LLC
since 2021
Last sale
$5.1M
7 recorded transactions
Zoning & alternative use
RC · West Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$7.5M
+57.5%
Apartment house (5+ units)
$7.3M
+53.5%
Medical building
$7.3M
+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 West Des Moines submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs West 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
$4,845,000
ML approach
$5,025,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$4,775,000
Current use
AUTO REPAIR, GARAGE
$7,520,000
Change: +58% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$7,330,000
Change: +54% · Conversion: Difficult
MEDICAL BUILDING
$7,310,000
Change: +53% · Conversion: Difficult
RETAIL STORES
$5,650,000
Change: +18% · Conversion: Easy
COMMERCIAL (GENERAL)
$4,465,000
Change: -7% · Conversion: Easy
WAREHOUSE, STORAGE
$4,130,000
Change: -13% · Conversion: Difficult
Blend value · Realmo final
$5.00M
Range $4.50M – $5.49M · ±10% · vs last sale $5.05M (Nov 1 2021)
Last sale anchor
$5.05M
Nov 1 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
$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
$155,738
Tax year 2020
Assessed value
$6,050,000
Assessed 2023
Previous assessed
$6,050,000
+0.0% YoY
Effective rate
2.57%
On assessed value
Assessed land
$4,760,000
Assessed improvement
$1,290,000
Land market value
$4,760,000
Improvement market value
$1,290,000
Total market value
$6,050,000
Applied tax rate
20.0000
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
For Lease
Year built
2016
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
YES
Buildings
2
Stories
2
Rooms
8
Bathrooms
2
Total area
48,424 SF
Lot
11.27 ac (490,921 SF)
Zoning code
RC
APN
320/04947-031-099
UPID
US25-2578412
Jurisdiction
POLK
Zoning & alternative use
RC · West Des Moines, IA
Zoning RC · permitted uses
RC · West Des Moines, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
West Des Moines. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$4.8M
AUTO REPAIR, GARAGE
Est. value
$7.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$7.3M
MEDICAL BUILDING
Est. value
$7.3M
RETAIL STORES
Est. value
$5.7M
COMMERCIAL (GENERAL)
Est. value
$4.5M
WAREHOUSE, STORAGE
Est. value
$4.1M
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
2016
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
Yes
Stories
2
Buildings
2
Rooms
8
Bathrooms
2
Lot
11.27 ac
Current owner
From public records · entity-resolved
Mdm Equity 2021 LLC
Entity
Mailing address
PO BOX 187, ANKENY, IA 50021-0187
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
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 1, 2021
$5,050,000
Mdm Equity 2021 LLC
Christian M Murray
Warranty Deed
$7,575,000 · Greenstate Cu
Apr 1, 2014
$2,995,000
C & J Dev Co LLC
Bre-1 INC
Grant Deed
—
Dec 18, 2012
$3,148,000
Bre-1 INC
Sheriff Of Polk County
Trustees Deed
—
Jul 2, 2007
$5,850,000
Governor Square LLC
Davis Realty
Warranty Deed
$5,500,000 · New South Fsb
—
—
C & J Dev Co LLC
—
Deed Of Trust
related
$3,839,896 · Denny Elwell Family Lc
—
—
C & J Dev Co LLC
—
Deed Of Trust
related
$5,000,000 · Visionbank Of Ia
—
—
Governor Square LLC
—
Deed Of Trust
related
$4,997,170 · Lpp Mortgage Ltd
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?”
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.
