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Property profile & analytics
OFF-MARKET
Estimated value
$31,755,000
High-rise multifamily apartments
2700 Lincoln Way Ames, IA 50014-7594
Entity Owned
2-yr Hold
Absentee Owner
Free & Clear
Property ID
US25-2443488
Property profile
Verified
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Year built
2018
Total area
289,606 SF
Lot
1.77 ac (76,946 SF)
Zoning code
CSC
APN
09-09-102-500
UPID
US25-2443488
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
-
2700 Lincoln Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$31.76M
CAP Approach
CAP
$29.80M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$31.76M
Owner & transaction history
Union Lincolon Way Owner LLC · 2 yrs held
Union Lincolon Way Owner LLC
since 2024
Last sale
$31.8M
2 recorded transactions
Zoning & alternative use
CSC · Ames, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
Sec. 29.809. “CSC” CAMPUSTOWN SERVICE CENTER. (1) Purpose. The Campustown Service Center (CSC) zone is intended to provide high- density development within an area of the city adjacent to Iowa State University. A broad range of uses is allowed to serve the needs of people who wish to be near ISU, including students and staff, and their families. Development…
Zone name
Campustown Service Center
General category
CIVIC_INSTITUTIONAL
Zone area
31.68 ac
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 Ames submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Ames 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
$31,755,000
ML approach
$31,755,000
CAP Approach
CAP Return
Estimation
6%
$32,280,000
6.5%
$29,795,000
7%
$27,670,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$40,325,000
Change: 0% · Conversion: Moderate
COMMERCIAL (GENERAL)
$36,455,000
Change: 0% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$32,690,000
Change: 0% · Conversion: Difficult
RESTAURANT
$27,335,000
Change: 0% · Conversion: Difficult
AUTO REPAIR, GARAGE
$22,880,000
Change: 0% · Conversion: Difficult
WAREHOUSE, STORAGE
$21,605,000
Change: 0% · Conversion: Difficult
RETAIL STORES
$21,110,000
Change: 0% · Conversion: Difficult
Blend value · Realmo final
$31.76M
Range $28.58M – $34.93M · ±10% · vs last sale $31.76M (Jun 12 2024)
Last sale anchor
$31.76M
Jun 12 2024
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
$110 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$380,848
Tax year 2023
Assessed value
$24,155,800
Assessed 2024
Previous assessed
$24,155,800
+0.0% YoY
Effective rate
1.58%
On assessed value
Assessed land
$4,242,000
Assessed improvement
$19,913,800
Total market value
$38,783,800
Applied tax rate
1,001.0000
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
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Status
Off-Market
Year built
2018
Heating
NONE
Stories
6
Total area
289,606 SF
Lot
1.77 ac (76,946 SF)
Zoning code
CSC
APN
09-09-102-500
UPID
US25-2443488
Jurisdiction
STORY
Zoning & alternative use
CSC · Ames, IAZoning CSC · permitted uses
CSC · Ames, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
Sec. 29.809. “CSC” CAMPUSTOWN SERVICE CENTER. (1) Purpose. The Campustown Service Center (CSC) zone is intended to provide high- density development within an area of the city adjacent to Iowa State University. A broad range of uses is allowed to serve the needs of people who wish to be near ISU, including students and staff, and their families. Development is intended to encourage lively commercial activity in the building at the street level and pedestrial activity , with a strong emphasis on safe, vital and attractive streets. Development is intended to be very dense with high building coverage, large buildings in scale with the predominant building pattern in the Campustown commercial are, and buildings place close together, while also conserving and preserving existing valuable characteristics by a ssuring compatibility between existing and new development. Building placement, scale at the street, design and materials reinforce a dynamic, pedestrian-friendly neighborhood character. (2) Permitted Uses. T he uses pe rmitte d in the C SC Zon e are set for th in T ab le 29. 80 9 (2 ) be low:
Zone name
Campustown Service Center
General category
CIVIC_INSTITUTIONAL
Zone area
31.68 ac
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING
Est. value
$40.3M
COMMERCIAL (GENERAL)
Est. value
$36.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$32.7M
RESTAURANT
Est. value
$27.3M
AUTO REPAIR, GARAGE
Est. value
$22.9M
WAREHOUSE, STORAGE
Est. value
$21.6M
RETAIL STORES
Est. value
$21.1M
OFFICE BUILDING
COMMERCIAL (GENERAL)
NEIGHBORHOOD: SHOPPING CENTER
RESTAURANT
AUTO REPAIR, GARAGE
WAREHOUSE, STORAGE
RETAIL STORES
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
2018
Heating
NONE
Stories
6
Lot
1.77 ac
Current owner
From public records · entity-resolved
Union Lincolon Way Owner LLC
Entity
Free & Clear · 2 yrs held
Mailing address
999 SHADY GRV RD S STE 600TH MEMPHIS
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 12, 2024
$31,755,000
Union Lincolon Way Owner LLC
Student Housing Owner Iowa LLC
Special Warranty Deed
—
May 21, 2019
—
Student Housing Owner Ia
—
Deed
related
—
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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