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Property profile & analytics
OFF-MARKET
Estimated value
$775,000
Apartment buildings
318 Van Dorn St Polk City, IA 50226-2284
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US25-2585569
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1969
Construction
FRAME
Total area
6,512 SF
Lot
0.39 ac (16,890 SF)
Zoning code
R-2
APN
261/00197-000-000
UPID
US25-2585569
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
$670k
CAP Approach
CAP
$775k
Comparable Approach
Comparable
$780k
Blend (final)
Blend
$775k
Owner & transaction history
Vandorn Apartments LLC · 4 yrs held
Vandorn Apartments LLC
since 2022
Last sale
$875,000
7 recorded transactions
Zoning & alternative use
R-2 · Polk City, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
C. R-2 One- and Two-family Residential District. The R-2 District is intended to provide for the development or redevelopment of low-density residential areas of the City with one- and two-family dwellings on platted lots.
Zone name
One And Two Family Residential District
General category
RESIDENTIAL
Zone area
200.59 ac
Top alternative use upside
Restaurant
$1.1M
+13.7%
Auto repair, garage
$1.0M
+2.6%
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 Polk City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Polk City 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
$660,000
ML approach
$670,000
CAP Approach
CAP Return
Estimation
6%
$840,000
6.5%
$775,000
7%
$720,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$985,000
Current use
RESTAURANT
$1,120,000
Change: +14% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,010,000
Change: +3% · Conversion: Difficult
MEDICAL BUILDING
$985,000
Change: 0% · Conversion: Moderate
Blend value · Realmo final
$775k
Range $698k – $853k · ±10% · vs last sale $875k (Jan 19 2022)
Last sale anchor
$875k
Jan 19 2022
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
$119 / 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
$8,454
Tax year 2020
Assessed value
$578,000
Assessed 2023
Previous assessed
$578,000
+0.0% YoY
Effective rate
1.46%
On assessed value
Assessed land
$34,100
Assessed improvement
$543,900
Land market value
$34,100
Improvement market value
$543,900
Total market value
$578,000
Applied tax rate
7.0000
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
1969
Construction
FRAME
Heating
YES
Cooling
YES
Buildings
1
Stories
2
Units
8
Rooms
5
Bathrooms
1
Total area
6,512 SF
Lot
0.39 ac (16,890 SF)
Zoning code
R-2
APN
261/00197-000-000
UPID
US25-2585569
Jurisdiction
POLK
Zoning & alternative use
R-2 · Polk City, IAZoning R-2 · permitted uses
R-2 · Polk City, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
C. R-2 One- and Two-family Residential District. The R-2 District is intended to provide for the development or redevelopment of low-density residential areas of the City with one- and two-family dwellings on platted lots.
Zone name
One And Two Family Residential District
General category
RESIDENTIAL
Zone area
200.59 ac
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$985,000
RESTAURANT
Est. value
$1.1M
AUTO REPAIR, GARAGE
Est. value
$1.0M
MEDICAL BUILDING
Est. value
$985,000
APARTMENT HOUSE (5+ UNITS) Current
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
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
1969
Construction
FRAME
Heating
YES
Cooling
Yes
Stories
2
Buildings
1
Units
8
Rooms
5
Bathrooms
1
Lot
0.39 ac
Current owner
From public records · entity-resolved
Vandorn Apartments LLC
Entity
Mailing address
3911 W 27TH AVE STE #101, KENNEWICK, WA 99337-2483
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
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 19, 2022
$875,000
Vandorn Apartments LLC
Brees Capital LLC
Warranty Deed
$635,289 · Luana Savings Bank
May 11, 2012
—
Norris Props Hsng Cooperative
Norris Properties LLC
Quit Claim Deed
related
—
Mar 16, 2007
$625,000
Norris Properties LLC
Beyer,kevin L & Kathryn D
Warranty Deed
$524,000 · City State Bank
—
—
Norris Properties LLC
—
Deed Of Trust
related
$635,000 · Us Bank NA
—
—
Norris Props Hsng Cooperative
—
Deed Of Trust
related
$495,002 · Us Bk
—
—
Norris Properties LLC
—
Deed Of Trust
related
$125,000 · Roy & Jodi Budlong
—
—
Norris Properties LLC
—
Deed Of Trust
related
$521,080 · Great Western 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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