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Property profile & analytics
OFF-MARKET
Estimated value
$590,000
Warehouses
3221 Martin Luther King Jr Pkwy Des Moines, IA 50310-5626
Entity Owned
3-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US25-0270560
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
1990
Construction
STEEL FRAME
Total area
6,000 SF
Lot
6.07 ac (264,549 SF)
Zoning code
M-1
APN
080/01825-005-000
UPID
US25-0270560
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
-
StorageMart Storage Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$360k
CAP Approach
CAP
$785k
Comparable Approach
Comparable
$808k
Blend (final)
Blend
$590k
Owner & transaction history
New Tkg Storagemart Partners Portfo · 3 yrs held
New Tkg Storagemart Partners Portfo
since 2023
3 recorded transactions
Zoning & alternative use
M-1 · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$925,000
+67.9%
Apartment house (5+ units)
$885,000
+60.2%
Retail stores
$695,000
+26.4%
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
by Request
ML approach
$360,000
CAP Approach
CAP Return
Estimation
6%
$850,000
6.5%
$785,000
7%
$730,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$550,000
Current use
RESTAURANT
$925,000
Change: +68% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$885,000
Change: +60% · Conversion: Difficult
RETAIL STORES
$695,000
Change: +26% · Conversion: Moderate
COMMERCIAL (GENERAL)
$615,000
Change: +12% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$480,000
Change: -13% · Conversion: Moderate
Blend value · Realmo final
$590k
Range $531k – $649k · ±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
$98 / 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
$121,002
Tax year 2023
Assessed value
$3,240,000
Assessed 2024
Previous assessed
$3,240,000
+0.0% YoY
Effective rate
3.73%
On assessed value
Assessed land
$280,000
Assessed improvement
$2,960,000
Land market value
$280,000
Improvement market value
$2,960,000
Total market value
$3,240,000
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
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Year built
1990
Construction
STEEL FRAME
Heating
CENTRAL
Buildings
18
Stories
1
Total area
6,000 SF
Lot
6.07 ac (264,549 SF)
Zoning code
M-1
APN
080/01825-005-000
UPID
US25-0270560
Jurisdiction
POLK
Zoning & alternative use
M-1 · Des Moines, IA
Zoning M-1 · permitted uses
M-1 · 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.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$550,000
RESTAURANT
Est. value
$925,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$885,000
RETAIL STORES
Est. value
$695,000
COMMERCIAL (GENERAL)
Est. value
$615,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$480,000
WAREHOUSE, STORAGE Current
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
RETAIL STORES
COMMERCIAL (GENERAL)
NEIGHBORHOOD: SHOPPING CENTER
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
1990
Construction
STEEL FRAME
Heating
CENTRAL
Stories
1
Buildings
18
Lot
6.07 ac
Current owner
From public records · entity-resolved
New Tkg Storagemart Partners Portfo
Entity
Mailing address
215 N STADIUM BLVD STE #207, COLUMBIA, MO 65203-1160
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2023
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
May 31, 2023
—
New Tkg Storagemart Partners Portfo
—
Deed
related
$127,500,000 · Citi Real Estate Funding INC
Mar 26, 2013
—
Budget Storage Associates I LP
—
Deed Of Trust
related
$1,497,747 · Iowa State Bank
Jan 3, 2005
—
Budget Storage Associates I
—
Trustees Deed
related
$300,000 · Iowa State 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.
Try Rey
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