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Property profile & analytics
FOR LEASE
Apartment buildings
401 SE 6Th St Des Moines, IA 50309
Entity Owned
6-yr Hold
Free & Clear
Property ID
US25-1169803
For Lease
1 / 9
$6,585,000
401 SE 6Th St, Des Moines, IA 50309
View Listing →
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
2020
Construction
FRAME
Total area
57,179 SF
Lot
1.04 ac (45,085 SF)
APN
040/01288-001-001
UPID
US25-1169803
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
-
Connolly Lofts Apartment Building
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$7.33M
Comparable Approach
Comparable
$4.06M
Blend (final)
Blend
$6.59M
Owner & transaction history
Connolly Lofts Associates LP · 6 yrs held
Connolly Lofts Associates LP
since 2019
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$10.1M
+19.9%
Auto repair, garage
$9.8M
+17.0%
Medical building
$9.5M
+13.0%
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
by Request
CAP Approach
CAP Return
Estimation
6%
$7,945,000
6.5%
$7,330,000
7%
$6,810,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$8,420,000
Current use
COMMERCIAL (GENERAL)
$10,095,000
Change: +20% · Conversion: Moderate
AUTO REPAIR, GARAGE
$9,845,000
Change: +17% · Conversion: Difficult
MEDICAL BUILDING
$9,515,000
Change: +13% · Conversion: Moderate
RESTAURANT
$8,825,000
Change: +5% · Conversion: Difficult
Blend value · Realmo final
$6.59M
Range $5.93M – $7.24M · ±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
$115 / 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
Assessed value
$9,690,000
Assessed 2023
Previous assessed
$9,690,000
+0.0% YoY
Assessed land
$676,000
Assessed improvement
$9,014,000
Land market value
$676,000
Improvement market value
$9,014,000
Total market value
$9,690,000
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
For Lease
Year built
2020
Construction
FRAME
Heating
NONE
Buildings
1
Stories
4
Units
57
Total area
57,179 SF
Lot
1.04 ac (45,085 SF)
APN
040/01288-001-001
UPID
US25-1169803
Jurisdiction
POLK
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$8.4M
COMMERCIAL (GENERAL)
Est. value
$10.1M
AUTO REPAIR, GARAGE
Est. value
$9.8M
MEDICAL BUILDING
Est. value
$9.5M
RESTAURANT
Est. value
$8.8M
APARTMENT HOUSE (5+ UNITS) Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RESTAURANT
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
2020
Construction
FRAME
Heating
NONE
Stories
4
Buildings
1
Units
57
Lot
1.04 ac
Current owner
From public records · entity-resolved
Connolly Lofts Associates LP
Entity
Free & Clear · 6 yrs held
Mailing address
3408 WOODLAND AVE STE #504, WEST DES MOINES, IA 50266-6505
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2019
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
Dec 9, 2019
—
Connolly Lofts Assocs
—
Deed Of Trust
related
$8,500,000 · Community St Bk
Dec 6, 2019
—
Connolly Lofts Associates LP
City/des Moines
Grant Deed
related
—
Jan 14, 2005
—
City Of Des Moines
Lucille M Irwin
Warranty Deed
—
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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