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Property profile & analytics
OFF-MARKET
Estimated value
$8,625,000
Warehouses
4340 121st St Urbandale, IA 50323-2301
Entity Owned
6-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US25-0182358
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2007
Construction
STEEL FRAME
Total area
118,000 SF
Lot
8.62 ac (375,444 SF)
Zoning code
PUD
APN
312/00678-018-004
UPID
US25-0182358
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
by Request
CAP Approach
CAP
$8.53M
Comparable Approach
Comparable
$11.82M
Blend (final)
Blend
$8.63M
Owner & transaction history
Mbp IV & V LLC · 6 yrs held
Mbp IV & V LLC
since 2019
4 recorded transactions
Zoning & alternative use
PUD · Urbandale, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
T. § 160.21 “FW” FLOODWAY (OVERLAY) DISTRICT. § 160.22 “FF” FLOODWAY FRINGE (OVERLAY) DISTRICT. § 160.22.1 “GF” GENERAL FLOODPLAIN (OVERLAY) DISTRICT. § 160.23 ADMINISTRATION OF FLOODPLAIN MANAGEMENT DISTRICT. § 160.24 “P.U.D.” PLANNED UNIT DEVELOPMENT DISTRICT. § 160.25 GENERAL REGULATIONS FOR LAND AND STRUCTURES. § 160.26 GENERAL USE RESTRICTIONS AND RULES…
Zone name
Planned Unit Development
General category
PLANNED_DEVELOPMENT
Zone area
3,693.79 ac
Source
CHAPTER 160: ZONING
Top alternative use upside
Retail stores
$13.7M
+26.4%
Commercial (general)
$12.1M
+11.7%
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 Urbandale submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Urbandale 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%
$9,240,000
6.5%
$8,525,000
7%
$7,920,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$10,845,000
Current use
RETAIL STORES
$13,705,000
Change: +26% · Conversion: Moderate
COMMERCIAL (GENERAL)
$12,115,000
Change: +12% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$9,440,000
Change: -13% · Conversion: Moderate
Blend value · Realmo final
$8.63M
Range $7.76M – $9.49M · ±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
$73 / 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
$341,642
Tax year 2023
Assessed value
$9,560,000
Assessed 2024
Previous assessed
$9,560,000
+0.0% YoY
Effective rate
3.57%
On assessed value
Assessed land
$1,250,000
Assessed improvement
$8,310,000
Land market value
$1,250,000
Improvement market value
$8,310,000
Total market value
$9,560,000
Applied tax rate
12.0000
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
WAREHOUSE, STORAGE
Status
Off-Market
Year built
2007
Construction
STEEL FRAME
Heating
NONE
Buildings
1
Stories
1
Total area
118,000 SF
Lot
8.62 ac (375,444 SF)
Zoning code
PUD
APN
312/00678-018-004
UPID
US25-0182358
Jurisdiction
POLK
Zoning & alternative use
PUD · Urbandale, IAZoning PUD · permitted uses
PUD · Urbandale, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
T. § 160.21 “FW” FLOODWAY (OVERLAY) DISTRICT. § 160.22 “FF” FLOODWAY FRINGE (OVERLAY) DISTRICT. § 160.22.1 “GF” GENERAL FLOODPLAIN (OVERLAY) DISTRICT. § 160.23 ADMINISTRATION OF FLOODPLAIN MANAGEMENT DISTRICT. § 160.24 “P.U.D.” PLANNED UNIT DEVELOPMENT DISTRICT. § 160.25 GENERAL REGULATIONS FOR LAND AND STRUCTURES. § 160.26 GENERAL USE RESTRICTIONS AND RULES OF INTERPRETATION. § 160.27 BUFFER YARDS. § 160.28 REQUIRED OPEN SPACE AND LANDSCAPI
Zone name
Planned Unit Development
General category
PLANNED_DEVELOPMENT
Zone area
3,693.79 ac
Source
CHAPTER 160: ZONING
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$10.8M
RETAIL STORES
Est. value
$13.7M
COMMERCIAL (GENERAL)
Est. value
$12.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$9.4M
WAREHOUSE, STORAGE Current
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
2007
Construction
STEEL FRAME
Heating
NONE
Stories
1
Buildings
1
Lot
8.62 ac
Current owner
From public records · entity-resolved
Mbp IV & V LLC
Entity
Mailing address
1080 JORDAN CRK PKWY STE 200N, WEST DES MOINES, IA 50266-6011
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 4, 2019
—
Mbp IV & V LLC
—
Deed
related
$12,200,000 · Miscellaneous Ins Co
Oct 16, 2019
—
Mbp IV & V LLC
Mbp IV & V LLC
Quit Claim Deed
related
—
Jan 19, 2012
—
Mbp IV & V LLC
Paragon South LLC
Warranty Deed
related
$9,000,000 · Thrivent Financial For Luthera
—
—
Mbp IV & V LLC
—
Deed Of Trust
related
$12,200,000 · Miscellaneous Ins Co
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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