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Property profile & analytics
OFF-MARKET
Estimated value
$2,865,000
Warehouses
4601 121st St Urbandale, IA 50323-2311
Entity Owned
20-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US25-0180631
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2000
Construction
STEEL FRAME
Total area
40,218 SF
Lot
7.92 ac (345,125 SF)
Zoning code
PUD
APN
312/00678-401-000
UPID
US25-0180631
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
$2.91M
Comparable Approach
Comparable
$2.77M
Blend (final)
Blend
$2.87M
Owner & transaction history
Paragon North LLC · 20 yrs held
Paragon North LLC
since 2006
5 recorded transactions
Zoning & alternative use
PUD · Urbandale, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$4.7M
+26.4%
Commercial (general)
$4.1M
+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%
$3,150,000
6.5%
$2,905,000
7%
$2,700,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$3,695,000
Current use
RETAIL STORES
$4,670,000
Change: +26% · Conversion: Moderate
COMMERCIAL (GENERAL)
$4,130,000
Change: +12% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$3,215,000
Change: -13% · Conversion: Moderate
Blend value · Realmo final
$2.87M
Range $2.58M – $3.15M · ±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
$71 / 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
$172,386
Tax year 2023
Assessed value
$4,830,000
Assessed 2024
Previous assessed
$4,830,000
+0.0% YoY
Effective rate
3.57%
On assessed value
Assessed land
$1,190,000
Assessed improvement
$3,640,000
Land market value
$1,190,000
Improvement market value
$3,640,000
Total market value
$4,830,000
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
2000
Construction
STEEL FRAME
Heating
YES
Cooling
YES
Buildings
1
Stories
1
Total area
40,218 SF
Lot
7.92 ac (345,125 SF)
Zoning code
PUD
APN
312/00678-401-000
UPID
US25-0180631
Jurisdiction
POLK
Zoning & alternative use
PUD · Urbandale, IA
Zoning PUD · permitted uses
PUD · Urbandale, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Urbandale. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$3.7M
RETAIL STORES
Est. value
$4.7M
COMMERCIAL (GENERAL)
Est. value
$4.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.2M
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
2000
Construction
STEEL FRAME
Heating
YES
Cooling
Yes
Stories
1
Buildings
1
Lot
7.92 ac
Current owner
From public records · entity-resolved
Paragon North LLC
Entity
Mailing address
4701 121ST ST, URBANDALE, IA 50323-2316
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2006
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 24, 2025
—
Meredith West LLC
—
Deed
related
$6,000,000 · Bankers Trust Company NA
Jun 7, 2016
—
Meredith West LLC
—
Deed
related
$10,123,287 · Great Wstrn Bk
Jan 23, 2006
—
Paragon North LLC
R & R Real Estate Investors LLC
Warranty Deed
related
—
—
—
Meredith West LLC
—
Deed Of Trust
related
$10,123,287 · Great Wstrn Bk
—
—
Meredith West II LLC
—
Deed Of Trust
related
$3,375,000 · Two Rivers Bank & Trust
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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