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Property profile & analytics
FOR LEASE
Parking lots & garages
500 E Locust St Des Moines, IA 50309
Individually Owned
9-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US25-0280214
For Lease
1 / 2
$12 SF/Yr
500 E Locust St, Des Moines, IA 50309
View Listing →
Property profile
Verified
Property type
Parking lots & garages
Use group
PARKING GARAGE, PARKING STRUCTURE
Year built
2019
Construction
STEEL FRAME
Total area
100,426 SF
Lot
0.41 ac (17,756 SF)
Zoning code
C-3
APN
020/01180-000-000
UPID
US25-0280214
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
-
Photo Booth Picture Company Photography Service Party Supply Store
-
Pitchly (Bike/Boat/Book/etc) Store Corporate Office
-
VolunteerLocal (Bike/Boat/Book/etc) Store Corporate Office
-
Neapolitan Labs Marketing & Advertising (Bike/Boat/Book/etc) Store
-
Teachout Building Hotel & Motel Resort
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$730k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$471k
Blend (final)
Blend
$600k
Owner & transaction history
We Can Build It Lc · 9 yrs held
We Can Build It Lc
since 2017
7 recorded transactions
Zoning & alternative use
C-3 · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$730,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
PARKING LOT
$625,000
Current use
Blend value · Realmo final
$600k
Range $540k – $660k · ±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
$6 / 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
$62,690
Tax year 2020
Assessed value
$1,720,000
Assessed 2023
Previous assessed
$1,720,000
+0.0% YoY
Effective rate
3.64%
On assessed value
Assessed land
$1,270,000
Assessed improvement
$450,000
Land market value
$1,270,000
Improvement market value
$450,000
Total market value
$1,720,000
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
Parking lots & garages
Use group
PARKING GARAGE, PARKING STRUCTURE
Status
For Lease
Year built
2019
Construction
STEEL FRAME
Heating
HOT WATER
Cooling
YES
Buildings
1
Stories
5
Rooms
4
Bathrooms
1
Total area
100,426 SF
Lot
0.41 ac (17,756 SF)
Zoning code
C-3
APN
020/01180-000-000
UPID
US25-0280214
Jurisdiction
POLK
Zoning & alternative use
C-3 · Des Moines, IA
Zoning C-3 · permitted uses
C-3 · 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
PARKING LOT Current
Est. value
$625,000
PARKING LOT Current
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
2019
Construction
STEEL FRAME
Heating
HOT WATER
Cooling
Yes
Stories
5
Buildings
1
Rooms
4
Bathrooms
1
Lot
0.41 ac
Current owner
From public records · entity-resolved
We Can Build It Lc
Individual
Mailing address
7249 NW 100TH ST, JOHNSTON, IA 50131-7428
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2017
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
Apr 5, 2019
—
We Can Build It Lc
—
Grant Deed
related
$1,800,000 · Iowa St Bk
Sep 17, 2018
—
Teachout Props LLC
—
Deed
related
$1,000,000 · Us Bk
Mar 21, 2017
$5,250,000
We Can Build It Lc
Bridge Des Moines Props LLC
Trustees Deed
$5,350,000 · Community St Bk
Feb 16, 2017
—
Bridge Des Moines Props LLC
—
Deed
related
$3,000,000 · Des Moines Loan LLC
Sep 27, 2016
—
Teachout Properties LLC
—
Deed
related
—
—
—
Bridge Des Moines Props LLC
—
Deed Of Trust
related
$7,700,000 · Ladder Capital Finance LLC
—
—
Bridge Des Moines Props LLC
—
Deed Of Trust
related
$3,000,000 · Des Moines Loan LLC
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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