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Property profile & analytics
OFF-MARKET
Estimated value
$640,000
Retail space
506 6th St Des Moines, IA 50309-1915
Entity Owned
9-yr Hold
~
Est. High Equity
Property ID
US25-0338514
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
2013
Construction
FRAME
Total area
7,140 SF
Lot
0.19 ac (8,400 SF)
Zoning code
C-3B
APN
040/01700-000-000
UPID
US25-0338514
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
-
CLenz Designs (Bike/Boat/Book/etc) Store
-
Shawn Palek Airbrush Artist Artist
-
Des Moines Bicycle Collective (Bike/Boat/Book/etc) Store
-
Marv's Record Shop (Bike/Boat/Book/etc) Store
-
The Evermore Hotel & Motel Resort
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$755k
Blend (final)
Blend
$640k
Owner & transaction history
Re Properties LLC · 9 yrs held
Re Properties LLC
since 2017
7 recorded transactions
Zoning & alternative use
C-3B · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$1.1M
+26.8%
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$830,000
Current use
APARTMENT HOUSE (5+ UNITS)
$1,050,000
Change: +27% · Conversion: Difficult
Blend value · Realmo final
$640k
Range $576k – $704k · ±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
$90 / 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
$18,164
Tax year 2020
Assessed value
$529,000
Assessed 2023
Previous assessed
$529,000
+0.0% YoY
Effective rate
3.43%
On assessed value
Assessed land
$185,000
Assessed improvement
$344,000
Land market value
$185,000
Improvement market value
$344,000
Total market value
$529,000
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
2013
Construction
FRAME
Heating
YES
Buildings
1
Stories
1
Rooms
7
Bathrooms
2
Total area
7,140 SF
Lot
0.19 ac (8,400 SF)
Zoning code
C-3B
APN
040/01700-000-000
UPID
US25-0338514
Jurisdiction
POLK
Zoning & alternative use
C-3B · Des Moines, IA
Zoning C-3B · permitted uses
C-3B · 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
RETAIL STORES Current
Est. value
$830,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.1M
RETAIL STORES Current
APARTMENT HOUSE (5+ UNITS)
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
2013
Construction
FRAME
Heating
YES
Stories
1
Buildings
1
Rooms
7
Bathrooms
2
Lot
0.19 ac
Current owner
From public records · entity-resolved
Re Properties LLC
Entity
Mailing address
512 12TH E GRAND AVE, DES MOINES, IA 50309-1971
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
May 1, 2017
$500,000
Re Properties LLC
Bassman,kathryn R
Warranty Deed
$610,000 · Visionbank Of Ia
Apr 20, 2017
—
Kathryn Bassman
Bassman,jerome
Affidavit Of Death
related
—
Feb 19, 2016
—
Jerome Bassman
Bassman,jerry
Quit Claim Deed
related
—
Aug 20, 2013
$260,000
Jerry Bassman
Pauls Paint & Body Shop Co In
Warranty Deed
$200,000 · Two Rivers Bank & Trust
Jul 11, 2012
$260,000
Jerry Bassman
Pauls Paint & Body Shop Co In
Dual Purpose Document
$230,000 · Paul's Paint & Body INC
—
—
Pauls Paint & Body INC
—
Deed Of Trust
related
—
—
—
Jerome T Bassman
—
Loan Modification
related
$385,000 · 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.
Try Rey
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