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Property profile & analytics
OFF-MARKET
Estimated value
$1,090,000
Turn key restaurants
506 Grand Ave Des Moines, IA 50309-1922
Entity Owned
19-yr Hold
Absentee Owner
Free & Clear
Property ID
US25-2543299
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
2007
Construction
FRAME
Total area
7,608 SF
Lot
0.4 ac (17,275 SF)
Zoning code
C-3B
APN
040/01957-001-001
UPID
US25-2543299
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
-
LibertyX Bitcoin ATM Atm
-
Quinton's Bar & Deli Bar & Pub Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.14M
Blend (final)
Blend
$1.09M
Owner & transaction history
Re Properties LLC · 19 yrs held
Re Properties LLC
since 2006
7 recorded transactions
Zoning & alternative use
C-3B · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.3M
+14.4%
Auto repair, garage
$1.3M
+11.6%
Medical building
$1.3M
+7.8%
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
RESTAURANT
$1,175,000
Current use
COMMERCIAL (GENERAL)
$1,345,000
Change: +14% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,310,000
Change: +12% · Conversion: Difficult
MEDICAL BUILDING
$1,265,000
Change: +8% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,120,000
Change: -5% · Conversion: Difficult
Blend value · Realmo final
$1.09M
Range $981k – $1.20M · ±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
$143 / 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
$57,872
Tax year 2020
Assessed value
$1,180,000
Assessed 2023
Previous assessed
$1,180,000
+0.0% YoY
Effective rate
4.90%
On assessed value
Assessed land
$380,000
Assessed improvement
$800,000
Land market value
$380,000
Improvement market value
$800,000
Total market value
$1,180,000
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
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
2007
Construction
FRAME
Heating
FORCED AIR
Buildings
2
Stories
2
Total area
7,608 SF
Lot
0.4 ac (17,275 SF)
Zoning code
C-3B
APN
040/01957-001-001
UPID
US25-2543299
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
RESTAURANT Current
Est. value
$1.2M
COMMERCIAL (GENERAL)
Est. value
$1.3M
AUTO REPAIR, GARAGE
Est. value
$1.3M
MEDICAL BUILDING
Est. value
$1.3M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.1M
RESTAURANT Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
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
2007
Construction
FRAME
Heating
FORCED AIR
Stories
2
Buildings
2
Lot
0.4 ac
Current owner
From public records · entity-resolved
Re Properties LLC
Entity
Free & Clear · 19 yrs held
Mailing address
512 12TH E GRAND AVE STE #203, DES MOINES, IA 50309-1971
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
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 8, 2016
—
R E Properties LLC
—
Deed
related
$4,150,000 · Visionbank Of Ia
May 25, 2007
—
Re Properties LLC
—
Grant Deed
related
$2,600,000 · Visionbank Of Ia
Nov 3, 2006
$355,000
Re Properties LLC
Broadway Partners INC
Warranty Deed
—
May 5, 2006
—
Re Properties LLC
—
Trustees Deed
related
$458,000 · Bank Of The West
Dec 7, 2004
$240,000
Broadway Partners INC
Easley Larry C Trust
Grant Deed
$192,000 · Iowa State Bank
—
—
R E Properties LLC
—
Loan Modification
related
$4,150,000 · Visionbank Of Ia
—
—
Re Properties LLC
—
Deed Of Trust
related
$400,000 · Visionbank Of Iowa
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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