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Property profile & analytics
OFF-MARKET
Estimated value
$515,000
Turn key restaurants
511 32nd St Fort Dodge, IA 50501-6411
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US25-1164493
Property summary
AI-generated overview
This exceptional investment opportunity presents a single-tenant, 5,342 square foot restaurant located at 511 South 32nd Street, Fort Dodge, Iowa. The property boasts a strong 7.25% cap rate, generating a net operating income (NOI) of $157,812. Secured by an absolute NNN lease with a prominent, growing restaurant operator, the lease has approximately 8 years remaining on a 20.3-year term, expiring October 31, 2032. The lease commenced August 1, 2012, and includes annual rent increases. Situated on a 1.83-acre lot, this single-story, 2012-built structure is zoned for commercial use and features a membrane roof. The property's asking price is $2,176,717, translating to $445.53 per square foot. Annual property taxes are $31,688. This is a stabilized investment with 100% occupancy, offering a secure and lucrative return for the discerning investor. The property's location in Fort Dodge, Webster County, Iowa (zip code 50501) provides excellent access and visibility.
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
2012
Total area
5,342 SF
Lot
1.83 ac (79,715 SF)
APN
728227033
UPID
US25-1164493
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
-
Perkins Restaurant & Bakery Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$385k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$648k
Blend (final)
Blend
$515k
Owner & transaction history
Slx Investments LLC · 8 yrs held
Slx Investments LLC
since 2017
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$455,000
+2.0%
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 Fort Dodge submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Fort Dodge 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
$385,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$445,000
Current use
COMMERCIAL (GENERAL)
$455,000
Change: +2% · Conversion: Easy
OFFICE BUILDING
$430,000
Change: -4% · Conversion: Moderate
MEDICAL BUILDING
$390,000
Change: -13% · Conversion: Difficult
WAREHOUSE, STORAGE
$385,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$515k
Range $464k – $567k · ±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
$96 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$40,506
Tax year 2022
Assessed value
$1,294,740
Assessed 2023
Previous assessed
$1,064,610
+21.6% YoY
Effective rate
3.13%
On assessed value
Assessed land
$176,880
Assessed improvement
$1,117,860
Land market value
$176,880
Improvement market value
$1,117,860
Total market value
$1,294,740
Applied tax rate
1,000.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
2012
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Total area
5,342 SF
Lot
1.83 ac (79,715 SF)
APN
728227033
UPID
US25-1164493
Jurisdiction
WEBSTER
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT Current
Est. value
$445,000
COMMERCIAL (GENERAL)
Est. value
$455,000
OFFICE BUILDING
Est. value
$430,000
MEDICAL BUILDING
Est. value
$390,000
WAREHOUSE, STORAGE
Est. value
$385,000
RESTAURANT Current
COMMERCIAL (GENERAL)
OFFICE BUILDING
MEDICAL BUILDING
WAREHOUSE, STORAGE
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
2012
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
1.83 ac
Current owner
From public records · entity-resolved
Slx Investments LLC
Entity
Mailing address
PO BOX 736, MARION, IA 52302-0736
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
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 6, 2017
$2,000,000
Slx Investments LLC
Centiva Holdings LLC
Warranty Deed
$1,600,000 · Linn Area Cu
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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