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Property profile & analytics
OFF-MARKET
Estimated value
$1,135,000
Investment properties
535 Army Post Rd Des Moines, IA 50315-5981
Entity Owned
Free & Clear
Property ID
US25-0610712
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
1994
Construction
FRAME
Total area
8,304 SF
Lot
0.72 ac (31,500 SF)
Zoning code
C-2
APN
120/04965-202-002
UPID
US25-0610712
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
-
Phil Watson, P.C. Law Firm
-
Edward Jones - Financial Advisor: Ron Melvin, AAMS® Financial Advisor
-
Edward Jones - Financial Advisor: Kristi DeJoseph, CFP®|CRPC™ Financial Advisor
-
Edward Jones - Financial Advisor: Susan A Appler Financial Advisor
-
Boucher Dawn Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.31M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.14M
Owner & transaction history
535 Eap LLC
535 Eap LLC
since 2026
3 recorded transactions
Zoning & alternative use
C-2 · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.4M
+128.5%
Medical building
$1.4M
+120.8%
Restaurant
$1.3M
+104.8%
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%
$1,415,000
6.5%
$1,310,000
7%
$1,215,000
Alternative Use
Use
Estimation
AUTO REPAIR, GARAGE
$1,430,000
Change: +128% · Conversion: Difficult
MEDICAL BUILDING
$1,380,000
Change: +121% · Conversion: Easy
RESTAURANT
$1,280,000
Change: +105% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,225,000
Change: +95% · Conversion: Moderate
RETAIL STORES
$965,000
Change: +54% · Conversion: Easy
WAREHOUSE, STORAGE
$765,000
Change: +22% · Conversion: Difficult
Blend value · Realmo final
$1.14M
Range $1.02M – $1.25M · ±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
$137 / 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
$22,440
Tax year 2020
Assessed value
$641,000
Assessed 2023
Previous assessed
$641,000
+0.0% YoY
Effective rate
3.50%
On assessed value
Assessed land
$167,000
Assessed improvement
$474,000
Land market value
$167,000
Improvement market value
$474,000
Total market value
$641,000
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
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
1994
Construction
FRAME
Heating
CENTRAL
Cooling
YES
Buildings
1
Stories
2
Rooms
4
Bathrooms
1
Total area
8,304 SF
Lot
0.72 ac (31,500 SF)
Zoning code
C-2
APN
120/04965-202-002
UPID
US25-0610712
Jurisdiction
POLK
Zoning & alternative use
C-2 · Des Moines, IA
Zoning C-2 · permitted uses
C-2 · 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
AUTO REPAIR, GARAGE
Est. value
$1.4M
MEDICAL BUILDING
Est. value
$1.4M
RESTAURANT
Est. value
$1.3M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.2M
RETAIL STORES
Est. value
$965,000
WAREHOUSE, STORAGE
Est. value
$765,000
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
RETAIL STORES
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
1994
Construction
FRAME
Heating
CENTRAL
Cooling
Yes
Stories
2
Buildings
1
Rooms
4
Bathrooms
1
Lot
0.72 ac
Current owner
From public records · entity-resolved
535 Eap LLC
Entity
Free & Clear · 0 yrs held
Mailing address
1609 NW LINWOOD DR, ANKENY, IA 50023-1084
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 13, 2026
$796,500
535 Eap LLC
Ann Watson
Warranty Deed
—
Mar 3, 2025
—
Judith Ann Watson Revocable Trust U
Vinton Philip Watson Revocable Trus
Warranty Deed
—
Apr 8, 2024
—
Vinton Philip Watson Revocable Trus
Philip Watson Vinton
Deed
—
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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