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Property profile & analytics
OFF-MARKET
Estimated value
$3,215,000
Apartment buildings
5528 Meredith Dr Des Moines, IA 50310-1454
Entity Owned
13-yr Hold
Absentee Owner
Property ID
US25-0024369
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1986
Construction
FRAME
Total area
26,571 SF
Lot
14.2 ac (618,683 SF)
Zoning code
R-3
APN
100/13383-002-007
UPID
US25-0024369
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
-
Westchester Square Apartments Real Estate Agency
-
Village at Westchester Apartment Building Apartment Complex
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$3.41M
Comparable Approach
Comparable
$2.09M
Blend (final)
Blend
$3.22M
Owner & transaction history
Mfr-iii Square LLC · 13 yrs held
Mfr-iii Square LLC
since 2013
3 recorded transactions
Zoning & alternative use
R-3 · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$4.6M
+17.0%
Medical building
$4.4M
+13.0%
Restaurant
$4.1M
+4.8%
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%
$3,690,000
6.5%
$3,405,000
7%
$3,165,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$3,910,000
Current use
AUTO REPAIR, GARAGE
$4,575,000
Change: +17% · Conversion: Difficult
MEDICAL BUILDING
$4,420,000
Change: +13% · Conversion: Moderate
RESTAURANT
$4,100,000
Change: +5% · Conversion: Difficult
Blend value · Realmo final
$3.22M
Range $2.89M – $3.54M · ±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
$121 / 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
$329,258
Tax year 2020
Assessed value
$14,800,000
Assessed 2023
Previous assessed
$14,800,000
+0.0% YoY
Effective rate
2.22%
On assessed value
Assessed land
$1,960,000
Assessed improvement
$12,840,000
Land market value
$1,960,000
Improvement market value
$12,840,000
Total market value
$14,800,000
Applied tax rate
13.0000
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1986
Construction
FRAME
Heating
CENTRAL
Cooling
YES
Buildings
8
Stories
3
Units
24
Rooms
6
Bathrooms
2
Total area
26,571 SF
Lot
14.2 ac (618,683 SF)
Zoning code
R-3
APN
100/13383-002-007
UPID
US25-0024369
Jurisdiction
POLK
Zoning & alternative use
R-3 · Des Moines, IA
Zoning R-3 · permitted uses
R-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
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$3.9M
AUTO REPAIR, GARAGE
Est. value
$4.6M
MEDICAL BUILDING
Est. value
$4.4M
RESTAURANT
Est. value
$4.1M
APARTMENT HOUSE (5+ UNITS) Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RESTAURANT
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
1986
Construction
FRAME
Heating
CENTRAL
Cooling
Yes
Stories
3
Buildings
8
Units
24
Rooms
6
Bathrooms
2
Lot
14.2 ac
Current owner
From public records · entity-resolved
Mfr-iii Square LLC
Entity
Mailing address
735 LK ST E, WAYZATA, MN 55391-1712
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2013
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 24, 2013
—
Mfr-iii Square LLC
Mfr Partners III LLC
Quit Claim Deed
related
$8,050,000 · Grandbridge Real Est Capital
Jan 10, 2007
$386,600
Mfr Partners III LLC
Westchester Sq Des Moines Asso
Grant Deed
—
—
—
Mfr-iii Square LLC
—
Deed Of Trust
related
$1,900,000 · Grandbridge R/e Cap
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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