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Property profile & analytics
OFF-MARKET
Apartment buildings
602 Van Dorn St Polk City, IA 50226-2068
Entity Owned
7-yr Hold
Property ID
US25-0329677
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1987
Construction
FRAME
Total area
3,901 SF
Lot
4.8 ac (208,914 SF)
Zoning code
R-3
APN
261/00047-001-000
UPID
US25-0329677
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Lake Park Enterprises LLC · 7 yrs held
Lake Park Enterprises LLC
since 2019
2 recorded transactions
Zoning & alternative use
R-3 · Polk City, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
E. R-3 Multiple-Family Residential District. The R-3 District is intended to provide for redevelopment of higher-density residential areas now developed with one-family, two-family, multiple-family dwellings, and condominiums and for development of areas where similar residential development seems likely to occur.
Zone name
Multiple Family Residential District
General category
RESIDENTIAL
Zone area
40.54 ac
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 Polk City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Polk City 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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
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
$31,248
Tax year 2020
Assessed value
$1,340,000
Assessed 2023
Previous assessed
$1,340,000
+0.0% YoY
Effective rate
2.33%
On assessed value
Assessed land
$422,000
Assessed improvement
$918,000
Land market value
$422,000
Improvement market value
$918,000
Total market value
$1,340,000
Applied tax rate
7.0000
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
1987
Construction
FRAME
Heating
CENTRAL
Cooling
YES
Buildings
6
Stories
1
Units
6
Total area
3,901 SF
Lot
4.8 ac (208,914 SF)
Zoning code
R-3
APN
261/00047-001-000
UPID
US25-0329677
Jurisdiction
POLK
Zoning & alternative use
R-3 · Polk City, IAZoning R-3 · permitted uses
R-3 · Polk City, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
E. R-3 Multiple-Family Residential District. The R-3 District is intended to provide for redevelopment of higher-density residential areas now developed with one-family, two-family, multiple-family dwellings, and condominiums and for development of areas where similar residential development seems likely to occur.
Zone name
Multiple Family Residential District
General category
RESIDENTIAL
Zone area
40.54 ac
Building & site characteristics
From public records
Year built
1987
Construction
FRAME
Heating
CENTRAL
Cooling
Yes
Stories
1
Buildings
6
Units
6
Lot
4.8 ac
Current owner
From public records · entity-resolved
Lake Park Enterprises LLC
Entity
Mailing address
1909 SYCAMORE ST, GRANGER, IA 50109-9733
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 17, 2019
$550,000
Lake Park Enterprises LLC
Lake Park Apartments
Warranty Deed
$330,000 · Raccoon Valley Bank
Jan 28, 2019
—
Lake Pk Apts
North Polk Cmnty Sch District
Quit Claim Deed
related
—
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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