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Property profile & analytics
OFF-MARKET
Estimated value
$1,255,000
Warehouses
622 5th St Des Moines, IA 50309-5202
Entity Owned
4-yr Hold
Absentee Owner
Free & Clear
Property ID
US25-0411534
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2002
Construction
STEEL FRAME
Total area
9,760 SF
Lot
0.85 ac (37,200 SF)
Zoning code
M-1
APN
040/01452-002-000
UPID
US25-0411534
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
$1.19M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.31M
Blend (final)
Blend
$1.26M
Owner & transaction history
622 Se P St LLC · 4 yrs held
622 Se P St LLC
since 2022
Last sale
$1.3M
6 recorded transactions
Zoning & alternative use
M-1 · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.7M
+92.1%
Auto repair, garage
$1.7M
+87.4%
Medical building
$1.6M
+81.1%
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
$1,175,000
ML approach
$1,185,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$895,000
Current use
COMMERCIAL (GENERAL)
$1,725,000
Change: +92% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,680,000
Change: +87% · Conversion: Easy
MEDICAL BUILDING
$1,625,000
Change: +81% · Conversion: Difficult
RESTAURANT
$1,505,000
Change: +68% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,435,000
Change: +60% · Conversion: Difficult
RETAIL STORES
$1,135,000
Change: +26% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$780,000
Change: -13% · Conversion: Moderate
Blend value · Realmo final
$1.26M
Range $1.13M – $1.38M · ±10% · vs last sale $1.30M (May 12 2022)
Last sale anchor
$1.30M
May 12 2022
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
$129 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$36,188
Tax year 2023
Assessed value
$1,020,000
Assessed 2024
Previous assessed
$1,020,000
+0.0% YoY
Effective rate
3.55%
On assessed value
Assessed land
$164,000
Assessed improvement
$856,000
Land market value
$164,000
Improvement market value
$856,000
Total market value
$1,020,000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
2002
Construction
STEEL FRAME
Heating
YES
Cooling
YES
Buildings
1
Stories
1
Total area
9,760 SF
Lot
0.85 ac (37,200 SF)
Zoning code
M-1
APN
040/01452-002-000
UPID
US25-0411534
Jurisdiction
POLK
Zoning & alternative use
M-1 · Des Moines, IAZoning M-1 · permitted uses
M-1 · Des Moines, IA
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
WAREHOUSE, STORAGE Current
Est. value
$895,000
COMMERCIAL (GENERAL)
Est. value
$1.7M
AUTO REPAIR, GARAGE
Est. value
$1.7M
MEDICAL BUILDING
Est. value
$1.6M
RESTAURANT
Est. value
$1.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.4M
RETAIL STORES
Est. value
$1.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$780,000
WAREHOUSE, STORAGE Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
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
2002
Construction
STEEL FRAME
Heating
YES
Cooling
Yes
Stories
1
Buildings
1
Lot
0.85 ac
Current owner
From public records · entity-resolved
622 Se P St LLC
Entity
Free & Clear · 4 yrs held
Mailing address
215 E 3RD ST STE #200, DES MOINES, IA 50309-9610
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 12, 2022
$1,300,000
622 Se P St LLC
B & B Meyer LLC
Warranty Deed
—
May 11, 2022
—
622 Se 5th St LLC
—
Deed
related
$1,040,000 · Fortress Bank
Aug 31, 2018
$960,000
B & B Meyer LLC
Dawson Hldgs LLC
Warranty Deed
$760,000 · Cbi & Tr Bk
Dec 7, 2017
—
Dawson Holdings LLC
—
Deed
related
$480,000 · Great Southern Bank
Aug 15, 2017
$600,000
Dawson Holdings LLC
Mrb Holdings Lc
Warranty Deed
related
$480,000 · Great Sthrn Bk
Sep 12, 2011
—
Mrb Holdings Lc
Scott Street Ents Lc
Warranty Deed
$290,000 · American Trust & Savings Bank
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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