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Property profile & analytics
OFF-MARKET
Estimated value
$17,490,000
Apartment buildings
660 5th St Des Moines, IA 50309-5469
Entity Owned
3-yr Hold
Property ID
US25-0050212
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (100+ UNITS)
Year built
2015
Construction
CONCRETE
Total area
123,337 SF
Lot
2.52 ac (109,728 SF)
APN
040/03804-009-002
UPID
US25-0050212
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
-
The Lyon Apartments Apartment Complex
-
Pura Cocktail Bar & Lounge Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$15.82M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$17.49M
Owner & transaction history
Vareco 660 E 5th LLC · 3 yrs held
Vareco 660 E 5th LLC
since 2022
Last sale
$18.7M
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$21.8M
+19.9%
Auto repair, garage
$21.2M
+17.0%
Medical building
$20.5M
+13.0%
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 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
$16,855,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$17,135,000
6.5%
$15,815,000
7%
$14,685,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$18,160,000
Current use
COMMERCIAL (GENERAL)
$21,775,000
Change: +20% · Conversion: Moderate
AUTO REPAIR, GARAGE
$21,235,000
Change: +17% · Conversion: Difficult
MEDICAL BUILDING
$20,525,000
Change: +13% · Conversion: Moderate
RESTAURANT
$19,035,000
Change: +5% · Conversion: Difficult
Blend value · Realmo final
$17.49M
Range $15.74M – $19.24M · ±10% · vs last sale $18.65M (Oct 18 2022)
Last sale anchor
$18.65M
Oct 18 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
$142 / 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
Assessed value
$575,000
Assessed 2023
Previous assessed
$575,000
+0.0% YoY
Assessed land
$18,320
Assessed improvement
$556,680
Land market value
$18,320
Improvement market value
$556,680
Total market value
$575,000
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 (100+ UNITS)
Status
Off-Market
Year built
2015
Construction
CONCRETE
Buildings
2
Stories
13
Units
120
Total area
123,337 SF
Lot
2.52 ac (109,728 SF)
APN
040/03804-009-002
UPID
US25-0050212
Jurisdiction
POLK
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
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$18.2M
COMMERCIAL (GENERAL)
Est. value
$21.8M
AUTO REPAIR, GARAGE
Est. value
$21.2M
MEDICAL BUILDING
Est. value
$20.5M
RESTAURANT
Est. value
$19.0M
APARTMENT HOUSE (5+ UNITS) Current
COMMERCIAL (GENERAL)
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
2015
Construction
CONCRETE
Stories
13
Buildings
2
Units
120
Lot
2.52 ac
Current owner
From public records · entity-resolved
Vareco 660 E 5th LLC
Entity
Mailing address
2243 CURTIS ST, DENVER, CO 80205-2520
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
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 18, 2022
$18,650,000
Vareco 660 E 5th LLC
Troy J Strawhecker
Warranty Deed
$12,612,000 · Jll Real Estate Capital LLC
Mar 31, 2022
—
Paragon Investments LLC
East Village Tower Partners LLC
Correction Deed
related
—
Dec 23, 2021
—
Paragon Investments LLC
East Village Tower Partners LLC
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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