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Property profile & analytics
OFF-MARKET
Estimated value
$3,440,000
Apartment buildings
7135 Meredith Dr Urbandale, IA 50322-1860
Individually Owned
6-yr Hold
Free & Clear
Property ID
US25-0256783
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1979
Construction
STEEL FRAME
Total area
29,788 SF
Lot
7.48 ac (325,829 SF)
Zoning code
A-2
APN
312/00001-031-002
UPID
US25-0256783
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
$3.82M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$3.44M
Owner & transaction history
Gospel Assembly Ch · 6 yrs held
Gospel Assembly Ch
since 2019
1 recorded transaction
Zoning & alternative use
A-2 · Urbandale, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
TER 158: SIGNS CHAPTER 159: SUBDIVISIONS CHAPTER 160: ZONING § 160.01 PURPOSE AND INTERPRETATION. § 160.02 DEFINITIONS. § 160.03 ESTABLISHMENT OF ZONING DISTRICTS. § 160.04 “A-1” AGRICULTURAL RESERVE DISTRICT. § 160.05 “A-2” ESTATE RESIDENTIAL DISTRICT. § 160.06 “R-1L” LOW DENSITY SINGLE-FAMILY DISTRICT. § 160.07 “R-1I” INTERMEDIATE DENSITY SINGLE-FAMILY DIS…
Zone name
Estate Residential
General category
RESIDENTIAL
Zone area
1,235.23 ac
Source
CHAPTER 160: ZONING
Top alternative use upside
Auto repair, garage
$5.1M
+17.0%
Medical building
$5.0M
+13.0%
Restaurant
$4.6M
+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 Urbandale submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Urbandale 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%
$4,140,000
6.5%
$3,820,000
7%
$3,545,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$4,385,000
Current use
AUTO REPAIR, GARAGE
$5,130,000
Change: +17% · Conversion: Difficult
MEDICAL BUILDING
$4,955,000
Change: +13% · Conversion: Moderate
RESTAURANT
$4,600,000
Change: +5% · Conversion: Difficult
Blend value · Realmo final
$3.44M
Range $3.10M – $3.78M · ±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
$115 / 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
$7,850,000
Assessed 2023
Previous assessed
$7,850,000
+0.0% YoY
Assessed land
$1,380,000
Assessed improvement
$6,470,000
Land market value
$1,380,000
Improvement market value
$6,470,000
Total market value
$7,850,000
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
1979
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
YES
Buildings
5
Stories
2
Rooms
6
Bathrooms
3
Total area
29,788 SF
Lot
7.48 ac (325,829 SF)
Zoning code
A-2
APN
312/00001-031-002
UPID
US25-0256783
Jurisdiction
POLK
Zoning & alternative use
A-2 · Urbandale, IAZoning A-2 · permitted uses
A-2 · Urbandale, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
TER 158: SIGNS CHAPTER 159: SUBDIVISIONS CHAPTER 160: ZONING § 160.01 PURPOSE AND INTERPRETATION. § 160.02 DEFINITIONS. § 160.03 ESTABLISHMENT OF ZONING DISTRICTS. § 160.04 “A-1” AGRICULTURAL RESERVE DISTRICT. § 160.05 “A-2” ESTATE RESIDENTIAL DISTRICT. § 160.06 “R-1L” LOW DENSITY SINGLE-FAMILY DISTRICT. § 160.07 “R-1I” INTERMEDIATE DENSITY SINGLE-FAMILY DISTRICT. § 160.08 “R-1S” SUBURBAN DENSITY SINGLE-FAMILY DISTRICT. § 160.09 “R-2” TOWN
Zone name
Estate Residential
General category
RESIDENTIAL
Zone area
1,235.23 ac
Source
CHAPTER 160: ZONING
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$4.4M
AUTO REPAIR, GARAGE
Est. value
$5.1M
MEDICAL BUILDING
Est. value
$5.0M
RESTAURANT
Est. value
$4.6M
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
1979
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
Yes
Stories
2
Buildings
5
Rooms
6
Bathrooms
3
Lot
7.48 ac
Current owner
From public records · entity-resolved
Gospel Assembly Ch
Individual
Free & Clear · 6 yrs held
Mailing address
7135 MEREDITH DR, URBANDALE, IA 50322-1860
Mailing matches property
Yes
Owner-occupied
Yes
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
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 31, 2019
$315,000
Gospel Assembly Ch
Olivia E Ibsen
Warranty 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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