Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$2,585,000
Medical Office Space
840 University Ave Des Moines, IA 50316-2304
Entity Owned
22-yr Hold
Absentee Owner
Free & Clear
Property ID
US25-0173456
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2015
Construction
STEEL FRAME
Total area
22,252 SF
Lot
1.71 ac (74,444 SF)
Zoning code
C-0
APN
110/01206-003-000
UPID
US25-0173456
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
-
Dan J. Harkness, PhD Physician Medical Clinic
-
Karen Reinecke, Physician Medical Clinic
-
East Des Moines Family Care Center Medical Clinic
-
Joshua J. Rehmann, DO Physician
-
Morgan Herring, PharmD Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.59M
Owner & transaction history
IOWA LUTHERAN HOSPITAL
IOWA LUTHERAN HOSPITAL
Zoning & alternative use
C-0 · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$3.8M
+3.5%
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$3,705,000
Current use
AUTO REPAIR, GARAGE
$3,830,000
Change: +3% · Conversion: Difficult
RESTAURANT
$3,435,000
Change: -7% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$3,275,000
Change: -12% · Conversion: Moderate
Blend value · Realmo final
$2.59M
Range $2.33M – $2.84M · ±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
$116 / 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
$126,022
Tax year 2020
Assessed value
$3,760,000
Assessed 2023
Previous assessed
$3,760,000
+0.0% YoY
Effective rate
3.35%
On assessed value
Assessed land
$327,290
Assessed improvement
$3,432,710
Land market value
$327,290
Improvement market value
$3,432,710
Total market value
$3,760,000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
2015
Construction
STEEL FRAME
Heating
CENTRAL
Cooling
YES
Buildings
2
Stories
1
Total area
22,252 SF
Lot
1.71 ac (74,444 SF)
Zoning code
C-0
APN
110/01206-003-000
UPID
US25-0173456
Jurisdiction
POLK
Zoning & alternative use
C-0 · Des Moines, IA
Zoning C-0 · permitted uses
C-0 · 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
MEDICAL BUILDING Current
Est. value
$3.7M
AUTO REPAIR, GARAGE
Est. value
$3.8M
RESTAURANT
Est. value
$3.4M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.3M
MEDICAL BUILDING Current
AUTO REPAIR, GARAGE
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
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
STEEL FRAME
Heating
CENTRAL
Cooling
Yes
Stories
1
Buildings
2
Lot
1.71 ac
Current owner
From public records · entity-resolved
IOWA LUTHERAN HOSPITAL
Individual
Free & Clear · 0 yrs held
Mailing address
700 E UNIVERSITY AVE, DES MOINES, IA 50316-2302
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 840 University Ave?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
