Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$2,500,000
Apartment buildings
8602 Carole Cir Urbandale, IA 50322-4351
Entity Owned
22-yr Hold
Free & Clear
Property ID
US25-2568589
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1967
Construction
FRAME
Total area
25,650 SF
Lot
3.24 ac (141,004 SF)
Zoning code
R-3
APN
312/03261-002-000
UPID
US25-2568589
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
$3.29M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.50M
Owner & transaction history
Fleur Properties Lc · 22 yrs held
Fleur Properties Lc
since 2004
1 recorded transaction
Zoning & alternative use
R-3 · Urbandale, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
6 “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” TOWNHOUSE RESIDENTIAL DISTRICT. § 160.10 “R-3” LOW DENSITY MULTI-FAMILY DISTRICT. § 160.11 “R-4” MEDIUM DENSITY MULTI-FAMILY DISTRICT. § 160.12 “O-R” TRANSITIONAL OFFICE/RESIDENTIAL…
Zone name
Low Density Multifamily
General category
COMMERCIAL
Zone area
68.87 ac
Source
CHAPTER 160: ZONING
Top alternative use upside
Restaurant
$4.0M
+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%
$3,565,000
6.5%
$3,290,000
7%
$3,055,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$3,775,000
Current use
RESTAURANT
$3,960,000
Change: +5% · Conversion: Difficult
Blend value · Realmo final
$2.50M
Range $2.25M – $2.75M · ±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
$97 / 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
$96,288
Tax year 2020
Assessed value
$4,920,000
Assessed 2023
Previous assessed
$4,920,000
+0.0% YoY
Effective rate
1.96%
On assessed value
Assessed land
$522,000
Assessed improvement
$4,398,000
Land market value
$522,000
Improvement market value
$4,398,000
Total market value
$4,920,000
Applied tax rate
20.0000
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
1967
Construction
FRAME
Heating
CENTRAL
Cooling
YES
Buildings
3
Stories
3
Units
24
Total area
25,650 SF
Lot
3.24 ac (141,004 SF)
Zoning code
R-3
APN
312/03261-002-000
UPID
US25-2568589
Jurisdiction
POLK
Zoning & alternative use
R-3 · Urbandale, IAZoning R-3 · permitted uses
R-3 · Urbandale, IA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
6 “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” TOWNHOUSE RESIDENTIAL DISTRICT. § 160.10 “R-3” LOW DENSITY MULTI-FAMILY DISTRICT. § 160.11 “R-4” MEDIUM DENSITY MULTI-FAMILY DISTRICT. § 160.12 “O-R” TRANSITIONAL OFFICE/RESIDENTIAL DISTRICT. § 160.13 “C-O” OFFICE/SERVICE DISTRICT. § 160.14 “C-N” NEIGHBORHOOD CONVE
Zone name
Low Density Multifamily
General category
COMMERCIAL
Zone area
68.87 ac
Source
CHAPTER 160: ZONING
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$3.8M
RESTAURANT
Est. value
$4.0M
APARTMENT HOUSE (5+ UNITS) Current
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
1967
Construction
FRAME
Heating
CENTRAL
Cooling
Yes
Stories
3
Buildings
3
Units
24
Lot
3.24 ac
Current owner
From public records · entity-resolved
Fleur Properties Lc
Entity
Free & Clear · 22 yrs held
Mailing address
3721 SW 61ST ST STE A, DES MOINES, IA 50321-2418
Ownership since
2004
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
Jul 22, 2004
$565,000
Fleur Properties Lc
Lakeview Real Estate Co LLC
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
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 8602 Carole Cir?
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.
