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Property profile & analytics
OFF-MARKET
Estimated value
$1,625,000
Apartment buildings
8825 Hickman Rd Urbandale, IA 50322-5303
Individually Owned
20-yr Hold
Free & Clear
Property ID
US25-0021403
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1969
Construction
FRAME
Total area
13,846 SF
Lot
8.03 ac (349,656 SF)
Zoning code
R-3
APN
312/02559-097-002
UPID
US25-0021403
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
$1.78M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.63M
Owner & transaction history
Larry C Hopfenspirger · 20 yrs held
Larry C Hopfenspirger
since 2006
4 recorded transactions
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
Auto repair, garage
$2.4M
+17.0%
Medical building
$2.3M
+13.0%
Restaurant
$2.1M
+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%
$1,925,000
6.5%
$1,775,000
7%
$1,650,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$2,040,000
Current use
AUTO REPAIR, GARAGE
$2,385,000
Change: +17% · Conversion: Difficult
MEDICAL BUILDING
$2,305,000
Change: +13% · Conversion: Moderate
RESTAURANT
$2,135,000
Change: +5% · Conversion: Difficult
Blend value · Realmo final
$1.63M
Range $1.46M – $1.79M · ±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
$117 / 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
$267,606
Tax year 2020
Assessed value
$15,600,000
Assessed 2023
Previous assessed
$15,600,000
+0.0% YoY
Effective rate
1.72%
On assessed value
Assessed land
$1,290,000
Assessed improvement
$14,310,000
Land market value
$1,290,000
Improvement market value
$14,310,000
Total market value
$15,600,000
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
1969
Construction
FRAME
Heating
CENTRAL
Cooling
YES
Buildings
10
Stories
2
Units
12
Rooms
5
Bathrooms
3
Total area
13,846 SF
Lot
8.03 ac (349,656 SF)
Zoning code
R-3
APN
312/02559-097-002
UPID
US25-0021403
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
$2.0M
AUTO REPAIR, GARAGE
Est. value
$2.4M
MEDICAL BUILDING
Est. value
$2.3M
RESTAURANT
Est. value
$2.1M
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
1969
Construction
FRAME
Heating
CENTRAL
Cooling
Yes
Stories
2
Buildings
10
Units
12
Rooms
5
Bathrooms
3
Lot
8.03 ac
Current owner
From public records · entity-resolved
Larry C Hopfenspirger
Individual
Free & Clear · 20 yrs held
Mailing address
735 LK ST E, WAYZATA, MN 55391-1712
Ownership since
2006
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 14, 2017
—
Mfr-ii Sherwood LLC
—
Grant Deed
related
$2,080,000 · Grandbridge R/e Cap
Jul 18, 2006
$6,217,500
Larry C Hopfenspirger
Infinity Sherwood Glen LLC
Warranty Deed
related
—
Jul 18, 2006
$7,700,000
Mfr-ii Sherwood LLC
Infinity Sherwood Glen LLC
Trustees Deed
related
$6,280,000 · Wells Fargo Bank
—
—
Mfr-ii Sherwood LLC
—
Deed Of Trust
related
$7,500,000 · Grandbridge Real Est Capital
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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