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Property profile & analytics
OFF-MARKET
Estimated value
$730,000
Turn key restaurants
900 Mulberry St 1 Des Moines, IA 50309-3645
Entity Owned
10-yr Hold
Absentee Owner
Free & Clear
Property ID
US25-1191654
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
2014
Construction
STEEL FRAME
Total area
6,166 SF
Lot
0.2 ac (8,733 SF)
Zoning code
C-3
APN
020/00963-001-000
UPID
US25-1191654
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
-
Malo Restaurant
-
INVISION planning | architecture | interiors Architect
-
Your Career Plans Counselor
-
Iowa Circus Arts High School
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$678k
Blend (final)
Blend
$730k
Owner & transaction history
MILLANG PROPERTIES LLC
MILLANG PROPERTIES LLC
Zoning & alternative use
C-3 · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.1M
+14.4%
Auto repair, garage
$1.1M
+11.6%
Medical building
$1.0M
+7.8%
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 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
RESTAURANT
$950,000
Current use
COMMERCIAL (GENERAL)
$1,090,000
Change: +14% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,060,000
Change: +12% · Conversion: Difficult
MEDICAL BUILDING
$1,025,000
Change: +8% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$910,000
Change: -5% · Conversion: Difficult
Blend value · Realmo final
$730k
Range $657k – $803k · ±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
$118 / 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
$32,826
Tax year 2020
Assessed value
$702,000
Assessed 2023
Previous assessed
$702,000
+0.0% YoY
Effective rate
4.68%
On assessed value
Assessed land
$288,000
Assessed improvement
$414,000
Land market value
$288,000
Improvement market value
$414,000
Total market value
$702,000
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
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
2014
Construction
STEEL FRAME
Heating
NONE
Buildings
1
Stories
1
Total area
6,166 SF
Lot
0.2 ac (8,733 SF)
Zoning code
C-3
APN
020/00963-001-000
UPID
US25-1191654
Jurisdiction
POLK
Zoning & alternative use
C-3 · Des Moines, IA
Zoning C-3 · permitted uses
C-3 · 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
RESTAURANT Current
Est. value
$950,000
COMMERCIAL (GENERAL)
Est. value
$1.1M
AUTO REPAIR, GARAGE
Est. value
$1.1M
MEDICAL BUILDING
Est. value
$1.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$910,000
RESTAURANT Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
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
2014
Construction
STEEL FRAME
Heating
NONE
Stories
1
Buildings
1
Lot
0.2 ac
Current owner
From public records · entity-resolved
MILLANG PROPERTIES LLC
Entity
Free & Clear · 0 yrs held
Mailing address
6900 WESTOWN PKWY, WEST DES MOINES, IA 50266-2520
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.
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