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Property profile & analytics
OFF-MARKET
Estimated value
$10,795,000
Apartment buildings
902 1st St Ankeny, IA 50021-2111
Entity Owned
5-yr Hold
Absentee Owner
Free & Clear
Property ID
US25-2282278
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
2015
Construction
FRAME
Total area
98,020 SF
Lot
4.79 ac (208,870 SF)
APN
181/00807-800-001
UPID
US25-2282278
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
-
Lakeshore Swimming Pool Swimming Pool Hardware & Home Improvement
-
Lake Shore Apartments Apartment Complex Apartment Building
-
Community Pool at Lakeshore Swimming Pool Hardware & Home Improvement
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$8.98M
CAP Approach
CAP
$11.70M
Comparable Approach
Comparable
$13.30M
Blend (final)
Blend
$10.80M
Owner & transaction history
Lake Shr Owner LLC · 5 yrs held
Lake Shr Owner LLC
since 2020
Last sale
$10.9M
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$16.9M
+51.8%
Auto repair, garage
$15.2M
+36.9%
Medical building
$14.8M
+33.1%
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 Ankeny submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Ankeny 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
$8,985,000
ML approach
$8,975,000
CAP Approach
CAP Return
Estimation
6%
$12,670,000
6.5%
$11,695,000
7%
$10,860,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$11,120,000
Current use
RESTAURANT
$16,875,000
Change: +52% · Conversion: Difficult
AUTO REPAIR, GARAGE
$15,225,000
Change: +37% · Conversion: Difficult
MEDICAL BUILDING
$14,795,000
Change: +33% · Conversion: Moderate
COMMERCIAL (GENERAL)
$14,050,000
Change: +26% · Conversion: Moderate
RETAIL STORES
$11,435,000
Change: +3% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$9,665,000
Change: -13% · Conversion: Difficult
Blend value · Realmo final
$10.80M
Range $9.72M – $11.87M · ±10% · vs last sale $10.90M (Dec 2 2020)
Last sale anchor
$10.90M
Dec 2 2020
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
$110 / 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
$183,354
Tax year 2020
Assessed value
$12,200,000
Assessed 2023
Previous assessed
$12,200,000
+0.0% YoY
Effective rate
1.50%
On assessed value
Assessed land
$1,050,000
Assessed improvement
$11,150,000
Land market value
$1,050,000
Improvement market value
$11,150,000
Total market value
$12,200,000
Applied tax rate
6.0000
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
2015
Construction
FRAME
Heating
NONE
Buildings
1
Stories
4
Units
85
Total area
98,020 SF
Lot
4.79 ac (208,870 SF)
APN
181/00807-800-001
UPID
US25-2282278
Jurisdiction
POLK
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$11.1M
RESTAURANT
Est. value
$16.9M
AUTO REPAIR, GARAGE
Est. value
$15.2M
MEDICAL BUILDING
Est. value
$14.8M
COMMERCIAL (GENERAL)
Est. value
$14.1M
RETAIL STORES
Est. value
$11.4M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$9.7M
APARTMENT HOUSE (5+ UNITS) Current
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
COMMERCIAL (GENERAL)
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
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
FRAME
Heating
NONE
Stories
4
Buildings
1
Units
85
Lot
4.79 ac
Current owner
From public records · entity-resolved
Lake Shr Owner LLC
Entity
Free & Clear · 5 yrs held
Mailing address
535 MADISON AVE FL #19, NEW YORK, NY 10022-4264
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2020
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
Dec 2, 2020
$33,200,000
Lake Shr Owner LLC
Wanda Mnr Cooperative
Grant 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.
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