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Property profile & analytics
OFF-MARKET
Estimated value
$705,000
Banks
Mankato, MN 56001
Entity Owned
4-yr Hold
Free & Clear
Property ID
US46-1877603
Property profile
Verified
Property type
Banks
Use group
FINANCIAL BUILDING
Year built
2022
Total area
8,840 SF
Lot
3.89 ac (169,448 SF)
APN
R01.09.10.101.007
UPID
US46-1877603
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
$745k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$567k
Blend (final)
Blend
$705k
Owner & transaction history
West Bank · 4 yrs held
West Bank
since 2021
Last sale
$675,000
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$835,000
+88.2%
Warehouse, storage
$815,000
+84.1%
Office building
$790,000
+78.5%
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 Mankato submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Mankato 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
$725,000
ML approach
$745,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
FINANCIAL BUILDING
$445,000
Current use
RESTAURANT
$835,000
Change: +88% · Conversion: Difficult
WAREHOUSE, STORAGE
$815,000
Change: +84% · Conversion: Difficult
OFFICE BUILDING
$790,000
Change: +79% · Conversion: Difficult
COMMERCIAL (GENERAL)
$575,000
Change: +30% · Conversion: Difficult
AUTO REPAIR, GARAGE
$560,000
Change: +26% · Conversion: Difficult
RETAIL STORES
$510,000
Change: +15% · Conversion: Difficult
MEDICAL BUILDING
$510,000
Change: +15% · Conversion: Difficult
Blend value · Realmo final
$705k
Range $635k – $776k · ±10% · vs last sale $675k (Aug 27 2021)
Last sale anchor
$675k
Aug 27 2021
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
$80 / 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 2024Property tax & assessments
Tax year 2024
Tax billed
$27,770
Tax year 2024
Assessed value
$2,771,900
Assessed 2024
Previous assessed
$1,081,000
+156.4% YoY
Effective rate
1.00%
On assessed value
Assessed land
$682,600
Assessed improvement
$2,089,300
Land market value
$682,600
Improvement market value
$2,089,300
Total market value
$2,771,900
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
Banks
Use group
FINANCIAL BUILDING
Status
Off-Market
Year built
2022
Heating
NONE
Stories
2
Total area
8,840 SF
Lot
3.89 ac (169,448 SF)
APN
R01.09.10.101.007
UPID
US46-1877603
Jurisdiction
BLUE EARTH
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
FINANCIAL BUILDING Current
Est. value
$445,000
RESTAURANT
Est. value
$835,000
WAREHOUSE, STORAGE
Est. value
$815,000
OFFICE BUILDING
Est. value
$790,000
COMMERCIAL (GENERAL)
Est. value
$575,000
AUTO REPAIR, GARAGE
Est. value
$560,000
RETAIL STORES
Est. value
$510,000
MEDICAL BUILDING
Est. value
$510,000
FINANCIAL BUILDING Current
RESTAURANT
WAREHOUSE, STORAGE
OFFICE BUILDING
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
RETAIL STORES
MEDICAL BUILDING
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
2022
Heating
NONE
Stories
2
Lot
3.89 ac
Current owner
From public records · entity-resolved
West Bank
Entity
Free & Clear · 4 yrs held
Mailing address
1601 22ND ST, WEST DES MOINES, IA 50266-1408
Ownership since
2021
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
Aug 27, 2021
$675,000
West Bank
Compeer Financial
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.
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