Historic Corner Office Condominium
For Sale
Contact for pricing
100 Court Ave, Des Moines, IA 50309
Third-floor office condominium with six private offices, storage, and expansive north and east window lines.
Property Size2,028 SF
Price / SF$165.19
Days on Market252
Property Features for 100 Court Ave
General Information
Standard status
Active
Size
2,028 SF
Property subtype
OFFICE
Additional Details
Floor
3
Office Units
1
Amenities
modernized lobby
common areas
Building Details
Year Built
1901
Buildings
1
Stories
6
Construction
brick & timber
Listing Agency:
CBRE
(515) 224-4900
Listed By:
Bill Wright · License #S33231000
(515) 210-3050
Source:
Moodyscre
Added: Jan 5
Changed: Sep 11
Last Checked: Sep 13 at 9:11AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE
Investment Insights
Based on property information with market context.
Third-floor office condominium suite within a historic, multi-story building, featuring six (6) private offices plus a storage room. The space includes an expansive window line to the north and east, with a corner suite overlooking the riverwalk.
The property is located in the Court Avenue District near restaurants and the riverwalk, with proximity to the East Village, Market District, and Principal Park. The building is a historic, six-story structure with modernized first-floor lobby and common areas.
Designed by Proudfoot & Bird, the building was constructed in 1901 as a warehouse and was listed on the National Register of Historic Places in 1985. The converted office space reflects Chicago Commercial warehouse characteristics, including exposed brick, timber beams, and open ceilings.
The property is located in the Court Avenue District near restaurants and the riverwalk, with proximity to the East Village, Market District, and Principal Park. The building is a historic, six-story structure with modernized first-floor lobby and common areas.
Designed by Proudfoot & Bird, the building was constructed in 1901 as a warehouse and was listed on the National Register of Historic Places in 1985. The converted office space reflects Chicago Commercial warehouse characteristics, including exposed brick, timber beams, and open ceilings.
Key Highlights
- Third‑floor office condominium suite with six (6) private offices and a storage room
- Corner suite with expansive north and east window lines
- Views overlooking the riverwalk
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,721
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.98%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$534,420
$534.4K
Cap Rate 7%
$381,729
$381.7K
Cap Rate 9%
$296,900
$296.9K
Market Conditions
NOI Build-Up for 2,028 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$44.5K $21.96/SF
− Vacancy
−$8.9K −$4.39/SF
EGI
$35.6K $17.57/SF
− OpEx
−$8.9K −$4.39/SF
NOI
$26.7K $13.18/SF
Area
Des Moines, IA
Vacancy
20.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$534,420
Cap Rate 7%
$381,729
Cap Rate 9%
$296,900
Alternative Uses
Best Use
Office B
$381.7K
$334.0K – $445.4K
NOI $26,721 @ 7.0% cap · market cap 7.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$499.5K
$437.0K – $582.7K
NOI $34,962 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
3,894
Businesses Nearby
Explore this area
Business Placement
Demographics for 50309, IA
9,532
Population
7,562
Households
1.3
Avg Household Size
30
Median Age
67%
College-Educated
96%
High-School Grad
2.7 sq mi
ZIP Area
3,530
Density / Sq Mi
$57,974
Median Household Income
$52,775
Median Earnings
$1,166
Median Rent
$286,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Des Moines, IA
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Frequently Asked Questions
What type of property is this?
Office units - Third-floor office condominium with six private offices, storage, and expansive north and east window lines.
Where is this office units located?
The property is located at 100 Court Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Third‑floor office condominium suite with six (6) private offices and a storage room; Corner suite with expansive north and east window lines; Views overlooking the riverwalk
