Iconic Des Moines Historical
For Sale
Contact for pricing
100 4th St, Des Moines, IA
20,591 SF office building with 32-stall parking lot.
Property Size20,591 SF
Lot Size0.74 Acres
Price / SF$169.98
Days on Market657
Property Features for 100 4th St
General Information
Standard status
Active
Size
20,591 SF
Lot size
0.74 Acres
Property subtype
OFFICE
Listing Agency:
Peter Brown Commercial Real Estate
(515) 277-5976
Listed By:
Peter Brown · License #S28799000
(515) 778-6480
Source:
Moodyscre
Added: Nov 15, 2024
Changed: Sep 2
Last Checked: Sep 1 at 8:31PM
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 Peter Brown Commercial Real Estate
Investment Insights
Based on property information with market context.
The Depot is a historical building located in Des Moines. The building offers 20,591 square feet of space, distributed across two floors of office space. The property includes a parking lot with 32 stalls.
Key Highlights
- Iconic Des Moines historical building
- Rare downtown parking lot with 32 stalls
- 20,591 sf building size**
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
$271,307
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
7.75%
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%
$5,426,140
$5.4M
Cap Rate 7%
$3,875,814
$3.9M
Cap Rate 9%
$3,014,522
$3.0M
Market Conditions
NOI Build-Up for 20,591 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
$452.2K $21.96/SF
− Vacancy
−$90.4K −$4.39/SF
EGI
$361.7K $17.57/SF
− OpEx
−$90.4K −$4.39/SF
NOI
$271.3K $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%
$5,426,140
Cap Rate 7%
$3,875,814
Cap Rate 9%
$3,014,522
Alternative Uses
Best Use
Office B
$3.88M
$3.39M – $4.52M
NOI $271,307 @ 7.0% cap · market cap 7.75%
Second Best
Retail
$2.86M
$2.50M – $3.33M
NOI $199,990 @ 7.0% cap · market cap 5.71%
Theoretical Best
Office A
$5.07M
$4.44M – $5.92M
NOI $354,982 @ 7.0% cap · market cap 10.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,107
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Des Moines, IA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 20,591 SF office building with 32-stall parking lot.
Where is this office building located?
The property is located at 100 4th St Des Moines, IA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Iconic Des Moines historical building; Rare downtown parking lot with **32 stalls**; 20,591 sf building size**
