Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    120 2nd Avenue Des Moines, IA 50309

    View on Map
    Claim this Listing
    New
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Three-story office building in the Historic Court Avenue District.

    Type:Office
    Property size:
    36,582 SF
    Lot size:
    0.25 Acres
    Added:
    Apr 15, 2026
    Days on Market:
    3
    Last Refresh:
    Apr 1 at 8:05 pm

    Property Features for 120 2nd Avenue

    General Information

    Standard status
    Active
    Size
    36,582 SF
    Lot size
    0.25 Acres
    Property subtype
    Office

    We can help!

    Listing Contact
    Riley Hogan

    Listing agent Riley Hogan

    Listing office CBRE

    Listing date Apr 15, 2026

    Source Cbre

    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

    Overview

    Historic Des Moines Office Building

    This is a three-story office building constructed in 1922, situated in the Historic Court Avenue District of Downtown Des Moines. The property offers a redevelopment opportunity. It features convenient on-site surface parking with 40 stalls and a freight elevator. The building includes a large basement suitable for storage or additional space. The property benefits from visibility on Court Avenue and proximity to the Downtown Farmers’ Market. It features expansive window lines and open floor plans. The first, second, and third floors each offer 8,978 square feet. The total above-grade area is 26,934 square feet, with an additional 9,648 square feet in the basement, resulting in a total usable area of 36,582 square feet. The surface parking area measures 10,750 square feet.
    Location Intelligence

    Current Use by Public Records

    All American Porta ... Building Supply Polk County Election ... County Government Office

    Suggested Use

    Real Estate Agency Spa & Massage Center Dental Office Restaurant Hair Salon Nail Salon Daycare Center Building Supply Skin Care Clinic Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    Polk
    State
    Iowa
    Longitude
    -93.6192416
    Latitude
    41.5848988

    Nearby Similar for Sale

    • $950,000

      Adaptable Commercial Space, Des Moines/Ankeny

      Renovated commercial space suitable for retail, office, or service businesses.
      1380 NE 66th Avenue, Des Moines, IA 50313
      View Details
    • $310,000
      2,509 SF

      Des Moines Fourplex Investment Opportunity

      Fourplex near Drake College, ideal for investors or owner-occupants.
      1148 36th Street, Des Moines, IA 50311
      View Details
    • $340,000
      2,522 SF

      Multifamily Property in Drake Area

      Five-unit multifamily property with income potential in Des Moines, Iowa.
      2936 Brattleboro Avenue, Des Moines, IA 50311
      View Details
    • $399,900
      3,174 SF

      Sherman Hill Multifamily Investment Opportunity

      Multifamily property in Des Moines' historic Sherman Hill neighborhood.
      732 19th Street, Des Moines, IA 50314
      View Details
    • $300,000
      1,596 SF

      Des Moines Duplex with Updates

      Side-by-side duplex with recent updates and fenced yards.
      4557 50th Street, Des Moines, IA 50310
      View Details
    • $1,250,000
      8,736 SF

      Des Moines Multifamily Investment Opportunity

      Eight-unit multifamily property near downtown Des Moines.
      2316 51st Street, Des Moines, IA 50310
      View Details
    • $320,000
      1,768 SF

      Turnkey Duplex Investment Opportunity

      Income-generating duplex with long-term tenants in Des Moines.
      1004 Kingman Circle, Des Moines, IA 50311
      View Details
    • $475,000
      5,692 SF

      Sherman Hill Multifamily Investment

      Six-unit property in Des Moines' desirable Sherman Hill neighborhood.
      686 19th Street, Des Moines, IA 50314
      View Details
    • $325,000
      1,254 SF

      Charming Duplex in Des Moines

      Desirable South-of-Grand duplex with potential for future expansion.
      576 & 578 SW 42nd Street, Des Moines, IA 50312
      View Details
    • $350,000
      1,972 SF

      Charming Craftsman Duplex with Income Potential

      Spacious duplex with Craftsman details, studio apartment, and oversized garage.
      1319 39th Street, Des Moines, IA 50311
      View Details
    • $325,000
      2,988 SF

      Des Moines Three-Unit Multifamily Property

      Three-unit property in Des Moines near Ingersoll Avenue District.
      459 27th Street, Des Moines, IA 50312
      View Details
    • $315,000

      Automotive Shop in Des Moines

      Fully functioning automotive shop in a high-traffic location.
      1501 6th Avenue, Des Moines, IA 50314
      View Details

    FAQs

    What type of property is this?
    Office building - Three-story office building in the Historic Court Avenue District.
    Where is this office building located?
    The property is located at 120 2nd Avenue Des Moines, IA.
    What are key features of this property?
    This property features: Rare redevelopment opportunity in the heart of the Historic Court Avenue District in Downtown Des Moines.; Convenient on‑site surface parking (40 stalls).; Substantial usable area: 36,582 SF.
    (515) 778-0739
    We can help!
    Listing Contact
    Riley Hogan
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!