Altoona Retail Investment
For Sale
$2,395,000
709 34th Avenue Southwest, Altoona, IA 50009
Two-tenant retail property in a high-growth Iowa market.
Property Size11,077 SF
Price / SF$216.21
Days on Market140
Property Features for 709 34th Avenue Southwest
General Information
Standard status
Active
Size
11,077 SF
Property subtype
Retail
Listing Agency:
CBRE
(515) 745-5113
Listed By:
Grant Wright, CCIM · License #S33231000
(515) 745-5113
Source:
Cbre
Added: Mar 25
Changed: Aug 8
Last Checked: Aug 8 at 2:39PM
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.
Located in the retail corridor of Altoona, Iowa, the property at 709 34th Ave SW is a two-tenant investment property. It is positioned near high-traffic national retailers and regional attractions within a steadily expanding market. The property offers a stable, income-producing asset in one of the Des Moines metro’s dynamic growth areas. The property size is 11077 square feet.
Key Highlights
- Stable, income‑producing asset
- Located in a thriving retail corridor of Altoona, Iowa
- Positioned near high‑traffic national retailers
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
$102,165
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
4.27%
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%
$2,043,300
$2.0M
Cap Rate 7%
$1,459,500
$1.5M
Cap Rate 9%
$1,135,167
$1.1M
Market Conditions
NOI Build-Up for 11,077 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
$159.5K $14.40/SF
− Vacancy
−$13.6K −$1.22/SF
EGI
$146.0K $13.18/SF
− OpEx
−$43.8K −$3.95/SF
NOI
$102.2K $9.22/SF
Area
Polk County, IA
Vacancy
8.50%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$2,043,300
Cap Rate 7%
$1,459,500
Cap Rate 9%
$1,135,167
Alternative Uses
Best Use
Retail
$1.46M
$1.28M – $1.70M
NOI $102,165 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$10.66M
$9.33M – $12.44M
NOI $746,413 @ 7.0% cap · market cap 31.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
215
Businesses Nearby
38k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 87%
Shops & Services 11%
Hotels & Casinos 2%
McDonald's
Dining
24,059 visits/mo
0.3 miles
Perkins Restaurant & Bakery
Dining
8,959 visits/mo
0.5 miles
BP
Shops & Services
4,085 visits/mo
0.4 miles
Quality Inn & Suites Altoona - Des Moines
Hotels & Casinos
775 visits/mo
0.4 miles
Demographics for 50009, IA
21,230
Population
8,829
Households
2.4
Avg Household Size
37
Median Age
33%
College-Educated
96%
High-School Grad
27.9 sq mi
ZIP Area
761
Density / Sq Mi
$90,393
Median Household Income
$52,227
Median Earnings
$1,201
Median Rent
$261,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two-tenant retail property in a high-growth Iowa market.
Where is this retail space located?
The property is located at 709 34th Avenue Southwest Altoona, IA.
What is the asking price?
The asking price for this property is $2,395,000.
What are key features of this property?
This property features: Stable, income‑producing asset; Located in a thriving retail corridor of Altoona, Iowa; Positioned near high‑traffic national retailers
