Historic Court Avenue Retail
For Sale
$1,350,000
310 Court Ave, Des Moines, IA 50309
Prime retail/restaurant space in Des Moines' historic Court District.
Property Size7,999 SF
Price / SF$168.77
Days on Market110
Property Features for 310 Court Ave
General Information
Standard status
Active
Size
7,999 SF
Property subtype
Retail
Building Details
Building Size
7,999 SF
Year Built
1954
Listed By:
Wouter Wulffers · License #Iowa #S72083000
(515) 975-7444
Source:
Svn
Added: May 20
Changed: Sep 5
Last Checked: Sep 5 at 7:20AM
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 Wouter Wulffers
Investment Insights
Based on property information with market context.
Located in the heart of the Historic Court District, 310 Court Ave is a commercial property offering a 7,999 SF footprint, along with an additional 7,999 SF full basement. The property, built in 1954, blends mid-century structural integrity with authentic historic character. The property's flexible DX2 zoning allows for maximizing utility. The interior ambiance features original brick walls, dark wood accents, and distinctive architectural archways. The space is suited for a premium restaurant or entertainment destination, with dining areas anchored by booth seating and vintage aesthetic touches. The property transitions into a high-capacity commercial kitchen designed for industrial-scale food preparation. The property offers potential for establishing a flagship destination in the Des Moines Central Business District.
Key Highlights
- Premier commercial property in Des Moines' Historic Court District, a primary entertainment and cultural hub.
- Spacious 7,999 SF footprint with an additional 7,999 SF full basement, offering immediate customization potential.
- Flexible DX2 zoning allows for maximizing the property's utility.
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
$94,740
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
7.02%
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%
$1,894,800
$1.9M
Cap Rate 7%
$1,353,429
$1.4M
Cap Rate 9%
$1,052,667
$1.1M
Market Conditions
NOI Build-Up for 7,999 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
$134.4K $16.80/SF
− Vacancy
−$8.1K −$1.01/SF
EGI
$126.3K $15.79/SF
− OpEx
−$31.6K −$3.95/SF
NOI
$94.7K $11.84/SF
Area
Des Moines, IA
Vacancy
6.00%
Lease Rate
$16.80 /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%
$1,894,800
Cap Rate 7%
$1,353,429
Cap Rate 9%
$1,052,667
Alternative Uses
Best Use
Specialty Retail
$1.35M
$1.18M – $1.58M
NOI $94,740 @ 7.0% cap · market cap 7.02%
Second Best
Retail
$1.11M
$971.1K – $1.29M
NOI $77,690 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$1.97M
$1.72M – $2.30M
NOI $137,900 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,894
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Retail in Des Moines, IA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Prime retail/restaurant space in Des Moines' historic Court District.
Where is this storefront property located?
The property is located at 310 Court Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Premier commercial property in Des Moines' Historic Court District, a primary entertainment and cultural hub.; Spacious 7,999 SF footprint with an additional 7,999 SF full basement, offering immediate customization potential.; Flexible DX2 zoning allows for maximizing the property's utility.
