Creative Office Building with
118 SE 4th St Des Moines, IA 50309
For Sale
Contact for pricing
Multi-tenant creative office building undergoing renovation, with available space for up to 33,792 SF and up to 55 leased parking stalls.
Property Size33,792 SF
Price / SF$146.48
Days on Market639
Property Features for 118 SE 4th St
General Information
Standard status
Active
Size
33,792 SF
Property subtype
OFFICE
Listing Agency:
CBRE
(515) 210-3050
Listed By:
Bill Wright · License #S33231000
(515) 210-3050
Source:
Moodyscre
Added: Oct 29, 2024
Changed: Jul 27
Last Checked: Jul 29 at 3:25PM
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.
The Market Building is an office property designed for a multi-tenant setup, with plans for a complete renovation. The building totals 33,792 square feet and will be available for flexible occupancy, including demising down to 4,000 square feet or taking the full space. The 1st-floor area is currently supported by short-term leases, while the entire 2nd-floor is 100% vacant. Ownership will also consider retail/event/entertainment uses.
The property is located in the Market District, just south of the East Village and east of the downtown Des Moines core, with access described as minutes from Interstate 235. On-site parking is available for lease, with up to 55 parking stalls offered.
The offering includes a tenant improvement package available for lease terms, and an as-is sale price is listed. The sale price includes a surface parking lot at 101 SE 3rd Street and notes eligibility for historic and development incentives.
The property is located in the Market District, just south of the East Village and east of the downtown Des Moines core, with access described as minutes from Interstate 235. On-site parking is available for lease, with up to 55 parking stalls offered.
The offering includes a tenant improvement package available for lease terms, and an as-is sale price is listed. The sale price includes a surface parking lot at 101 SE 3rd Street and notes eligibility for historic and development incentives.
Key Highlights
- 33,792 SF office building in the Market District with ability for multiple tenants.
- Available space: 1st floor 16,896 SF with short‑term leases; 2nd floor 16,896 SF is 100% vacant.
- Space can be leased/demised down to 4,000 SF or leased up to the full 33,792 SF.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $742.1k | $21.96 |
| − Vacancy | −$148.4k | −$4.39 |
| EGI | $593.7k | $17.57 |
| − OpEx | −$148.4k | −$4.39 |
| NOI | $445.2k | $13.18 |
33,792 SF · lease $21.96/SF/yr · vacancy 20.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$6.36M
$5.57M – $7.42M
NOI $445,243 @ 7.0% cap · market cap 8.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.32M
$7.28M – $9.71M
NOI $582,563 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office building - Multi-tenant creative office building undergoing renovation, with available space for up to 33,792 SF and up to 55 leased parking stalls.
Where is this office building located?
The property is located at 118 SE 4th St Des Moines, IA.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 33,792 SF office building in the Market District with ability for multiple tenants.; Available space: 1st floor 16,896 SF with short‑term leases; 2nd floor 16,896 SF is 100% vacant.; Space can be leased/demised down to 4,000 SF or leased up to the full 33,792 SF.
