Renovated Flex
For Sale
$950,000
1380 Ne 66th Ave, Des Moines, IA 50313
Adaptable commercial space for studio, fitness, office, retail, or service-oriented uses.
Property Size4,886 SF
Lot Size1.86 Acres
Price / SF$194.43
Days on Market285
Property Features for 1380 Ne 66th Ave
General Information
Standard status
Active
Size
4,886 SF
Lot size
1.86 Acres
Property subtype
Commercial
Building Details
Year Built
1997
Year Renovated
2017
Listing Agency:
Spire Real Estate
(515) 689-6792
Listed By:
Jennifer Moulton (515) 706-4857
Source:
Desmoineshomesforsale
Added: Nov 19, 2025
Changed: Aug 30
Last Checked: Aug 31 at 5:45PM
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 Spire Real Estate
Investment Insights
Based on property information with market context.
This 4,886-square-foot flex property at 1380 NE 66th Ave includes an interior currently configured for dance studio operations. A substantial renovation in 2017 introduced modern finishes and updated systems, while a smaller addition completed in 2024 expanded the building’s functionality. The layout can support studio, fitness, instructional, retail, office, medical, wellness, creative, or specialty commercial uses.
The property occupies a 1.86-acre site along NE 66th Avenue in Des Moines, Iowa, within the Des Moines/Ankeny corridor. Its location provides access and visibility for neighborhood-oriented operations and businesses serving a broader customer base. The combination of recent improvements, an adaptable configuration, and substantial site area gives owner-users flexibility to maintain the existing setup or reconfigure the space for another commercial concept.
The property occupies a 1.86-acre site along NE 66th Avenue in Des Moines, Iowa, within the Des Moines/Ankeny corridor. Its location provides access and visibility for neighborhood-oriented operations and businesses serving a broader customer base. The combination of recent improvements, an adaptable configuration, and substantial site area gives owner-users flexibility to maintain the existing setup or reconfigure the space for another commercial concept.
Key Highlights
- 4,886‑square‑foot flex property on a 1.86‑acre site
- Renovated in 2017 with modern finishes and updated systems
- 2024 addition expands building functionality
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
$27,378
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
2.88%
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%
$547,560
$547.6K
Cap Rate 7%
$391,114
$391.1K
Cap Rate 9%
$304,200
$304.2K
Market Conditions
NOI Build-Up for 4,886 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
$45.7K $9.36/SF
− Vacancy
−$3.6K −$0.74/SF
EGI
$42.1K $8.62/SF
− OpEx
−$14.7K −$3.02/SF
NOI
$27.4K $5.60/SF
Area
Des Moines, IA
Vacancy
7.90%
Lease Rate
$9.36 /SF/Yr
Expense Ratio
35.00%
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%
$547,560
Cap Rate 7%
$391,114
Cap Rate 9%
$304,200
Alternative Uses
Best Use
Flex RnD
$391.1K
$342.2K – $456.3K
NOI $27,378 @ 7.0% cap · market cap 2.88%
Second Best
Industrial
$286.2K
$250.4K – $333.9K
NOI $20,034 @ 7.0% cap · market cap 2.11%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,233 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
282
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50313, IA
17,723
Population
7,674
Households
2.3
Avg Household Size
37
Median Age
16%
College-Educated
86%
High-School Grad
18.1 sq mi
ZIP Area
979
Density / Sq Mi
$64,077
Median Household Income
$36,284
Median Earnings
$1,077
Median Rent
$161,800
Median Home Value
Market
Vacancy Rate% for Industrial in Des Moines, IA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial space for studio, fitness, office, retail, or service-oriented uses.
Where is this flex space located?
The property is located at 1380 Ne 66th Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 4,886‑square‑foot flex property on a 1.86‑acre site; Renovated in 2017 with modern finishes and updated systems; 2024 addition expands building functionality
