Versatile Office, Warehouse, and
For Sale
$1,950,000
1536 E Army Post Rd, Des Moines, IA 50320
17,780 SF building with office, warehouse, and shop space.
Property Size17,781 SF
Price / SF$109.67
Days on Market295
Property Features for 1536 E Army Post Rd
General Information
Standard status
Active
Size
17,781 SF
Class
A
Property subtype
Office
Building Details
Building Size
17,781 SF
Year Built
1973
Listing Agency:
NAI Iowa Realty Commercial - Des Moines
Listed By:
Scott Obstarczyk · License #011AA5388
(515) 208-1252
Source:
Naiglobal
Added: Nov 21, 2025
Changed: Sep 2
Last Checked: Sep 11 at 4:36AM
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 NAI Iowa Realty Commercial - Des Moines
Investment Insights
Based on property information with market context.
This 17,780 SF building in Des Moines offers a versatile layout suitable for office and warehouse uses. The property is zoned EX, supporting diverse commercial ventures. It features drive-through overhead doors and exterior access to the second-floor office. The office was remodeled in 2008. The location provides accessibility near key arterial roads and major transportation hubs. The surrounding thriving business community offers a range of dining options, retail amenities, and recreational facilities.
Key Highlights
- Prime 17,780 SF building suitable for office, warehouse, and shop use.
- EX zoning allows for diverse commercial ventures.
- Ideal location near city thoroughfare and major transportation hubs.
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
$83,519
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
4.28%
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%
$1,670,380
$1.7M
Cap Rate 7%
$1,193,129
$1.2M
Cap Rate 9%
$927,989
$928.0K
Market Conditions
NOI Build-Up for 17,781 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
$106.7K $6.00/SF
− Vacancy
−$8.4K −$0.47/SF
EGI
$98.3K $5.53/SF
− OpEx
−$14.7K −$0.83/SF
NOI
$83.5K $4.70/SF
Area
Des Moines, IA
Vacancy
7.90%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
15.00%
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%
$1,670,380
Cap Rate 7%
$1,193,129
Cap Rate 9%
$927,989
Alternative Uses
Best Use
Office B
$3.35M
$2.93M – $3.90M
NOI $234,282 @ 7.0% cap · market cap 12.01%
Second Best
Warehouse
$1.19M
$1.04M – $1.39M
NOI $83,519 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$4.38M
$3.83M – $5.11M
NOI $306,539 @ 7.0% cap · market cap 15.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
470
Businesses Nearby
Explore this area
Business Placement
Demographics for 50320, IA
23,369
Population
9,317
Households
2.5
Avg Household Size
34
Median Age
24%
College-Educated
86%
High-School Grad
16.8 sq mi
ZIP Area
1,391
Density / Sq Mi
$83,710
Median Household Income
$44,418
Median Earnings
$1,110
Median Rent
$207,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Des Moines, IA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 17,780 SF building with office, warehouse, and shop space.
Where is this office building located?
The property is located at 1536 E Army Post Rd Des Moines, IA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Prime 17,780 SF building suitable for office, warehouse, and shop use.; EX zoning allows for diverse commercial ventures.; Ideal location near city thoroughfare and major transportation hubs.
