Office Building with Private
For Sale
Contact for pricing
1601 N Ankeny Blvd, Ankeny, IA 50023
Built in 1993, this office building features private offices, reception, breakroom, two restrooms, and on-site parking.
Property Size6,804 SF
Lot Size0.67 Acres
Price / SF$165.34
Days on Market217
Property Features for 1601 N Ankeny Blvd
General Information
Standard status
Active
Size
6,804 SF
Lot size
0.67 Acres
Property subtype
OFFICE
Zoning
C-2
Amenities
reception
kitchen/breakroom with appliances
two restrooms
LED lighting
backup generator
large private parking lot
Building Details
Year Built
1993
Listing Agency:
Denny Elwell Company
(515) 964-1587
Listed By:
Steve Canon
(515) 229-7612
Source:
Moodyscre
Added: Feb 3
Changed: Sep 3
Last Checked: Jul 23 at 3:54AM
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 Denny Elwell Company
Investment Insights
Based on property information with market context.
This 6,804-square-foot office building, built in 1993, offers a mix of open space and private offices. The space includes a reception area, a kitchen/breakroom with appliances, two restrooms, and LED lighting throughout. A backup generator supports continuity for day-to-day operations, and the property is served by a large private parking lot.
The property is zoned C-2 and is conveniently located at the intersection area of N Ankeny Blvd and N 18th St in Ankeny, IA.
Designed to accommodate both collaborative and focused work, the layout balances open areas with enclosed offices, with the core amenities centrally located for day-to-day use.
The property is zoned C-2 and is conveniently located at the intersection area of N Ankeny Blvd and N 18th St in Ankeny, IA.
Designed to accommodate both collaborative and focused work, the layout balances open areas with enclosed offices, with the core amenities centrally located for day-to-day use.
Key Highlights
- 6,804 SF office building on 0.671 acres, built in 1993
- C‑2 zoning
- Layout includes reception, kitchen/breakroom (with appliances), and two restrooms
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
$89,650
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
7.97%
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%
$1,793,000
$1.8M
Cap Rate 7%
$1,280,714
$1.3M
Cap Rate 9%
$996,111
$996.1K
Market Conditions
NOI Build-Up for 6,804 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
$149.4K $21.96/SF
− Vacancy
−$29.9K −$4.39/SF
EGI
$119.5K $17.57/SF
− OpEx
−$29.9K −$4.39/SF
NOI
$89.6K $13.18/SF
Area
Polk County, IA
Vacancy
20.00%
Lease Rate
$21.96 /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%
$1,793,000
Cap Rate 7%
$1,280,714
Cap Rate 9%
$996,111
Alternative Uses
Best Use
Office B
$1.28M
$1.12M – $1.49M
NOI $89,650 @ 7.0% cap · market cap 7.97%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$6.55M
$5.73M – $7.64M
NOI $458,481 @ 7.0% cap · market cap 40.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
607
Businesses Nearby
Explore this area
Business Placement
Demographics for 50023, IA
43,603
Population
17,822
Households
2.4
Avg Household Size
34
Median Age
55%
College-Educated
99%
High-School Grad
21.0 sq mi
ZIP Area
2,076
Density / Sq Mi
$113,914
Median Household Income
$59,891
Median Earnings
$1,191
Median Rent
$327,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Built in 1993, this office building features private offices, reception, breakroom, two restrooms, and on-site parking.
Where is this office building located?
The property is located at 1601 N Ankeny Blvd Ankeny, IA.
What is the asking price?
The asking price for this property is $1,125,000.
What are key features of this property?
This property features: 6,804 SF office building on 0.671 acres, built in 1993; C‑2 zoning; Layout includes reception, kitchen/breakroom (with appliances), and two restrooms
