West Des Moines Office/Flex
For Sale
Contact for pricing
1801 Fuller Road, West Des Moines, IA 50265
Turnkey office and warehouse space in West Des Moines.
Property Size7,968 SF
Lot Size1.60 Acres
Price / SF$122.36
Days on Market97
Property Features for 1801 Fuller Road
General Information
Standard status
Active
Size
7,968 SF
Lot size
1.60 Acres
Property subtype
Office, Industrial
Zoning
BP - Light Industrial
Building Details
Year Built
1980
Listing Agency:
sara Hopkins
(515) 499-8679
Listed By:
Abi Reiland · License #S68966000
Source:
Crexi
Added: May 26
Changed: Aug 26
Last Checked: Aug 28 at 1:06PM
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 sara Hopkins
Investment Insights
Based on property information with market context.
This property offers an owner-user office and flex space opportunity located in West Des Moines. The turnkey space includes over 1,000 square feet of warehouse space equipped with an overhead door. The remaining area features move-in ready office space, including more than 10 private offices, a kitchenette and breakroom, a training room, a conference room, a reception/waiting area, and an open area. Situated on a lot exceeding 1.6 acres, the property provides ample parking. The property is well maintained and in good condition. The property size is 7,968 square feet.
Key Highlights
- Turnkey office/flex space in West Des Moines.
- Includes 1,000+ SF of warehouse space with an overhead door.
- Move‑in ready office space with 10+ private offices, kitchenette, breakroom, training room, conference room, reception/waiting area, and open area.
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
$32,671
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
3.35%
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%
$653,420
$653.4K
Cap Rate 7%
$466,729
$466.7K
Cap Rate 9%
$363,011
$363.0K
Market Conditions
NOI Build-Up for 7,968 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
$50.7K $6.36/SF
− Vacancy
−$4.0K −$0.50/SF
EGI
$46.7K $5.86/SF
− OpEx
−$14.0K −$1.76/SF
NOI
$32.7K $4.10/SF
Area
Polk County, IA
Vacancy
7.90%
Lease Rate
$6.36 /SF/Yr
Expense Ratio
30.00%
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%
$653,420
Cap Rate 7%
$466,729
Cap Rate 9%
$363,011
Alternative Uses
Best Use
Flex RnD
$7.67M
$6.71M – $8.95M
NOI $536,916 @ 7.0% cap · market cap 55.07%
Second Best
Industrial
$466.7K
$408.4K – $544.5K
NOI $32,671 @ 7.0% cap · market cap 3.35%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
331
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50265, IA
32,187
Population
15,104
Households
2.1
Avg Household Size
38
Median Age
48%
College-Educated
95%
High-School Grad
19.3 sq mi
ZIP Area
1,668
Density / Sq Mi
$84,588
Median Household Income
$49,785
Median Earnings
$1,065
Median Rent
$267,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Turnkey office and warehouse space in West Des Moines.
Where is this flex space located?
The property is located at 1801 Fuller Road West Des Moines, IA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Turnkey office/flex space in West Des Moines.; Includes 1,000+ SF of warehouse space with an overhead door.; Move‑in ready office space with 10+ private offices, kitchenette, breakroom, training room, conference room, reception/waiting area, and open area.
