Modern Two-Story Office
For Sale
Contact for pricing
1810 Southwest Magazine Road, Ankeny, IA 50023
Class A office property with renovated space, unfinished suites, generous glazing, and access to nearby amenities.
Property Size42,649 SF
Lot Size3.18 Acres
Price / SF$229.78
Days on Market69
Property Features for 1810 Southwest Magazine Road
General Information
Standard status
Active
Size
42,649 SF
Class
A
Total Parking Spaces
60
Lot size
3.18 Acres
Property subtype
Office, Industrial
Zoning
PUD
Occupancy
100%
Lease Type
NNN
Building Details
Year Built
2022
Year Renovated
2021
Buildings
1
Stories
2
Tenancy
Multi
Building Size
42,649 SF
Listing Agency:
CBRE - Des Moines
Listed By:
Mike Macri III, CCIM, MRED, CRE · License #IA S42743000
Source:
Crexi
Added: Jun 22
Changed: Aug 29
Last Checked: Aug 29 at 4:13PM
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 - Des Moines
Investment Insights
Based on property information with market context.
This two-story office property in Ankeny was completed in 2022 and contains 42,649 square feet on 3.18 acres. The building includes 6,792 square feet on the first floor and 10,262 square feet on the second floor, with 17,236 square feet identified for lease. The first floor has been renovated, while the second-floor suites remain unfinished for buildout flexibility.
The property is zoned PUD and features large window lines throughout the office environment. Its location just outside the District development places the building near amenities in one of the Des Moines area’s rapidly growing suburbs. The space can accommodate users seeking existing office improvements as well as organizations planning customized interior construction.
The property is zoned PUD and features large window lines throughout the office environment. Its location just outside the District development places the building near amenities in one of the Des Moines area’s rapidly growing suburbs. The space can accommodate users seeking existing office improvements as well as organizations planning customized interior construction.
Key Highlights
- 42,649 SF office facility completed in 2022
- 3.18‑acre office property in Ankeny, Iowa
- 17,236 SF available for lease across two floors
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
$561,943
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
5.73%
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%
$11,238,860
$11.2M
Cap Rate 7%
$8,027,757
$8.0M
Cap Rate 9%
$6,243,811
$6.2M
Market Conditions
NOI Build-Up for 42,649 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
$936.6K $21.96/SF
− Vacancy
−$187.3K −$4.39/SF
EGI
$749.3K $17.57/SF
− OpEx
−$187.3K −$4.39/SF
NOI
$561.9K $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%
$11,238,860
Cap Rate 7%
$8,027,757
Cap Rate 9%
$6,243,811
Alternative Uses
Best Use
Office B
$8.03M
$7.02M – $9.37M
NOI $561,943 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$41.06M
$35.92M – $47.90M
NOI $2,873,862 @ 7.0% cap · market cap 29.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
473
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 - Class A office property with renovated space, unfinished suites, generous glazing, and access to nearby amenities.
Where is this office building located?
The property is located at 1810 Southwest Magazine Road Ankeny, IA.
What is the asking price?
The asking price for this property is $9,800,000.
What are key features of this property?
This property features: 42,649 SF office facility completed in 2022; 3.18‑acre office property in Ankeny, Iowa; 17,236 SF available for lease across two floors
