Multi-Building Flex Industrial
For Sale
Contact for pricing
1848 and 1854 Fuller Road, West Des Moines, IA 50265
Two flex industrial buildings combine multi-tenant and single-tenant occupancy with outdoor storage.
Property Size17,900 SF
Price / SF$128.49
Days on Market153
Property Features for 1848 and 1854 Fuller Road
General Information
Standard status
Active
Size
17,900 SF
Property subtype
Industrial
Investment Type
Stabilized
Additional Details
Outdoor Storage
Yes
Building Details
Buildings
2
Tenancy
Multi
Listing Agency:
KW Commercial Greater Des Moines
Listed By:
Mick Grossman · License #IA S43534000
(515) 334-4900
Source:
Crexi
Added: Apr 4
Changed: Aug 30
Last Checked: Sep 2 at 8:15PM
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 KW Commercial Greater Des Moines
Investment Insights
Based on property information with market context.
This offering includes two flex industrial buildings totaling 17,900 square feet at 1848 and 1854 Fuller Road in West Des Moines. The property combines functional flex space with outdoor storage and two distinct occupancy profiles.
The building at 1848 Fuller Road has three tenants in place, while 1854 Fuller Road is occupied by a single tenant. Together, the assets provide a mix of multi-tenant and single-tenant industrial occupancy within one property.
The building at 1848 Fuller Road has three tenants in place, while 1854 Fuller Road is occupied by a single tenant. Together, the assets provide a mix of multi-tenant and single-tenant industrial occupancy within one property.
Key Highlights
- Two flex industrial buildings totaling 17,900 square feet
- 1848 Fuller Road includes three tenants
- 1854 Fuller Road is a single‑tenant flex industrial building
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
$73,395
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
3.19%
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%
$1,467,900
$1.5M
Cap Rate 7%
$1,048,500
$1.0M
Cap Rate 9%
$815,500
$815.5K
Market Conditions
NOI Build-Up for 17,900 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
$113.8K $6.36/SF
− Vacancy
−$9.0K −$0.50/SF
EGI
$104.9K $5.86/SF
− OpEx
−$31.5K −$1.76/SF
NOI
$73.4K $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%
$1,467,900
Cap Rate 7%
$1,048,500
Cap Rate 9%
$815,500
Alternative Uses
Best Use
Flex RnD
$17.23M
$15.08M – $20.10M
NOI $1,206,174 @ 7.0% cap · market cap 52.44%
Second Best
Industrial
$1.05M
$917.4K – $1.22M
NOI $73,395 @ 7.0% cap · market cap 3.19%
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
285
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 - Two flex industrial buildings combine multi-tenant and single-tenant occupancy with outdoor storage.
Where is this flex space located?
The property is located at 1848 and 1854 Fuller Road West Des Moines, IA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Two flex industrial buildings totaling 17,900 square feet; 1848 Fuller Road includes three tenants; 1854 Fuller Road is a single‑tenant flex industrial building
