Renovated Office
For Sale
$2,100,000
211 Sw Walnut St, Ankeny, IA 50023
Flexible workplace layout combines open work areas with private offices and upgraded interior finishes.
Property Size11,450 SF
Price / SF$183.41
Days on Market390
Property Features for 211 Sw Walnut St
General Information
Standard status
Active
Size
11,450 SF
Property subtype
Commercial
Building Details
Year Built
1980
Listing Agency:
LPT Realty, LLC
(515) 480-9388
Listed By:
Colin Panzi · License #S65165000
Source:
Desmoineshomesforsale
Added: Aug 5, 2025
Changed: Aug 29
Last Checked: Aug 25 at 6:05AM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
This 11,450-square-foot office building, constructed in 1980, has undergone recent renovation work that includes new flooring and upgraded lighting. The interior offers a mix of open office areas and private offices, creating a flexible configuration for different operational needs. High-speed internet connectivity is also in place.
The property is located at 211 SW Walnut Street in Ankeny’s Uptown Ankeny district. C-2A zoning and on-site parking for employees and customers add practical considerations for office users. The combination of updated interior elements, varied workspace types, and a central commercial setting supports a range of professional office configurations.
The property is located at 211 SW Walnut Street in Ankeny’s Uptown Ankeny district. C-2A zoning and on-site parking for employees and customers add practical considerations for office users. The combination of updated interior elements, varied workspace types, and a central commercial setting supports a range of professional office configurations.
Key Highlights
- 11,450‑square‑foot office building
- Recent renovation includes new flooring and upgraded lighting
- Open office areas paired with private offices
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
$150,865
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
7.18%
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%
$3,017,300
$3.0M
Cap Rate 7%
$2,155,214
$2.2M
Cap Rate 9%
$1,676,278
$1.7M
Market Conditions
NOI Build-Up for 11,450 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
$251.4K $21.96/SF
− Vacancy
−$50.3K −$4.39/SF
EGI
$201.2K $17.57/SF
− OpEx
−$50.3K −$4.39/SF
NOI
$150.9K $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%
$3,017,300
Cap Rate 7%
$2,155,214
Cap Rate 9%
$1,676,278
Alternative Uses
Best Use
Office B
$2.16M
$1.89M – $2.51M
NOI $150,865 @ 7.0% cap · market cap 7.18%
Second Best
Retail
$1.51M
$1.32M – $1.76M
NOI $105,606 @ 7.0% cap · market cap 5.03%
Theoretical Best
Flex RnD
$11.02M
$9.64M – $12.86M
NOI $771,547 @ 7.0% cap · market cap 36.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
869
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 - Flexible workplace layout combines open work areas with private offices and upgraded interior finishes.
Where is this office building located?
The property is located at 211 Sw Walnut St Ankeny, IA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 11,450‑square‑foot office building; Recent renovation includes new flooring and upgraded lighting; Open office areas paired with private offices
