Flex Industrial Building with Dock
For Sale
Contact for pricing
Pending
2135 NE 46th Ave, Des Moines, IA 50313
Heavy Industrial flex building with 17–19 ft clear height and multiple dock doors on a 2.6-acre lot.
Property Size12,000 SF
Lot Size2.60 Acres
Days on Market141
Property Features for 2135 NE 46th Ave
General Information
Standard status
Pending
Size
12,000 SF
Lot size
2.60 Acres
Property subtype
INDUSTRIAL
Zoning
Heavy Industrial
Site & Location
Highway Access
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Height
19 ft
Dock-High Doors
3
Drive-In Doors
2
Building Details
Year Built
1998
Listing Agency:
Toggle Space
(515) 513-6994
Listed By:
Wade Laughridge · License #S73388000
(641) 426-0184
Source:
Moodyscre
Added: May 1
Changed: Sep 6
Last Checked: Sep 16 at 8:58PM
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 Toggle Space
Investment Insights
Based on property information with market context.
Flex industrial building offering up to 8,000 SF max contiguous space, with 4,000 SF as the minimum divisible suite size. The 12,000 SF facility is demised into three 4,000 SF bays, with 8,000 SF becoming available midsummer 2026. The property sits on an approximately 2.6-acre lot and can support outdoor storage or future space expansion.
Building clear height is 17–19 feet, with 3–10 dock doors and 2–12x14 drive-in doors. A Reznor heat system serves the space, and the site provides ample parking. The property was built in 1998 and is zoned Heavy Industrial.
Located at 2135 NE 46th Ave in Des Moines, the site is positioned near key arterial roads and major transportation hubs, with access to I-80/35 just minutes away.
Building clear height is 17–19 feet, with 3–10 dock doors and 2–12x14 drive-in doors. A Reznor heat system serves the space, and the site provides ample parking. The property was built in 1998 and is zoned Heavy Industrial.
Located at 2135 NE 46th Ave in Des Moines, the site is positioned near key arterial roads and major transportation hubs, with access to I-80/35 just minutes away.
Key Highlights
- 8,000 SF max contiguous and 4,000 SF min divisible with three 4,000 SF bays
- 17–19’ clear height for light manufacturing, warehousing, and distribution use
- 3–10 dock doors plus 2–12x14’ drive‑in doors
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
$67,240
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
3.54%
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%
$1,344,800
$1.3M
Cap Rate 7%
$960,571
$960.6K
Cap Rate 9%
$747,111
$747.1K
Market Conditions
NOI Build-Up for 12,000 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
$112.3K $9.36/SF
− Vacancy
−$8.9K −$0.74/SF
EGI
$103.4K $8.62/SF
− OpEx
−$36.2K −$3.02/SF
NOI
$67.2K $5.60/SF
Area
Des Moines, IA
Vacancy
7.90%
Lease Rate
$9.36 /SF/Yr
Expense Ratio
35.00%
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%
$1,344,800
Cap Rate 7%
$960,571
Cap Rate 9%
$747,111
Alternative Uses
Best Use
Flex RnD
$960.6K
$840.5K – $1.12M
NOI $67,240 @ 7.0% cap · market cap 3.54%
Second Best
Warehouse
$805.2K
$704.6K – $939.4K
NOI $56,365 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$2.96M
$2.59M – $3.45M
NOI $206,876 @ 7.0% cap · market cap 10.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
19 ft
Clear height
3
Dock-high doors
2
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
99
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50313, IA
17,723
Population
7,674
Households
2.3
Avg Household Size
37
Median Age
16%
College-Educated
86%
High-School Grad
18.1 sq mi
ZIP Area
979
Density / Sq Mi
$64,077
Median Household Income
$36,284
Median Earnings
$1,077
Median Rent
$161,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Des Moines, IA
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Frequently Asked Questions
What type of property is this?
Flex space - Heavy Industrial flex building with 17–19 ft clear height and multiple dock doors on a 2.6-acre lot.
Where is this flex space located?
The property is located at 2135 NE 46th Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 8,000 SF max contiguous and 4,000 SF min divisible with three 4,000 SF bays; 17–19’ clear height for light manufacturing, warehousing, and distribution use; 3–10 dock doors plus 2–12x14’ drive‑in doors
