Historic Court Avenue Building For
For Sale
Contact for pricing
216 Court Ave, Des Moines, IA 50309
Historic building in the Court Avenue district available for sale.
Property Size36,000 SF
Price / SF$158.33
Days on Market162
Property Features for 216 Court Ave
General Information
Standard status
Active
Size
36,000 SF
Property subtype
Mixed Use, Retail, Special Purpose
Building Details
Buildings
1
Stories
3
Units
6
Listing Agency:
CBRE - Des Moines
(515) 415-6106
Listed By:
Bill Wright · License #IA S33231000
Source:
Crexi
Added: Mar 2
Changed: Aug 7
Last Checked: Aug 10 at 12:05PM
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.
The historic Court Center Building, encompassing 36,000 square feet, is available for sale. It is situated in the heart of the Court Avenue district and is suitable for mixed-use or retail purposes.
Key Highlights
- Historic Court Center Building
- Located in the heart of the Court Avenue district
- Available for Sale
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
$368,550
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
6.47%
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%
$7,371,000
$7.4M
Cap Rate 7%
$5,265,000
$5.3M
Cap Rate 9%
$4,095,000
$4.1M
Market Conditions
NOI Build-Up for 36,000 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
$648.0K $18.00/SF
− Vacancy
−$58.3K −$1.62/SF
EGI
$589.7K $16.38/SF
− OpEx
−$221.1K −$6.14/SF
NOI
$368.6K $10.24/SF
Area
Des Moines, IA
Vacancy
9.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$7,371,000
Cap Rate 7%
$5,265,000
Cap Rate 9%
$4,095,000
Alternative Uses
Best Use
Mixed Use
$5.26M
$4.61M – $6.14M
NOI $368,550 @ 7.0% cap · market cap 6.47%
Second Best
Retail
$4.99M
$4.37M – $5.83M
NOI $349,650 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$8.87M
$7.76M – $10.34M
NOI $620,628 @ 7.0% cap · market cap 10.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,894
Businesses Nearby
Explore this area
Business Placement
Demographics for 50309, IA
9,532
Population
7,562
Households
1.3
Avg Household Size
30
Median Age
67%
College-Educated
96%
High-School Grad
2.7 sq mi
ZIP Area
3,530
Density / Sq Mi
$57,974
Median Household Income
$52,775
Median Earnings
$1,166
Median Rent
$286,900
Median Home Value
Market
Vacancy Rate% for Retail in Des Moines, IA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic building in the Court Avenue district available for sale.
Where is this mixed-use property located?
The property is located at 216 Court Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $5,700,000.
What are key features of this property?
This property features: Historic Court Center Building; Located in the heart of the Court Avenue district; Available for Sale
