Restaurant Property with Outdoor
For Sale
Contact for pricing
216 Court Ave, Des Moines, IA 50309
Multi-level restaurant property with open floor plans, exposed brick, expansive windows, and updated common areas.
Property Size46,816 SF
Price / SF$112.14
Days on Market96
Property Features for 216 Court Ave
General Information
Standard status
Active
Size
46,816 SF
Property subtype
RETAIL
Site & Location
Neighborhood
Downtown Des Moines
Additional Details
Patio
Yes
Amenities
common area and building signage updates
Building Details
Construction
brick
Listing Agency:
CBRE
(515) 224-4900
Listed By:
Grant Wright
(515) 745-5113
Source:
Moodyscre
Added: Jul 28
Changed: Oct 26
Last Checked: Oct 30 at 6:01PM
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
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Investment Insights
Based on property information with market context.
Located at 216 Court Ave in Des Moines, Iowa, this 46,816-square-foot restaurant property includes opportunities on the first and second floors. The first floor features an outdoor patio, expansive window lines, open floor plans, and exposed brick. An in-place first-floor lease with a local restaurant is also in place.
The property is within the Historic Court Avenue District and includes recently completed common area and building signage updates. Street-level space is eligible for potential participation in the City of Des Moines Restore the Core Incentive Program.
The property is within the Historic Court Avenue District and includes recently completed common area and building signage updates. Street-level space is eligible for potential participation in the City of Des Moines Restore the Core Incentive Program.
Key Highlights
- 46,816‑square‑foot restaurant property with first- and second‑floor opportunities
- In‑place first‑floor lease with a local restaurant
- Outdoor patio on the first floor
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$454,700
Cap Rate
8.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,094,000
$9.1M
Cap Rate 7%
$6,495,714
$6.5M
Cap Rate 9%
$5,052,222
$5.1M
Market Conditions
NOI Build-Up for 46,816 SF
Gross rent
$702.2K $15.00/SF
− Vacancy
−$52.7K −$1.13/SF
EGI
$649.6K $13.88/SF
− OpEx
−$194.9K −$4.16/SF
NOI
$454.7K $9.71/SF
Area
Des Moines, IA
Vacancy
7.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,094,000
Cap Rate 7%
$6,495,714
Cap Rate 9%
$5,052,222
Alternative Uses
Best Use
Specialty Retail
$7.92M
$6.93M – $9.24M
NOI $554,489 @ 7.0% cap · market cap 10.56%
Second Best
Retail
$6.50M
$5.68M – $7.58M
NOI $454,700 @ 7.0% cap · market cap 8.66%
Theoretical Best
Office A
$11.53M
$10.09M – $13.45M
NOI $807,093 @ 7.0% cap · market cap 15.37%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,894
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Des Moines, IA
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Multi-level restaurant property with open floor plans, exposed brick, expansive windows, and updated common areas.
Where is this conventional restaurant located?
The property is located at 216 Court Ave Des Moines, IA.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: 46,816‑square‑foot restaurant property with first- and second‑floor opportunities; In‑place first‑floor lease with a local restaurant; Outdoor patio on the first floor
