Warehouse
For Sale
Contact for pricing
2301 Fleur Dr, Des Moines, IA 50315
Commercial facility with access from Fleur Drive and Bell Avenue.
Property Size143,832 SF
Price / SF$65.01
Days on Market427
Property Features for 2301 Fleur Dr
General Information
Standard status
Active
Size
143,832 SF
Property subtype
INDUSTRIAL
Additional Details
Road Access
Yes
Listing Agency:
NAI Iowa Realty Commercial
(515) 991-7000
Listed By:
Kevin Crowley · License #B17147000
(515) 991-7000
Source:
Moodyscre
Added: Jul 1, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:48PM
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 NAI Iowa Realty Commercial
Investment Insights
Based on property information with market context.
The warehouse property at 2301 Fleur Dr contains 143,832 square feet. Its location places the building on the east side of Fleur Drive, with the property entrance positioned on the north side of Bell Avenue.
The site is south of Gray's Lake and offers access to downtown Des Moines, Des Moines Airport, and the south beltway. Fleur Drive and Bell Avenue provide the identified approach points for the property.
The site is south of Gray's Lake and offers access to downtown Des Moines, Des Moines Airport, and the south beltway. Fleur Drive and Bell Avenue provide the identified approach points for the property.
Key Highlights
- 143,832 square feet of warehouse space
- East side of Fleur Drive
- Entrance on the north side of Bell Avenue
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
$675,593
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
7.23%
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%
$13,511,860
$13.5M
Cap Rate 7%
$9,651,329
$9.7M
Cap Rate 9%
$7,506,589
$7.5M
Market Conditions
NOI Build-Up for 143,832 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
$863.0K $6.00/SF
− Vacancy
−$68.2K −$0.47/SF
EGI
$794.8K $5.53/SF
− OpEx
−$119.2K −$0.83/SF
NOI
$675.6K $4.70/SF
Area
Des Moines, IA
Vacancy
7.90%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
15.00%
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%
$13,511,860
Cap Rate 7%
$9,651,329
Cap Rate 9%
$7,506,589
Alternative Uses
Best Use
Warehouse
$9.65M
$8.44M – $11.26M
NOI $675,593 @ 7.0% cap · market cap 7.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$35.42M
$31.00M – $41.33M
NOI $2,479,618 @ 7.0% cap · market cap 26.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
210
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 50315, IA
36,693
Population
16,579
Households
2.2
Avg Household Size
36
Median Age
18%
College-Educated
87%
High-School Grad
10.3 sq mi
ZIP Area
3,562
Density / Sq Mi
$62,036
Median Household Income
$41,311
Median Earnings
$977
Median Rent
$164,000
Median Home Value
Market
Vacancy Rate% for Industrial in Des Moines, IA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Grays Lake Self Storage — 2232 George Flagg Pkwy, Des Moines, IA 50321
Frequently Asked Questions
What type of property is this?
Warehouse - Commercial facility with access from Fleur Drive and Bell Avenue.
Where is this warehouse located?
The property is located at 2301 Fleur Dr Des Moines, IA.
What is the asking price?
The asking price for this property is $9,350,000.
What are key features of this property?
This property features: 143,832 square feet of warehouse space; East side of Fleur Drive; Entrance on the north side of Bell Avenue
