Flex Space with
For Sale
$1,335,000
2401 Hickman Road, Des Moines, IA 50310
CommercialSale, Warehouse, Des Moines, IA
Property Size15,547 SF
Lot Size1.86 Acres
Price / SF$85.87
Days on Market8
Property Features for 2401 Hickman Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MX3
Security features
Security
Lot features
Corner Lot
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
Hickman Road, west of MLK Parkway
Subdivision
Des Moines N.East
Standard status
Active
APN
08004544000000
Lot size
1.86 Acres
Taxes and HOA fees
Tax Description
-EX N 285F- & -EX E 13F- & -EX ST- LT 23 MURRAY HILL
Legal Description
-EX N 285F- & -EX E 13F- & -EX ST- LT 23 MURRAY HILL
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
1960
Building materials
Block, Frame, MetalSiding
Architectural style
Other
Listing Agency:
Pennie Carroll & Associates
(515) 490-8025
Listed By:
Pennie Carroll · License #F05964000
(515) 490-8025
Added: Aug 13
Changed: Aug 20
Last Checked: Aug 20 at 10:06PM
MLS# 746775
Copyright © 2026 Des Moines Area Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 15,547-square-foot flex facility combines warehouse and garage areas with office space, a training room, breakroom, and bathrooms. The office area is cooled by an air-conditioning unit, while the warehouse is heated but not air-conditioned. Security cameras are included with the property, and remaining tools and equipment may be included if identified before those items are sold.
The building at 2401 Hickman Road in Des Moines occupies 1.8595 acres and carries MX3 zoning. Built in 1960, the property has block, frame, and metal siding construction, along with public water and public sewer service. The roof was updated in 2024, with a stated 20-year life expectancy at that time.
The building at 2401 Hickman Road in Des Moines occupies 1.8595 acres and carries MX3 zoning. Built in 1960, the property has block, frame, and metal siding construction, along with public water and public sewer service. The roof was updated in 2024, with a stated 20-year life expectancy at that time.
Key Highlights
- 15,547‑square‑foot mixed‑use flex facility on 1.8595 acres
- Warehouse, garage, office, training room, breakroom, and bathrooms
- MX3 zoning with public water and public sewer
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
$87,116
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
6.53%
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%
$1,742,320
$1.7M
Cap Rate 7%
$1,244,514
$1.2M
Cap Rate 9%
$967,956
$968.0K
Market Conditions
NOI Build-Up for 15,547 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
$145.5K $9.36/SF
− Vacancy
−$11.5K −$0.74/SF
EGI
$134.0K $8.62/SF
− OpEx
−$46.9K −$3.02/SF
NOI
$87.1K $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%
$1,742,320
Cap Rate 7%
$1,244,514
Cap Rate 9%
$967,956
Alternative Uses
Best Use
Office B
$2.93M
$2.56M – $3.41M
NOI $204,847 @ 7.0% cap · market cap 15.34%
Second Best
Mixed Use
$2.27M
$1.99M – $2.65M
NOI $159,162 @ 7.0% cap · market cap 11.92%
Theoretical Best
Office A
$3.83M
$3.35M – $4.47M
NOI $268,025 @ 7.0% cap · market cap 20.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
575
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50310, IA
30,754
Population
14,162
Households
2.2
Avg Household Size
37
Median Age
36%
College-Educated
86%
High-School Grad
8.0 sq mi
ZIP Area
3,844
Density / Sq Mi
$74,473
Median Household Income
$46,091
Median Earnings
$1,043
Median Rent
$213,800
Median Home Value
Market
Vacancy Rate% for Office in Des Moines, IA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Mixed-use commercial facility combining warehouse, office, training, breakroom, garage, and restroom areas.
Where is this flex space located?
The property is located at 2401 Hickman Road Des Moines, IA.
What is the asking price?
The asking price for this property is $1,335,000.
What are key features of this property?
This property features: 15,547‑square‑foot mixed‑use flex facility on 1.8595 acres; Warehouse, garage, office, training room, breakroom, and bathrooms; MX3 zoning with public water and public sewer
