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245 50th St, West Des Moines, IA 50265
Fourteen units accommodate retail, dining, health, wellness, and service-oriented businesses at a West Des Moines commercial intersection.
Property Size37,402 SF
Price / SF$290.01
Days on Market161
Property Features for 245 50th St
General Information
Standard status
Active
Size
37,402 SF
Total Parking Spaces
194
Property subtype
Retail
Zoning
PUD B&C
Occupancy
100%
Lease Type
NNN
Net Operating Income
$612,876
Additional Details
Anchor Co-Tenants
Dollar Tree, US Bank
Building Details
Year Built
2007
Buildings
4
Stories
1
Units
14
Tenancy
Multi
Listing Agency:
NAI Iowa Realty Commercial - Des Moines
(515) 453-5480
Listed By:
Jerry Marckres · License #IA S65891000
Source:
Crexi
Added: Mar 25
Changed: Aug 30
Last Checked: Aug 31 at 11:15PM
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 - Des Moines
Investment Insights
Based on property information with market context.
Wellington Square is a 14-unit shopping center completed in 2007, with tenant space spanning everyday retail, food service, health and wellness, and specialty services. Dollar Tree and US Bank serve as the identified anchor tenants, while the center also includes Domino's Pizza, Menchie’s Frozen Yogurt, Pelican Post Bar & Grille, LeRoy's Place, EP True Dental, Bernhardt & Smith Orthodontists, PsychPlus, Sandlot Gym, Exercise Coach, Give, Z & L Spa, and All About Nails.
The property is positioned at 50th Street and EP True Parkway in West Des Moines, near Jordan Creek Towne Center. Its established tenant roster combines retail, restaurants, medical and wellness providers, personal services, and specialty businesses within one center.
The property is positioned at 50th Street and EP True Parkway in West Des Moines, near Jordan Creek Towne Center. Its established tenant roster combines retail, restaurants, medical and wellness providers, personal services, and specialty businesses within one center.
Key Highlights
- 14‑unit shopping center completed in 2007
- Identified anchor tenants include Dollar Tree and US Bank
- Located at 50th Street and EP True Parkway
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
$344,966
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
3.18%
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%
$6,899,320
$6.9M
Cap Rate 7%
$4,928,086
$4.9M
Cap Rate 9%
$3,832,956
$3.8M
Market Conditions
NOI Build-Up for 37,402 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
$538.6K $14.40/SF
− Vacancy
−$45.8K −$1.22/SF
EGI
$492.8K $13.18/SF
− OpEx
−$147.8K −$3.95/SF
NOI
$345.0K $9.22/SF
Area
Polk County, IA
Vacancy
8.50%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$6,899,320
Cap Rate 7%
$4,928,086
Cap Rate 9%
$3,832,956
Alternative Uses
Best Use
Retail
$4.93M
$4.31M – $5.75M
NOI $344,966 @ 7.0% cap · market cap 3.18%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$36.00M
$31.50M – $42.00M
NOI $2,520,298 @ 7.0% cap · market cap 23.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
254
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50265, IA
32,187
Population
15,104
Households
2.1
Avg Household Size
38
Median Age
48%
College-Educated
95%
High-School Grad
19.3 sq mi
ZIP Area
1,668
Density / Sq Mi
$84,588
Median Household Income
$49,785
Median Earnings
$1,065
Median Rent
$267,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Fourteen units accommodate retail, dining, health, wellness, and service-oriented businesses at a West Des Moines commercial intersection.
Where is this shopping center located?
The property is located at 245 50th St West Des Moines, IA.
What is the asking price?
The asking price for this property is $10,847,000.
What are key features of this property?
This property features: 14‑unit shopping center completed in 2007; Identified anchor tenants include Dollar Tree and US Bank; Located at 50th Street and EP True Parkway
