Office Building with
For Sale
$499,000
Pending
306 S Ankeny Blvd, Ankeny, IA 50023
Four-level commercial layout includes private offices, customer-facing showroom space, and C-2 zoning.
Property Size3,385 SF
Days on Market315
Property Features for 306 S Ankeny Blvd
General Information
Standard status
Pending
Size
3,385 SF
Property subtype
Commercial
Zoning
C-2
Additional Details
Traffic Count
20,000 vehicles/day
Amenities
showroom
break room
storage basement
Building Details
Year Built
1979
Stories
4
Listing Agency:
RE/MAX Concepts
(515) 343-9390
Listed By:
Lynn Johnson (515) 343-9390 · License #B64648000
Source:
Desmoineshomesforsale
Added: Oct 20, 2025
Changed: Aug 30
Last Checked: Aug 25 at 6:05AM
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 RE/MAX Concepts
Investment Insights
Based on property information with market context.
This four-level office property contains 3,385 square feet arranged with an entry showroom, seven offices, three bathrooms, a break room, and a storage basement. Central air and gas service support the interior, which includes carpeted areas. The building was constructed in 1979 and offers a functional configuration for office or retail use.
Located at 306 S Ankeny Boulevard in Ankeny, Iowa, the property has exposure to roughly 20,000 vehicles per day. C-2 zoning is identified for general retail, highway-oriented, and central business commercial districts. The rectangular site measures 68x132 and includes an asphalt and concrete road surface.
Located at 306 S Ankeny Boulevard in Ankeny, Iowa, the property has exposure to roughly 20,000 vehicles per day. C-2 zoning is identified for general retail, highway-oriented, and central business commercial districts. The rectangular site measures 68x132 and includes an asphalt and concrete road surface.
Key Highlights
- 3,385‑square‑foot building arranged across 4 levels
- Entry showroom, 7 offices, 3 bathrooms, break room, and storage basement
- C‑2 zoning for General Retail, Highway‑oriented, and Central Business Commercial District
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
$44,601
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
8.94%
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%
$892,020
$892.0K
Cap Rate 7%
$637,157
$637.2K
Cap Rate 9%
$495,567
$495.6K
Market Conditions
NOI Build-Up for 3,385 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
$74.3K $21.96/SF
− Vacancy
−$14.9K −$4.39/SF
EGI
$59.5K $17.57/SF
− OpEx
−$14.9K −$4.39/SF
NOI
$44.6K $13.18/SF
Area
Polk County, IA
Vacancy
20.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$892,020
Cap Rate 7%
$637,157
Cap Rate 9%
$495,567
Alternative Uses
Best Use
Office B
$637.2K
$557.5K – $743.4K
NOI $44,601 @ 7.0% cap · market cap 8.94%
Second Best
Retail
$446.0K
$390.3K – $520.4K
NOI $31,221 @ 7.0% cap · market cap 6.26%
Theoretical Best
Flex RnD
$3.26M
$2.85M – $3.80M
NOI $228,095 @ 7.0% cap · market cap 45.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
903
Businesses Nearby
Explore this area
Business Placement
Demographics for 50023, IA
43,603
Population
17,822
Households
2.4
Avg Household Size
34
Median Age
55%
College-Educated
99%
High-School Grad
21.0 sq mi
ZIP Area
2,076
Density / Sq Mi
$113,914
Median Household Income
$59,891
Median Earnings
$1,191
Median Rent
$327,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Four-level commercial layout includes private offices, customer-facing showroom space, and C-2 zoning.
Where is this office units located?
The property is located at 306 S Ankeny Blvd Ankeny, IA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 3,385‑square‑foot building arranged across 4 levels; Entry showroom, 7 offices, 3 bathrooms, break room, and storage basement; C‑2 zoning for General Retail, Highway‑oriented, and Central Business Commercial District
