Two-Story Office Building For
3161 Southeast 22nd Street Des Moines, IA 50320
For Sale
$285,000
1,872 SF office building with partially finished basement.
Property Size1,872 SF
Price / SF$152.24
Days on Market126
Property Features for 3161 Southeast 22nd Street
General Information
Standard status
Active
Size
1,872 SF
Property subtype
Office
Listing Agency:
CBRE
(515) 210-3050
Listed By:
Bill Wright · License #S33231000
(515) 210-3050
Source:
Cbre
Added: Mar 25
Changed: Jul 6
Last Checked: Jul 27 at 5:51AM
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
Investment Insights
Based on property information with market context.
This is a 1,872 square foot, two-story office building available for sale. Constructed in 1982, the property was remodeled in 2013, including new windows and siding, along with a quality interior remodel. The building features a 1,224 square foot partially finished basement suitable for storage, plus a patio/deck. A detached 24-foot by 24-foot garage or storage shed is also included. The property is located at the northeast corner of Southeast 22nd Street and East Park Avenue, adjacent to Edencrest at Riverwoods Senior Housing Complex. It is located 1.0 miles east of SE 14th Street/Hy-Vee, 0.6 miles south of the James W. Cownie Baseball/Soccer Complex, and 1.5 miles from the new Athene North Shore Recreation Area at Easter Lake. The property sits caddy-corner from Evergreen Park and Recreation Courts. The zoning is RX1. New furnace, air conditioning, and water heater are planned for 2025. This is an opportunity to own an office building in Southeast Des Moines.
Key Highlights
- Unique opportunity to own an office building in SE Des Moines with limited office inventory.
- Remodeled in 2013 with new windows, siding, and quality interior remodel.
- New furnace/air conditioning/water heater in 2025.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $41.1k | $21.96 |
| − Vacancy | −$8.2k | −$4.39 |
| EGI | $32.9k | $17.57 |
| − OpEx | −$8.2k | −$4.39 |
| NOI | $24.7k | $13.18 |
1,872 SF · lease $21.96/SF/yr · vacancy 20.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$352.4K
$308.3K – $411.1K
NOI $24,665 @ 7.0% cap · market cap 8.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$461.0K
$403.4K – $537.9K
NOI $32,273 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office building - 1,872 SF office building with partially finished basement.
Where is this office building located?
The property is located at 3161 Southeast 22nd Street Des Moines, IA.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Unique opportunity to own an office building in SE Des Moines with limited office inventory.; Remodeled in 2013 with new windows, siding, and quality interior remodel.; New furnace/air conditioning/water heater in 2025.
