Valley Junction Mixed-Use
324 1st St West Des Moines, IA 50265
324 1st St, West Des Moines, IA, 50265
Contact for pricing
For Sale
Contact for pricing
Pending
Two meticulously maintained buildings with retail and office spaces.
Property Size4,209 SF
Lot Size0.44 Acres
Days on Market649
Property Features for 324 1st St
General Information
- Standard status
- Pending
- Size
- 4,209 SF
- Lot size
- 0.44 Acres
- Property subtype
- Retail, Office, Mixed Use
Building Details
- Year Built
- 1939
Listing agency
NAI Iowa Realty Commercial - Des Moines
Listed by
Dan Dempsey · License #IA S70567000
Source
Crexi
Added: Oct 11, 2024 Updated: Jul 6 at 8:38AM Checked: Jul 21 at 4:37AM
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.
Located in the Valley Junction neighborhood, this property features two buildings: a retail space currently used as a furnished rental, and a multi-unit office/retail building. The interiors include furnishings and artwork. The property has landscaping with trees, shrubs, and perennials. With retail frontage along 1st Street (Highway 28), the location has traffic of over 25,200 average annual daily traffic (AADT) as of 2023. A front marquee sign is situated at one of the main entrances to Valley Junction. The 0.44-acre lot offers opportunities for commercial uses, including retail and office spaces. A separate garage has its own utility connections. There are 15 private off-street parking spaces and on-street parking. It is zoned VJC with conditional CZ3 zoning. The main building has a fire/smoke alarm system and a sprinkler system. The property is situated within the Historic West Des Moines Boundary, making it eligible for property improvement and regulatory compliance funds. The property size is 4209 square feet.
Key Highlights
- Prime location in Valley Junction with high visibility on 1st Street/Highway 28 (25,200 AADT).
- Two meticulously maintained buildings: retail space (furnished rental) and a multi‑unit office/retail building.
- Prominent front marquee signage at a main entrance to Valley Junction.
Local Financial Insights For Mixed Use
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 | $75.8k | $18.00 |
| − Vacancy | −$9.1k | −$2.16 |
| EGI | $66.7k | $15.84 |
| − OpEx | −$25.0k | −$5.94 |
| NOI | $41.7k | $9.90 |
4,209 SF · lease $18.00/SF/yr · vacancy 12.00% · expense 37.50%
Alternative Uses
Best Use
Office B
$792.3K
$693.2K – $924.3K
NOI $55,458 @ 7.0% cap · market cap 9.64%
Second Best
Mixed Use
$595.3K
$520.9K – $694.5K
NOI $41,669 @ 7.0% cap · market cap 7.25%
Theoretical Best
Flex RnD
$4.05M
$3.55M – $4.73M
NOI $283,619 @ 7.0% cap · market cap 49.33%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Walnut Place Retreat
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Two meticulously maintained buildings with retail and office spaces.
Where is this mixed-use property located?
The property is located at 324 1st St West Des Moines, IA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Prime location in Valley Junction with high visibility on 1st Street/Highway 28 (25,200 AADT).; Two meticulously maintained buildings: retail space (furnished rental) and a multi‑unit office/retail building.; Prominent front marquee signage at a main entrance to Valley Junction.
