Two-Property Retail Center
For Sale
Contact for pricing
328-430 Grand Ave., West Des Moines, IA 12603
Portfolio comprises two established retail centers serving the Des Moines metropolitan area.
Property Size21,160 SF
Price / SF$141.78
Days on Market54
Property Features for 328-430 Grand Ave.
General Information
Standard status
Active
Size
21,160 SF
Property subtype
Retail
Zoning
C-2
Occupancy
93%
Investment Type
Value Add
Net Operating Income
$208,575
Building Details
Year Built
1962
Buildings
2
Tenancy
Multi
Listing Agency:
Cushman & Wakefield Iowa Commercial Advisors
Listed By:
Corey Sedrel · License #B67845000
(515) 979-1454
Source:
Crexi
Added: Jul 27
Changed: Sep 9
Last Checked: Sep 18 at 4:59AM
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 Cushman & Wakefield Iowa Commercial Advisors
Investment Insights
Based on property information with market context.
This retail center portfolio includes two properties totaling 21,160 SF. Gateway Center in West Des Moines contains 9,960 SF and reports 100% occupancy. Parkview North, located in Ankeny, provides 11,200 SF with 87.5% occupancy. Together, the centers report 93% occupancy across the portfolio.
The properties are positioned in separate communities within the Des Moines metropolitan area and are identified with C-2 zoning. The portfolio offers a multi-property retail configuration with distinct center locations and established occupancy profiles.
The properties are positioned in separate communities within the Des Moines metropolitan area and are identified with C-2 zoning. The portfolio offers a multi-property retail configuration with distinct center locations and established occupancy profiles.
Key Highlights
- Two‑center portfolio totaling 21,160 SF
- Gateway Center: 9,960 SF with 100% occupancy
- Parkview North: 11,200 SF with 87.5% occupancy
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
$195,163
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
6.51%
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%
$3,903,260
$3.9M
Cap Rate 7%
$2,788,043
$2.8M
Cap Rate 9%
$2,168,478
$2.2M
Market Conditions
NOI Build-Up for 21,160 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
$304.7K $14.40/SF
− Vacancy
−$25.9K −$1.22/SF
EGI
$278.8K $13.18/SF
− OpEx
−$83.6K −$3.95/SF
NOI
$195.2K $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%
$3,903,260
Cap Rate 7%
$2,788,043
Cap Rate 9%
$2,168,478
Alternative Uses
Best Use
Retail
$2.79M
$2.44M – $3.25M
NOI $195,163 @ 7.0% cap · market cap 6.51%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$20.37M
$17.82M – $23.76M
NOI $1,425,846 @ 7.0% cap · market cap 47.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
610
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Valley Junction Plaza — 840 1st St, West Des Moines, IA 50265
Frequently Asked Questions
What type of property is this?
Shopping center - Portfolio comprises two established retail centers serving the Des Moines metropolitan area.
Where is this shopping center located?
The property is located at 328-430 Grand Ave. West Des Moines, IA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Two‑center portfolio totaling 21,160 SF; Gateway Center: 9,960 SF with 100% occupancy; Parkview North: 11,200 SF with 87.5% occupancy
