Freestanding Storefront
For Sale
$650,000
3604 Ingersoll Ave Des, Des Moines, IA 50312
Single-tenant retail asset with MX2 zoning and an occupied lease.
Property Size1,890 SF
Price / SF$343.92
Days on Market193
Property Features for 3604 Ingersoll Ave Des
General Information
Standard status
Active
Size
1,890 SF
Property subtype
Free Standing Building
Zoning
MX2
Occupancy
100%
Building Details
Building Size
1,890 SF
Year Built
1951
Buildings
1
Tenancy
Single
Listing Agency:
Better Commercial - Remax Concepts
(319) 231-1160
Listed By:
Chase Keller · License #S63136000
(319) 231-1160
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 9:52PM
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 Better Commercial - Remax Concepts
Investment Insights
Based on property information with market context.
This 1,890 SF freestanding retail building contains one unit and was constructed in 1951. The property is fully occupied by Victoria Cleaners, which has operated from the premises for approximately five years under a 10-year lease. The lease includes about five years remaining and a further five-year renewal option.
The property carries MX2 zoning and is positioned along the Ingersoll & Grand corridor in Des Moines. Its address is 3604 Ingersoll Ave, Des Moines, IA 50312.
The property carries MX2 zoning and is positioned along the Ingersoll & Grand corridor in Des Moines. Its address is 3604 Ingersoll Ave, Des Moines, IA 50312.
Key Highlights
- 1,890 SF freestanding retail building with one unit
- Fully occupied by Victoria Cleaners
- Approximately 5 years remaining on the current 10‑year lease
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
$18,357
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
2.82%
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%
$367,140
$367.1K
Cap Rate 7%
$262,243
$262.2K
Cap Rate 9%
$203,967
$204.0K
Market Conditions
NOI Build-Up for 1,890 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
$28.4K $15.00/SF
− Vacancy
−$2.1K −$1.13/SF
EGI
$26.2K $13.88/SF
− OpEx
−$7.9K −$4.16/SF
NOI
$18.4K $9.71/SF
Area
Des Moines, IA
Vacancy
7.50%
Lease Rate
$15.00 /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%
$367,140
Cap Rate 7%
$262,243
Cap Rate 9%
$203,967
Alternative Uses
Best Use
Retail
$262.2K
$229.5K – $306.0K
NOI $18,357 @ 7.0% cap · market cap 2.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$465.5K
$407.3K – $543.1K
NOI $32,583 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,004
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50312, IA
15,485
Population
8,285
Households
1.9
Avg Household Size
40
Median Age
62%
College-Educated
98%
High-School Grad
5.6 sq mi
ZIP Area
2,765
Density / Sq Mi
$82,720
Median Household Income
$54,862
Median Earnings
$1,057
Median Rent
$274,400
Median Home Value
Market
Vacancy Rate% for Retail in Des Moines, IA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Wildflower — 2718 Ingersoll Ave, Des Moines, IA 50312
- Boesen the Florist — 3801 Ingersoll Ave #3450, Des Moines, IA 50312
- The Wild Orchid — 2415 Ingersoll Ave, Des Moines, IA 50312
Frequently Asked Questions
What type of property is this?
Storefront property - Single-tenant retail asset with MX2 zoning and an occupied lease.
Where is this storefront property located?
The property is located at 3604 Ingersoll Ave Des Des Moines, IA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 1,890 SF freestanding retail building with one unit; Fully occupied by Victoria Cleaners; Approximately 5 years remaining on the current 10‑year lease
