Class B Office
For Sale
$4,500,000
4135 NW Urbandale Dr, Urbandale, IA 50322
M-1-zoned office property with on-site parking and access to I-80/35.
Property Size30,400 SF
Lot Size3.66 Acres
Price / SF$148.03
Days on Market47
Property Features for 4135 NW Urbandale Dr
General Information
Standard status
Active
Size
30,400 SF
Class
B
Total Parking Spaces
88
Lot size
3.66 Acres
Property subtype
office
Zoning
M-1
Additional Details
Highway Access
Yes
Listing Agency:
Des Moines
(515) 556-4727
Listed By:
Marcus R. Pitts, CCIM, SIOR · License #B43999000
(515) 556-4727
Source:
Property.jll
Added: Jul 16
Changed: Aug 30
Last Checked: Aug 30 at 3:29PM
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 Des Moines
Investment Insights
Based on property information with market context.
This Class B office property contains 30,400 square feet of office space on a 3.66-acre site. The property provides 88 parking spaces and carries M-1 zoning.
Located in the Urban Loop off NW Urbandale Ave, the property offers access to I-80/35. The address is 4135 NW Urbandale Dr, Urbandale, IA 50322.
Located in the Urban Loop off NW Urbandale Ave, the property offers access to I-80/35. The address is 4135 NW Urbandale Dr, Urbandale, IA 50322.
Key Highlights
- 30,400 square feet of Class B office space
- 3.66‑acre site
- 88 parking spaces
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
$400,550
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
8.90%
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%
$8,011,000
$8.0M
Cap Rate 7%
$5,722,143
$5.7M
Cap Rate 9%
$4,450,556
$4.5M
Market Conditions
NOI Build-Up for 30,400 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
$667.6K $21.96/SF
− Vacancy
−$133.5K −$4.39/SF
EGI
$534.1K $17.57/SF
− OpEx
−$133.5K −$4.39/SF
NOI
$400.6K $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%
$8,011,000
Cap Rate 7%
$5,722,143
Cap Rate 9%
$4,450,556
Alternative Uses
Best Use
Office B
$5.72M
$5.01M – $6.68M
NOI $400,550 @ 7.0% cap · market cap 8.90%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$29.26M
$25.61M – $34.14M
NOI $2,048,475 @ 7.0% cap · market cap 45.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
483
Businesses Nearby
Explore this area
Business Placement
Demographics for 50322, IA
31,652
Population
13,293
Households
2.4
Avg Household Size
40
Median Age
42%
College-Educated
93%
High-School Grad
10.8 sq mi
ZIP Area
2,931
Density / Sq Mi
$89,323
Median Household Income
$48,016
Median Earnings
$1,151
Median Rent
$263,900
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 building - M-1-zoned office property with on-site parking and access to I-80/35.
Where is this office building located?
The property is located at 4135 NW Urbandale Dr Urbandale, IA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 30,400 square feet of Class B office space; 3.66‑acre site; 88 parking spaces
