Building Details

Year Built 1930

Year Renovated 2019

Buildings 1

Tenancy Single

Listing Agency: Cushman & Wakefield - West Des Moines, Iowa

Listed By: John Viggers · License #S27531000 Show Phone

Source: Crexi

Added: Jul 1 Changed: Oct 6 Last Checked: Oct 12 at 9:20PM

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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 - West Des Moines, Iowa

Investment Insights

Based on property information with market context.

This NNN industrial property comprises 71,477 square feet on 6.61 acres and was built in 1930. The asset is occupied by Crunchyroll, LLC, identified as a division of Sony Group Corporation, and is zoned Heavy Industrial. The property also includes room for expansion, providing additional physical capacity within the existing site configuration.

Located at 512 NE Main Street in Grimes, Iowa, the property has immediate access to HWY 141 and sits near the GrimesPlex entertainment district. Its combination of industrial zoning, substantial land area, established occupancy, and net-lease structure defines the offering.

Key Highlights

• 71,477‑square‑foot industrial property on 6.61 acres
• Crunchyroll, LLC occupancy; division of Sony Group Corporation
• NNN net‑lease structure

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$293,077

Cap Rate

5.87%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,861,540 $5.9M

Cap Rate 7%

$4,186,814 $4.2M

Cap Rate 9%

$3,256,411 $3.3M

Market Conditions

NOI Build-Up for 71,477 SF

Gross rent

$454.6K $6.36/SF

− Vacancy

−$35.9K −$0.50/SF

EGI

$418.7K $5.86/SF

− OpEx

−$125.6K −$1.76/SF

NOI

$293.1K $4.10/SF

Area

Polk County, IA

Vacancy

7.90%

Lease Rate

$6.36 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,861,540

Cap Rate 7%

$4,186,814

Cap Rate 9%

$3,256,411

Alternative Uses

Best Use

Industrial

$4.19M

$3.66M – $4.88M (±1% cap)

NOI $293,077 @ 7.0% cap · market cap 5.87%

Second Best

—

—

no second resolved use

Theoretical Best

Flex RnD

$68.81M

$60.21M – $80.27M (±1% cap)

NOI $4,816,409 @ 7.0% cap · market cap 96.52%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

NNN properties

Suggested Use

Top Pick Real Estate Agency Law Firm Hair Salon Nail Salon Parking Lot & Garage Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

317

Businesses Nearby

Explore this area Business Placement

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this nnn properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

NNN property - Heavy Industrial-zoned property with an established Crunchyroll occupancy and access to HWY 141.

Where is this nnn property located?

The property is located at 512 NE Main Street Grimes, IA.

What is the asking price?

The asking price for this property is $4,990,000.

What are key features of this property?

This property features: 71,477‑square‑foot industrial property on 6.61 acres; Crunchyroll, LLC occupancy; division of Sony Group Corporation; NNN net‑lease structure