Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Des Moines Office Building For Sale Title is generated by Realmo AI

    615 3rd St, Des Moines, IA 50309

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Office building near Wells Fargo Arena and Hilton Des Moines Downtown.

    Type:Office
    Added:
    Sep 6, 2024
    Days on Market:
    641
    Last Refresh:
    May 12 at 10:23 pm

    Property Features for 615 3rd St

    General Information

    Standard status
    Active
    Property subtype
    Office

    We can help!

    Listing Contact
    Lucas Hedstrom
    Lucas Hedstrom

    Listing agent Lucas Hedstrom License #IA S67582000

    Listing office JLL - Des Moines, Iowa

    Listing date Sep 6, 2024

    Source Crexi

    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 JLL - Des Moines, Iowa

    HighLights

    • Prime location near Wells Fargo Arena and Hilton Des Moines Downtown
    • Immediate access to I‑235
    • Easy access to many exciting amenities
    • Accessibility and convenience
    • Proximity to key attractions
    • Ideal for businesses looking to thrive

    Overview

    This office building is located within walking distance of Wells Fargo Arena and Hilton Des Moines Downtown. The location provides access to amenities and key attractions. Commuting is facilitated by immediate access to I-235. This building may be suitable for businesses seeking a location in Des Moines.
    Location Intelligence

    Current Use by Public Records

    Buzzard Billy’s Restaurant ATM Atm Baratta's Catering Take-out & Catering

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    Polk
    State
    Iowa
    Longitude
    -93.6213573
    Latitude
    41.5902369

    Nearby Similar for Sale

    • $595,000
      3,967 SF

      Grand Avenue Multifamily Investment

      Multi-family property with strong income potential in desirable Grand Avenue.
      3103 Grand Avenue, Des Moines, IA 50312
      View Details
    • $385,000
      3,367 SF

      Des Moines Multifamily Investment Opportunity

      Five-unit property in Kingman neighborhood with off-street parking.
      2931 Kingman Boulevard, Des Moines, IA 50311
      View Details
    • $309,900
      2,352 SF

      Updated Duplex in Des Moines

      Updated duplex with tenant, new roof, HVAC, and updated wiring.
      2404 57th Street, Des Moines, IA 50310
      View Details
    • $499,500
      4,025 SF

      Turnkey Multifamily Investment

      Turnkey five-unit property with coin laundry and dedicated storage in an established residential setting.
      543 53rd Street, Des Moines, IA 50312
      View Details
    • $310,000
      2,509 SF

      Des Moines Fourplex Investment Opportunity

      Fourplex near Drake College, ideal for investors or owner-occupants.
      1148 36th Street, Des Moines, IA 50311
      View Details
    • $219,900
      2,136 SF

      Spacious Ranch Home with Potential

      Ranch home with flexible space and income potential.
      1829 47th Street, Des Moines, IA 50310
      View Details
    • $210,000
      4,067 SF

      Converted Victorian Five-Unit Property

      Five-unit multifamily built in 1897 with preserved Victorian character, attached and detached garages, and laundry hookups.
      3400 Ravina Drive, Des Moines, IA 50313
      View Details
    • $279,900
      3,306 SF

      Income-Producing Multifamily Property in Des Moines

      Seven-unit multifamily property with immediate cash flow and future upside.
      3419 1st Street, Des Moines, IA 50313
      View Details
    • $375,000
      3,174 SF

      Seven-Unit Multifamily Investment

      Seven units with off-street parking, an active rental certificate, and professional management in place.
      732 19th Street, Des Moines, IA 50314
      View Details
    • $239,000
      1,513 SF

      Duplex with Tuck-Under Garage

      Two-unit duplex with a basement level and upstairs private deck, plus a tuck-under garage and private parking.
      1242 Mckinley Avenue, Des Moines, IA 50315
      View Details
    • $275,000
      2,013 SF

      Updated Triplex in Des Moines

      Turnkey investment property with updated units and cash-flow potential.
      900 Morton Avenue, Des Moines, IA 50316
      View Details
    • $280,000
      2,016 SF

      Des Moines Duplex Investment Opportunity

      Income-generating duplex near shopping, dining, and downtown Des Moines.
      612 Mckinley Avenue, Des Moines, IA 50315
      View Details

    FAQs

    What type of property is this?
    Office building - Office building near Wells Fargo Arena and Hilton Des Moines Downtown.
    Where is this office building located?
    The property is located at 615 3rd St Des Moines, IA.
    What are key features of this property?
    This property features: Prime location near Wells Fargo Arena and Hilton Des Moines Downtown; Immediate access to I‑235; Easy access to many exciting amenities
    (515) 371-0846 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Lucas Hedstrom
    Lucas Hedstrom
    Real Estate License ID: IA S67582000
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    615 3rd St, Des Moines, IA 50309
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!