Two-Tenant Retail Asset For
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6503 Mills Civic Pkwy, West Des Moines, IA 50266
Two-tenant retail property with long-term leases in West Des Moines.
Property Size19,687 SF
Price / SF$294.61
Days on Market174
Property Features for 6503 Mills Civic Pkwy
General Information
Standard status
Active
Size
19,687 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$393,390
Building Details
Year Built
2014
Units
2
Tenancy
Multi
Listing Agency:
JLL Chicago | Americas Headquarters
(602) 282-6300
Listed By:
Alex Sharrin · License #IL 475.170243
Source:
Crexi
Added: Feb 19
Changed: Aug 8
Last Checked: Aug 8 at 6:30AM
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 Chicago | Americas Headquarters
Investment Insights
Based on property information with market context.
The property at 6503 Mills Civic Parkway, West Des Moines, Iowa, is a two-tenant retail asset occupied by Boot Barn and DXL. Both tenants operate under corporate NN leases with a weighted average lease term of approximately 7.3 years. The property size is 19687 square feet. Each tenant's lease includes 10% rent escalations every 5 years in each of their renewal options.
Key Highlights
- NN Corporate Leases in Place
- Weighted Average Lease Term Remaining: ±7.3 Years
- Two‑Tenant Property: Boot Barn & DXL
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
$181,577
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
3.13%
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%
$3,631,540
$3.6M
Cap Rate 7%
$2,593,957
$2.6M
Cap Rate 9%
$2,017,522
$2.0M
Market Conditions
NOI Build-Up for 19,687 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
$283.5K $14.40/SF
− Vacancy
−$24.1K −$1.22/SF
EGI
$259.4K $13.18/SF
− OpEx
−$77.8K −$3.95/SF
NOI
$181.6K $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%
$3,631,540
Cap Rate 7%
$2,593,957
Cap Rate 9%
$2,017,522
Alternative Uses
Best Use
Retail
$2.59M
$2.27M – $3.03M
NOI $181,577 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$18.95M
$16.58M – $22.11M
NOI $1,326,590 @ 7.0% cap · market cap 22.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,130
Businesses Nearby
Explore this area
Business Placement
Demographics for 50266, IA
36,486
Population
18,481
Households
2
Avg Household Size
34
Median Age
60%
College-Educated
97%
High-School Grad
22.3 sq mi
ZIP Area
1,636
Density / Sq Mi
$85,282
Median Household Income
$53,306
Median Earnings
$1,285
Median Rent
$325,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two-tenant retail property with long-term leases in West Des Moines.
Where is this retail space located?
The property is located at 6503 Mills Civic Pkwy West Des Moines, IA.
What is the asking price?
The asking price for this property is $5,800,000.
What are key features of this property?
This property features: NN Corporate Leases in Place; Weighted Average Lease Term Remaining: ±7.3 Years; Two‑Tenant Property: Boot Barn & DXL
