Warehouse Condominium with
For Sale
$595,000
Pending
7640 SW 22nd Street, Des Moines, IA 50312
CommercialSale, Warehouse, Des Moines, IA
Property Size3,000 SF
Lot Size0.22 Acres
Days on Market295
Property Features for 7640 SW 22nd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
PUD
Appliances
Dishwasher, Microwave, Refrigerator, Stove
Elementary school district
Des Moines Independent
Middle school district
Des Moines Independent
High school district
Des Moines Independent
Directions
From Hwy 5 take the Fleur exit and head N. Head W on Crossroad Pl, then N on SW 22nd St. Property is on the W side of the road.
Subdivision
Des Moines S.West
Standard status
Pending
APN
120/00005-621-013; 120/00005-621-014
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
1: UNIT 205 AIRPORT CROSSROADS CONDOMINIUMS; 2: UNIT 206 AIRPORT CROSSROADS CONDOMINIUMS
Tax Annual Amount
13436
HOA Fee
$230 Monthly
Legal Description
1: UNIT 205 AIRPORT CROSSROADS CONDOMINIUMS; 2: UNIT 206 AIRPORT CROSSROADS CONDOMINIUMS
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
fully equipped break room
paint booth with air compressor
Building Details
Year built
2022
Building materials
MetalSiding
Roof type
Metal
Architectural style
Other
Listing Agency:
WB Realty Company
(515) 966-5478
Listed By:
Matthew Guns
(515) 554-4543
Added: Nov 7, 2025
Changed: Aug 19
Last Checked: Aug 29 at 12:06AM
MLS# 730071
Copyright © 2026 Des Moines Area Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2022, this warehouse condominium combines functional industrial space with dedicated office and support areas. The layout includes a mezzanine office, two restrooms, a break room with dishwasher, microwave, refrigerator, and stove, plus a paint booth and air compressor. Two 16' overhead doors support loading and access, while forced-air heating and cooling, central air, a sprinkler system, and dual 200-amp electrical panels serve the building. All equipment is negotiable.
The property is located just south of Des Moines International Airport at 7640 SW 22nd Street in Des Moines. It sits on a 0.22-acre parcel within Airport Crossroads Condominiums and carries PUD zoning. Metal siding and a metal roof complement the 2022 construction, with public water and public sewer in place.
The property is located just south of Des Moines International Airport at 7640 SW 22nd Street in Des Moines. It sits on a 0.22-acre parcel within Airport Crossroads Condominiums and carries PUD zoning. Metal siding and a metal roof complement the 2022 construction, with public water and public sewer in place.
Key Highlights
- 2022 construction within Airport Crossroads Condominiums
- Two 16' overhead doors for loading and building access
- Mezzanine‑level office, two restrooms, and a fully equipped break room
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
$16,810
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
2.83%
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%
$336,200
$336.2K
Cap Rate 7%
$240,143
$240.1K
Cap Rate 9%
$186,778
$186.8K
Market Conditions
NOI Build-Up for 3,000 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
$28.1K $9.36/SF
− Vacancy
−$2.2K −$0.74/SF
EGI
$25.9K $8.62/SF
− OpEx
−$9.1K −$3.02/SF
NOI
$16.8K $5.60/SF
Area
Des Moines, IA
Vacancy
7.90%
Lease Rate
$9.36 /SF/Yr
Expense Ratio
35.00%
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%
$336,200
Cap Rate 7%
$240,143
Cap Rate 9%
$186,778
Alternative Uses
Best Use
Flex RnD
$240.1K
$210.1K – $280.2K
NOI $16,810 @ 7.0% cap · market cap 2.83%
Second Best
Warehouse
$201.3K
$176.1K – $234.9K
NOI $14,091 @ 7.0% cap · market cap 2.37%
Theoretical Best
Office A
$738.8K
$646.5K – $862.0K
NOI $51,719 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
75
Businesses Nearby
Well-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 Industrial in Des Moines, IA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Signature Self Storage — 7900 SW 22nd St, Des Moines, IA 50321
- eCommerce Direct — 3440 Gannett Ave, Des Moines, IA 50321
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial condominium near Des Moines International Airport with office, break room, restrooms, and specialized equipment.
Where is this warehouse located?
The property is located at 7640 SW 22nd Street Des Moines, IA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 2022 construction within Airport Crossroads Condominiums; Two 16' overhead doors for loading and building access; Mezzanine‑level office, two restrooms, and a fully equipped break room
