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    Downtown Des Moines Office Building Title is generated by Realmo AI

    777 3rd St, Des Moines, IA 50309

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    Office building with downtown views and on-site parking.

    Type:Office
    Property size:
    30,210 SF
    Price / SF:
    $148/SF
    Added:
    Feb 14, 2024
    Days on Market:
    845
    Last Refresh:
    May 12 at 8:47 pm

    Property Features for 777 3rd St

    General Information

    Standard status
    Active
    Size
    30,210 SF
    Property subtype
    Office

    Building Details

    Year Built
    1967

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    Listing Contact
    Riley Hogan
    Riley Hogan

    Listing agent Riley Hogan License #IA F03815000

    Listing office CBRE - Des Moines

    Listing date Feb 14, 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 CBRE - Des Moines

    HighLights

    • Enjoy 240‑degree views of downtown Des Moines, including the state capital and Des Moines River.
    • Best‑in‑class design and construction.
    • Downtown location with convenient interstate access.
    • On‑site parking.
    • Highly visible with great signage recognition.
    • Opportunity to identify with key downtown drivers (Wells Fargo Arena, Lauridsen Skate Park, future water trails).

    Overview

    This office building offers 240-degree views of downtown Des Moines, including the state capital and the Des Moines River. It features a design and construction. The property is located downtown and offers convenient access to the interstate. It is highly visible and provides signage opportunities. On-site parking is available. The location provides proximity to the Wells Fargo Arena, Lauridsen Skate Park, and future water trails.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $663.4k $21.96
    − Vacancy −$132.7k −$4.39
    EGI $530.7k $17.57
    − OpEx −$132.7k −$4.39
    NOI $398.0k $13.18
    30,210 SF · lease $21.96/SF/yr · vacancy 20.00% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $5.69M
    $4.98M – $6.63M (±1% cap)
    NOI $398,047 @ 7.0% cap · market cap 8.85%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $7.44M
    $6.51M – $8.68M (±1% cap)
    NOI $520,811 @ 7.0% cap · market cap 11.57%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Iowa State Education ... Charitable Organization Mid-Iowa Uni Services ... Employment Agency

    Suggested Use

    Real Estate Agency Restaurant Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    Polk
    State
    Iowa
    Longitude
    -93.620981
    Latitude
    41.5912709

    FAQs

    What type of property is this?
    Office building - Office building with downtown views and on-site parking.
    Where is this office building located?
    The property is located at 777 3rd St Des Moines, 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: Enjoy **240‑degree views** of downtown Des Moines, including the state capital and Des Moines River.; Best‑in‑class design and construction.; Downtown location with convenient interstate access.
    (515) 415-6098 Call to check price and availability
    More about this property
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