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    2015 Grand Ave Des Moines, IA 50312

    Sponsored
    For Sale
    $2,350,000

    Des Moines Office Building - Value-Add Opportunity

    Property size:
    30,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This Des Moines, IA office building, located at 2015 Grand Ave, offers a compelling value-add investment opportunity. The 30,000 square foot, three-story Class B building boasts 22,000 square feet of net rentable space, currently 80% occupied by six tenants, including two prominent Des Moines law firms. Built in 1927 and renovated in 1995, this historically significant property features 55 parking spaces and sits on a 1.152-acre lot (APN: 030/00950-002-000, 030/00949-000-000). The property is zoned DX2 and offers a gross lease structure with a 5-year lease term commencing April 1, 2023, and expiring April 1, 2028 (3.4 years remaining). The current asking price is $2,350,000, representing a $78.33 per square foot price and a 5.87% cap rate based on a Net Operating Income (NOI) of $138,016 as of January 1, 2023. Annual rent bumps of $500 are included in the lease agreements. Significant improvements include a new roof installed in 2013. This property presents a rare chance to acquire a well-maintained, historically significant building with strong potential for future growth in a desirable Des Moines location.

    Property Features for 2015 Grand Ave

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    30,000 SF
    Class
    B
    Lot Size
    50,181 SF

    Building Details

    Year Built/Renovated
    1927/1995
    Stories
    3
    Units
    6

    HighLights

    • Des Moines, IA office building, 30,000 square feet, 22,000 rentable square feet, 80% occupied.
    • $2,350,000 asking price, $78.33/SF, 5.87% cap rate (NOI $138,016).
    • Three‑story Class B building, 55 parking spaces, 1.15‑acre lot.
    • Gross lease structure, 3.4 years remaining on 5‑year lease (April 1, 2023 - April 1, 2028), $500 annual rent bumps.
    • Built in 1927, renovated in 1995, new roof in 2013.
    Property Profile Location Intelligence

    Current Use by Public Records

    Heidi Young Attorney Attorney Sharaine Conner Social Worker Wandro, Kanne, & Lalor, ... Law Firm Bitcoin Depot ATM Atm James H Cossitt, ... Bankruptcy Attorney

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Dental Office Law Firm Wholesale Shop Auto Repair Shop Hair Salon Clothing 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
    -93.6442784
    Latitude
    41.5849502

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    FAQs

    What type of property is this?
    Office Property / Space - Des Moines Office Building - Value-Add Opportunity
    Where is this office property / space located?
    The property is located at 2015 Grand Ave Des Moines, IA.
    What is the asking price?
    The asking price for this property is $2,350,000.
    What are key features of this property?
    This property features: Des Moines, IA office building, 30,000 square feet, 22,000 rentable square feet, 80% occupied.; $2,350,000 asking price, $78.33/SF, 5.87% cap rate (NOI $138,016).; Three-story Class B building, 55 parking spaces, 1.15-acre lot.
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    Des Moines, IA 50312
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    Realmo Value Estimation

    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.

    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.

    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
    2015 Grand Ave Des Moines, IA 50312
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