2015 Grand Ave Des Moines, IA 50312
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Des Moines Office Building - Value-Add Opportunity
Property size:
30,000 SFProperty 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
Listing Agency: White Oak Realty Listing Agent: Connor Delaney
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
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 Profile
Insight Report
Location Intelligence
Current Use by Public Records
Heidi Young Attorney
Law Firm
Sharaine Conner
Foster Care Service
Wandro, Kanne, & Lalor, ...
Law Firm
Bitcoin Depot ATM
Atm
James H Cossitt, ...
Law Firm
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 - Des Moines Office Building - Value-Add Opportunity
Where is this office property 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.
