2015 Grand Ave Des Moines, IA 50312
- Commercial real estate
- 2,976 SF
- 0.31 lot acres
Current Use by Public Records
- Heidi Young Attorney / Attorney
- Sharaine Conner / Social Worker / Counselor
- Wandro, Kanne, & Lalor, P.C. / Law Firm
- Bitcoin Depot ATM / Atm
- James H Cossitt, Of Counsel, BWS Law / Attorney / Bankruptcy Attorney
Property Details for 2015 Grand Ave
- Year built
- 1995
- Construction
- FRAME
- Lot size
- 0.31 lot acres
- Property size
- 2,976 SF
- Zone code
- M-1
- Property type
- Commercial real estate
- APN
- 040/06169-003-000
- APU
- 4006169003000
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Des Moines
- County
- Polk
- State
- Iowa
- Longitude
- -93.5815
- Latitude
- 41.5951
- CBSA code
- 19780
- CBSA name
- DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA
