1330 University Ave Des Moines, IA 50316-2460
Property profile & analytics
1330 University Ave Des Moines, IA 50316-2460
- Retail space
- 13,833 SF
- 2.04 lot acres
Property ID
US25-0363285
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Walgreens Photo / (Bike/Boat/Book/etc) Store
- Walgreens Pharmacy / Pharmacy
- COVID-19 Drive-Thru Testing at Walgreens / Pharmacy
- Walgreens / Pharmacy
- FedEx OnSite / Postal Service / Courier Service
Property Details for 1330 University Ave
- Year built
- 1999
- Construction
- STEEL FRAME
- Lot size
- 2.04 lot acres
- Property size
- 13,833 SF
- Zone code
- C-1
- Property type
- Retail space
- APN
- 110/04526-000-000
- APU
- 11004526000000
Description
This exceptional investment opportunity presents a 13,822-square-foot Walgreens pharmacy, built in 1999 on a 2.09-acre lot at 1330 E University Ave, Des Moines, IA 50316. The property boasts a strong, corporate-guaranteed, net-net lease with Walgreens, a globally recognized brand, with over 5 years remaining on a 30-year lease (commencing February 29, 2000, expiring February 28, 2030) and six, five-year renewal options. The lease features no rent reduction during recent extensions, minimizing landlord responsibilities. The property enjoys a prime location on a hard corner with excellent visibility along University Avenue and US-69, a heavily trafficked corridor near downtown Des Moines, seeing 35,300 combined vehicles per day. Its proximity to Interstate 235 (71,000+ vehicles per day) and the Iowa State Capitol Building (one mile away) ensures high traffic volume. The property's strong financial performance is reflected in its 8.50% cap rate and a current NOI of $311,000 on an asking price of $3,658,824. The surrounding area boasts a population exceeding 196,300 within a five-mile radius, with projected growth by 2028. Des Moines, Iowa's capital and most populous city, offers a robust economy, particularly in insurance and financial services, with over 80,000 employees working in the downtown area. This is a rare opportunity to acquire a stable, high-performing retail investment with a blue-chip tenant in a thriving market.
Value Estimations
based on Realmo’s proprietary methodology
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,240,000
- 6.5%
- $2,065,000
- 7%
- $1,920,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $2,569,000
- AI Estimate
- $2,182,000
Market price range: $791k - $2.57MMarket price range: $761k - $2.18M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $1,605,000 Current use
- AUTO REPAIR, GARAGE
- $2,380,000 Change: +48% Conversion: Difficult
- MEDICAL BUILDING
- $2,300,000 Change: +43% Conversion: Difficult
- RESTAURANT
- $2,135,000 Change: +33% Conversion: Easy
- APARTMENT HOUSE (5+ UNITS)
- $2,035,000 Change: +27% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $1,420,000 Change: -12% Conversion: Easy
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Des Moines
- County
- Polk
- State
- Iowa
- Longitude
- -93.6012
- Latitude
- 41.6011
- CBSA code
- 19780
- CBSA name
- DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2020
$73,914
$751,000
$1,499,000
$2,250,000
-
$751,000
$1,499,000
$2,250,000
