1330 University Ave Des Moines, IA 50316-2460

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.

Location Insight

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