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    Property profile & analytics

    2323 Grand Ave Des Moines, IA 50312

    • Investment properties
    • 49,734 SF
    • 1.64 lot acres
    For Lease
    View listing
    Last Sale
    Jul 02, 2021
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US25-0352293
    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.

    Current Use by Public Records

    • Zamorins Solutions Inc. / (Bike/Boat/Book/etc) Store / Corporate Office
    • Curated Growth / Business Service Center
    • WOL STUDIO / Photography Service / (Bike/Boat/Book/etc) Store
    • Pasquale Law / Law Firm
    • PreCon Demolition, Inc. / Construction Company / General Contractor

    Property Details for 2323 Grand Ave

    Year built
    2015
    Construction
    CONCRETE
    Lot size
    1.64 lot acres
    Property size
    49,734 SF
    Zone code
    C-2
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    030/06278-001-000
    APU
    3006278001000

    Description

    This Des Moines, IA office space at 2323 Grand Ave, in Polk County, offers a variety of flexible workspace solutions to suit diverse business needs. The property provides traditional office space, executive suites, coworking areas, and even medical and creative office options. Tenancy is multiple, allowing for businesses of all sizes to find a suitable fit. Options range from fully furnished and equipped private offices tailored to individual requirements, accommodating one person or a large company, to flexible coworking spaces and hot desks. Meeting rooms are available for short-term or long-term use, equipped for various events from informal chats to formal presentations and conferences. Virtual office options are also available, including mail handling and virtual assistant services, along with access to shared workspaces. Flexible working plans provide access to a global network of workspaces, offering a range of options for access to private offices or coworking spaces on a daily, weekly, or monthly basis. The property's location in Des Moines, IA, zip code 50312, provides convenient access to the city's amenities and transportation networks. While the total building square footage is not currently available, the property offers a wide range of customizable options to meet the specific needs of various businesses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,143,000
      Market price range: $3.06M - $8.07M
      AI Estimate
      $3,733,000
      Market price range: $2.54M - $12.8M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $5,105,000
      Current use
      RETAIL STORES
      $5,775,000
      Change: +13% Conversion: Easy
      WAREHOUSE, STORAGE
      $4,570,000
      Change: -11% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    Polk
    State
    Iowa
    Longitude
    -93.6496
    Latitude
    41.585
    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
    2023
    $0.00
    $804,000
    $2,186,000
    $2,990,000
    -
    $804,000
    $2,186,000
    $2,990,000

    Comparable in this City

    • Value Estimation
      $3,105,000
      20,376 SF

      2151 Ingersoll Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 20,376 SF
      2151 Ingersoll Ave, Des Moines, IA 50312
      View Details
    • Value Estimation
      $3,270,000
      21,000 SF

      2116 Grand Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 21,000 SF
      2116 Grand Ave, Des Moines, IA 50312-5310
      View Details
    • Value Estimation
      $1,890,000
      15,150 SF

      2143 Grand Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 15,150 SF
      2143 Grand Ave, Des Moines, IA 50312-5303
      View Details
    • Value Estimation
      $2,595,000
      29,898 SF

      2700 Grand Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 29,898 SF
      2700 Grand Ave, Des Moines, IA 50312-5215
      View Details
    • Value Estimation by Request
      1,643 SF

      141 63rd St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,643 SF
      141 63rd St, Des Moines, IA 50312-1537
      View Details
    • Value Estimation
      $590,000
      6,196 SF

      526 39th St

      OFFICE/RESIDENTIAL (MIXED USE) • 6,196 SF
      526 39th St, Des Moines, IA 50312-3502
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,160 SF

      Des Moines Four-Unit Apartment Building

      Well-maintained four-unit apartment building in Des Moines' Drake neighborhood.
      983 26Th St, Des Moines, IA 50312
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      Des Moines Land for Sale

      Nearly 100 acres of land near Des Moines Airport.
      2701 SW 28Th St, Des Moines, IA 50312
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      Ingersoll Avenue Retail/Office Space

      Flexible space in walkable, high-traffic area near downtown.
      2940 Ingersoll Ave, Des Moines, IA 50312
      View Details
    • Contact for pricing
      4,974 SF

      Ingersoll Avenue Standalone Building

      Standalone building on Ingersoll Avenue, ideal for office or retail.
      3714 Ingersoll Ave, Des Moines, IA 50312
      View Details
    • $1,400,000
      22,530 SF

      2200 Grand Avenue, Des Moines, IA, 50312

      Office buildings • 22,530 SF
      2200 Grand Ave, Des Moines, IA 50312
      View Details
    • $60,000
      0.21 Acres

      Des Moines Double Lot

      Combined and rezoned lot near Drake University and Ingersoll.
      902 31St St, Des Moines, IA 50312
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      2,000 SF

      Ingersoll Avenue Mixed-Use Office Space

      Mixed-use building with office space for rent on Ingersoll Avenue.
      3706 Ingersoll Ave, Des Moines, IA 50312
      View Details
    • Contact for pricing

      Class A Office Building

      Attractive office building with professional management and convenient location.
      2700 Grand Ave, Des Moines, IA 50312
      View Details
    • Contact for pricing

      Class A Office Building

      Attractive office building with professional management and ample parking.
      2600 Grand Ave, Des Moines, IA 50312
      View Details
    • Contact for pricing
      11,257 SF

      Ingersoll Avenue Retail Opportunity

      Retail space available in redeveloped Des Moines shopping center.
      2700 Ingersoll Ave, Des Moines, IA 50312
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    • $23 SF/Yr
      1,991 SF

      Retail/Office Space Available 2026

      Retail/office space available summer 2026 in walkable neighborhood.
      3121 Ingersoll Ave, Des Moines, IA 50312
      View Details
    • Contact for pricing
      5,496 SF

      Two-Story Building on Corner Lot

      5,496 SF building suitable for office, retail, or restaurant.
      2120 Ingersoll Ave, Des Moines, IA 50312
      View Details
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    2323 Grand Ave
    Des Moines, IA 50312
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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