324 1St St West Des Moines, IA 50265
- Investment properties
- 2,095 SF
- 0.44 lot acres
Current Use by Public Records
- Walnut Place Retreat / Craft Store
Property Details for 324 1St St
- Year built
- 1939
- Construction
- FRAME
- Lot size
- 0.44 lot acres
- Property size
- 2,095 SF
- Zone code
- VJC
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- 320/04525-003-000
- APU
- 32004525003000
Description
This exceptional West Des Moines property, located at 324 1st Street in the desirable Valley Junction neighborhood, presents a unique investment opportunity. The 4,209 square foot property, built in 1939 and renovated in 2004, sits on a 0.44-acre lot and boasts a prime retail frontage along Highway 28, benefiting from over 25,200 average annual daily traffic (AADT) as of 2023. The property comprises two buildings: a retail space currently operating as a furnished rental and a multi-unit office/retail building. Both are meticulously maintained and feature a blend of historic charm and modern amenities, including unique furnishings and artwork. The exterior is enhanced by stunning landscaping. A separate garage with independent utility connections offers additional storage or rental potential. Ample parking is available with 15 private off-street spaces and abundant on-street parking. The property is zoned VJC with conditional CZ3 zoning and includes a fire/smoke alarm system and sprinkler system. A prominent marquee sign provides excellent visibility. Its location within the Historic West Des Moines Boundary makes it eligible for property improvement and regulatory compliance funds. This versatile property offers countless opportunities for various commercial uses, making it ideal for investors or business owners seeking a prime location and multiple rental streams. The asking price is $620,000.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $230,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $260,000
- 6.5%
- $245,000
- 7%
- $270,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $285,000
- Geo Method
- $245,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $280,000
- Retail
- $215,000
- Mixed-Use
- $220,000
- Hospitality
- $245,000
- Educational
- $210,000
- Residential Income
- $265,000
- Energy
- $210,000
- Income-Based Land
- $235,000
- Food Service
- $210,000
Location Insight
- Map
- Local Demand
- City
- West Des Moines
- County
- Polk
- State
- Iowa
- Longitude
- -93.7038
- Latitude
- 41.5734
- CBSA code
- 19780
- CBSA name
- DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA
