3401 Martin Luther King Jr Pkwy Des Moines, IA 50310-5600
- Warehouses
- 59,760 SF
- 2.79 lot acres
Current Use by Public Records
- CubeSmart Self Storage / Self-Storage Facility / Moving And Storage Service
Property Details for 3401 Martin Luther King Jr Pkwy
- Year built
- 1950
- Construction
- STEEL FRAME
- Lot size
- 2.79 lot acres
- Property size
- 59,760 SF
- Zone code
- M-1
- Property type
- Warehouses
- Property subtype
- Self storage facilities
- APN
- 080/01821-001-008
- APU
- 8001821001008
Description
This exceptional investment opportunity presents a portfolio of three high-quality self-storage facilities totaling 178,461 rentable square feet and 1,395 units. Strategically located in the Des Moines, Iowa MSA, these properties boast prime visibility near major retailers like Hy-Vee and McDonald's, creating high barriers to entry for competitors. The portfolio includes two Des Moines locations (3401 Martin Luther King Jr Pkwy and 3400 E 33rd St) and one in Urbandale (3900 121st St), all situated in established retail corridors. The Des Moines locations, excluding the Martin Luther King Jr Pkwy property, are thoughtfully converted big-box retail spaces, while the Urbandale location is a newly constructed facility. All properties feature institutional-quality construction completed within the last five years, showcasing large loading docks/drive-in bays, secure coded gate access, and well-designed rental offices. A significant advantage is the predominantly first-floor climate-controlled units, commanding significantly higher rental rates than multi-level competitors. The 33rd Street Des Moines location also includes 9,673 square feet of leased commercial space. Despite a recent third-party management transition, the portfolio demonstrates a strong lease-up trajectory and solid occupancy. Furthermore, an approved expansion opportunity exists at the East 33rd Street Des Moines location. The seller's long-term vision is evident in the superior construction and thoughtful design, ensuring a stable and profitable investment for the future.
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
- -93.6503
- Latitude
- 41.6261
- CBSA code
- 19780
- CBSA name
- DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA
