3420 Martin Luther King Jr Pkwy Des Moines, IA 50310-5608

Property Details for 3420 Martin Luther King Jr Pkwy

Year built

1986

Construction

STEEL FRAME

Lot size

2.98 lot acres

Property size

17,656 SF

Zone code

C-4

Property type

Strip malls

Property subtype

Neighborhood centers

APN

080/01819-010-001

APU

8001819010001

Description

This exceptional investment opportunity presents the Harding Hills Shopping Center, a 25,596 square foot retail shopping center located at 3420 Martin Luther King Jr Pkwy in Des Moines, Iowa. Currently boasting 100% occupancy, this multi-tenant property offers a strong and stable income stream, generating a Net Operating Income (NOI) of $330,315 and a compelling 11.01% capitalization rate. The asking price is $3,000,000. Built in 1986 and situated on a 2.98-acre lot, the center is zoned MX3. The property benefits from a shadow anchor tenancy with Hy-Vee, a highly reputable and creditworthy tenant. Other major tenants include CSL Plasma and Aaron's, contributing significantly to the consistent revenue generation. The property has undergone major capital improvements recently, further enhancing its value and appeal. This presents a built-in rent growth potential and significant upside for future returns. The strong tenant mix, high occupancy rate, and substantial NOI make this a prime investment opportunity, particularly attractive for 1031 exchange investors seeking a stable and profitable retail asset in a desirable Des Moines location. The property's location in Polk County, Iowa, zip code 50310, offers excellent visibility and accessibility.

Location Insight

City

Des Moines

County

Polk

State

Iowa

Longitude

-93.6518

Latitude

41.6269

CBSA code

19780

CBSA name

DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments