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    Property profile & analytics

    3501 Westown Pkwy West Des Moines, IA 50266

    • Investment properties
    • 21,579 SF
    • 2.07 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US25-0044578
    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

    • Iowa Realty / Real Estate Agency
    • Homeservices Insurance Inc. / Insurance Agency
    • HomeServices Lending / Loan Service / Bank
    • Midland Title & Escrow - West Des Moines / Title Company

    Property Details for 3501 Westown Pkwy

    Year built
    1984
    Construction
    STEEL FRAME
    Lot size
    2.07 lot acres
    Property size
    21,579 SF
    Zone code
    RC
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    320/04882-602-000
    APU
    32004882602000

    Description

    This exceptional 21,579-square-foot single-tenant office building presents a unique investment opportunity in West Des Moines, Iowa. Located at 3501 Westown Parkway, this Class B property boasts a highly visible hard-corner location at the northwest intersection of Valley West Drive and Westown Parkway, directly across from Valley West Mall. Built in 1970 and renovated in 1984, the building sits on a 2.07-acre lot and offers convenient access to the entire Des Moines metro area. The property features one building with elevators. Its strategic location benefits from high traffic counts due to its signalized intersection. Nearby amenities include major retailers such as Hy-Vee, Target, Home Depot, and Whole Foods, located just to the north. The property's prominent position is further enhanced by the presence of the new West Bank Headquarters situated on the southeast corner of Valley West Drive and Westown Parkway. With its significant square footage and prime location, this property is ideal for a variety of uses and offers substantial potential for growth and return on investment. The building is currently vacant, presenting a blank canvas for a new tenant or owner. The property is situated in the West Des Moines submarket of Polk County, Iowa, with a zip code of 50266.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,703,000
      Market price range: $1.08M - $3.02M
      AI Estimate
      $1,091,000
      Market price range: $396k - $2.11M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,990,000
      Current use
      RETAIL STORES
      $2,515,000
      Change: +27% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $2,125,000
      Change: +7% Conversion: Difficult
      WAREHOUSE, STORAGE
      $1,840,000
      Change: -7% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    West Des Moines
    County
    Polk
    State
    Iowa
    Longitude
    -93.7527
    Latitude
    41.595
    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
    2020
    $61,804
    $1,640,000
    $400,000
    $2,040,000
    -
    $1,640,000
    $400,000
    $2,040,000

    Comparable in this City

    • Value Estimation
      $2,140,000
      16,480 SF

      1661 22nd St

      OFFICE/RESIDENTIAL (MIXED USE) • 16,480 SF
      1661 22nd St, West Des Moines, IA 50266-1448
      View Details
    • Value Estimation
      $8,395,000
      71,805 SF

      1401 50th St

      OFFICE/RESIDENTIAL (MIXED USE) • 71,805 SF
      1401 50th St, West Des Moines, IA 50266-5924
      View Details
    • Value Estimation
      $2,010,000
      22,064 SF

      5902 Ashworth Rd, Unit 8

      OFFICE/RESIDENTIAL (MIXED USE) • 22,064 SF
      5902 Ashworth Rd, West Des Moines, IA 50266-7108
      View Details
    • Value Estimation
      $2,450,000
      31,228 SF

      2500 University Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 31,228 SF
      2500 University Ave, West Des Moines, IA 50266-1420
      View Details
    • Value Estimation
      $940,000
      8,400 SF

      5950 Vlg Vw Dr Ste, Unit 100

      OFFICE/RESIDENTIAL (MIXED USE) • 8,400 SF
      5950 Vlg Vw Dr Ste, West Des Moines, IA 50266-3900
      View Details
    • Value Estimation
      $2,860,000
      81,566 SF

      2829 Westown Pkwy Ste, Unit 200

      OFFICE/RESIDENTIAL (MIXED USE) • 81,566 SF
      2829 Westown Pkwy Ste, West Des Moines, IA 50266-1314
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      59,785 SF

      West Des Moines Office Investment

      Class A, 100% occupied, NNN lease.
      4125 Westown Pkwy, West Des Moines, IA 50266
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      West Des Moines Commercial Land

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      0.80 Acres

      9750 University Ave

      Land • 0.80 Acres
      9750 University Ave, West Des Moines, IA 50266
      View Details
    • $1,103,000

      West Des Moines Preschool Investment

      Net Lease Preschool; Strong Returns
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      16.91 Acres

      West Des Moines Ag/Commercial Land

      16.91 Acres, Prime Development Location
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    • $215,000
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      Residential Land in West Des Moines

      Flat, cul-de-sac lot near schools and shopping.
      10223 Crownland Pl, West Des Moines, IA 50266
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Mixed-Use Development

      New retail space in West Des Moines' Jordan Creek area.
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      View Details
    • $15 SF/Yr
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      West Glen Town Center Space

      Upscale mixed-use lifestyle center with retail, office, and entertainment.
      5465 Mills Civic Pkwy, West Des Moines, IA 50266
      View Details
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      17,500 SF

      Mills Crossing Medical Office Space

      West Des Moines medical office opportunity.
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      West Des Moines Office Space

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      400,000 SF

      Water Tower Place Retail Spaces

      Prime West Des Moines Shopping Center Space
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      View Details
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    3501 Westown Pkwy
    West Des Moines, IA 50266
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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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