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Property profile & analytics
OFF-MARKET Estimated value $3,865,000
Super regional malls

3800 Merle Hay Rd Des Moines, IA 50310-1305

123,794 SF 3.28 ac lot Built 2019
Entity Owned 7-yr Hold ~ Est. High Equity
Property ID
US25-0295192
Property summary
AI-generated overview

This exceptional 740,000 square foot, single-story regional shopping center in Des Moines' Merle Hay & Douglas (North Central) submarket presents a unique investment opportunity. Strategically located at the intersection of Merle Hay Rd & Douglas, this multi-tenant property boasts a diverse mix of retail, dining, and entertainment options, attracting a significant customer base. The center features major national anchors including Target, Kohl's, and Ulta, ensuring high foot traffic and brand recognition. Beyond traditional retail, the property offers a vibrant entertainment component, including a Flix Brewhouse theatre and micro-brewery, GameDay sports bar and arcade, Kids Empire active play center, a large bowling alley, and the state's largest pickleball facility. A future sports arena is also planned, further enhancing the property's appeal and long-term potential. Popular restaurants such as Starbucks, Applebee's, IHOP, and Five Guys contribute to the dynamic atmosphere. With a total of five suites, the property offers flexible leasing options, with a minimum divisible space of 1,840 square feet and a maximum contiguous space of 74,000 square feet. Currently, 90,000 square feet of space is available. This prime location and diverse tenant mix make this a compelling investment opportunity in a thriving Des Moines submarket.

Property profile
Verified
Property type Super regional malls
Use group REGIONAL SHOPPING CENTER, MALL
Year built 2019
Construction STEEL FRAME
Total area 123,794 SF
Lot 3.28 ac (142,659 SF)
Zoning code C-4
APN 100/09472-001-007
UPID US25-0295192
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
  • Old Navy Jeans Shop Men'S Clothing Store
  • Torrid Clothing & Fashion Store (Bike/Boat/Book/etc) Store
  • rue21 Clothing Store Men'S Clothing Store
  • Maid-Rite Take-out & Catering Catering Service
  • The Dollar Experience Discount Store
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$2.58M
Blend (final) Blend
$3.87M
Owner & transaction history
Merle Hay Anchors LLC · 7 yrs held
Merle Hay Anchors LLC
since 2019
4 recorded transactions
2019
$1.5M
2019
$2.2M
2017
Price N/A
2016
Price N/A
Zoning & alternative use
C-4 · Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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