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Property profile & analytics
OFF-MARKET Estimated value $12,225,000
Strip malls

4100 University Ave West Des Moines, IA 50266-5956

141,398 SF 21.67 ac lot Built 1995
Entity Owned Absentee Owner Free & Clear
Property ID
US25-0617239
Property summary
AI-generated overview

Water Tower Place Shopping Center in West Des Moines, Iowa, offers exceptional retail space within a thriving power center. This 400,000 square foot property boasts a dominant position as the #1 regional power center in Iowa, attracting significant foot traffic. Two available spaces are currently on the market, ranging from 25,900 to 32,670 square feet, providing ample opportunity for expansion or new ventures. The center's impressive tenant roster includes nine highly successful anchor stores, ensuring a consistent flow of customers. These anchors include a Whole Foods Market (the only one in Iowa), a top-performing Best Buy, World Market, a leading Marshalls (the #1 in Iowa), Five Below, Ross Dress for Less, Ulta Beauty, Guitar Center, and the #1 Office Depot in Central Iowa. Located at 4100 University Ave, West Des Moines, IA 50266, this property benefits from high visibility and accessibility, making it an ideal location for businesses seeking strong market presence and high consumer traffic. The property type is retail, specifically a shopping center with multiple tenancies. This presents a unique opportunity to establish a presence in one of Iowa's most successful retail destinations. The available spaces are ready for immediate occupancy and offer significant potential for growth and profitability.

Property profile
Verified
Property type Strip malls
Use group SHOPPING CENTER, STRIP CENTER
Year built 1995
Construction STEEL FRAME
Total area 141,398 SF
Lot 21.67 ac (944,032 SF)
Zoning code PUD B&C
APN 320/00025-006-006
UPID US25-0617239
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
  • Ulta Beauty Cosmetic Store
  • Benefit Cosmetics BrowBar Hair Salon Nail Salon
  • Amazon Locker - Nabil Postal Service Courier Service
  • Amazon Locker - WestDesMoines Postal Service Courier Service
  • Moines Car Towings (Bike/Boat/Book/etc) Store Auto Parts Store
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$16.96M
Blend (final) Blend
$12.23M
Owner & transaction history
Aaa West Water Tower Place LLC
Aaa West Water Tower Place LLC
since 2026
1 recorded transaction
2026
$45.2M
Zoning & alternative use
PUD B&C · West Des Moines, IA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores $16.5M +18.3%
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