5900 14th St Des Moines, IA 50320-1761

Property Details for 5900 14th St

Year built

2010

Construction

STEEL FRAME

Lot size

1.42 lot acres

Property size

19,580 SF

Zone code

C-2

Property type

Retail space

APN

120/00156-007-002

APU

12000156007002

Description

This exceptional Des Moines retail investment opportunity presents a portfolio of three buildings totaling 31,700 square feet on a 1.424-acre lot at a high-traffic corner. The property, built in 1961 and renovated in 2010, boasts a strong 89% occupancy rate with six tenants, including a bank, convenience store, and gas station. The current Net Operating Income (NOI) is $113,091, yielding an attractive 8.54% cap rate. The asking price is $1,325,000. The property features 49 parking spaces and is zoned MX3-V. With below-market rental rates and short-term leases on several units, this presents a significant value-add opportunity for an investor to increase rental income and/or redevelop the site. The property includes a 3,200 square foot vacant space available for lease at $9.00 per square foot (Modified Gross). Average rents across the portfolio are currently $7.62 per square foot (Modified Gross). Recent improvements include new HVAC and electrical systems in the retail spaces and a new roof on one building. The location benefits from high visibility on a major thoroughfare with 29,000 vehicles passing daily, and is surrounded by numerous national retailers including Menards, Napa Auto Parts, Kum & Go, Culvers, Starbucks, Walmart, and Home Depot. The property's net rentable square footage is 29,058 square feet. This is a prime redevelopment or value-add opportunity in a thriving Des Moines location.

Location Insight

City

Des Moines

County

Polk

State

Iowa

Longitude

-93.5974

Latitude

41.5322

CBSA code

19780

CBSA name

DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments