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    601 East Locust St Des Moines, IA 50309
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    Property profile & analytics

    601 East Locust St Des Moines, IA 50309

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    • Investment properties
    • 30,920 SF
    • 0.41 lot acres
    For Lease
    $22 SF/Yr
    View Listing →
    Des Moines Office Space Available For Lease
    $22 SF/Yr
    7,516 SF

    Des Moines Office Space Available

    Office space for rent with convenient parking and highway access.

    601 East Locust Street, Des Moines, IA 50309
    View Listing
    Property ID
    US25-0220907
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • HNTB Corporation / Corporate Office
    • F&G / Financial Advisor / Insurance Agency
    • Owen Jewelry Design / (Bike/Boat/Book/etc) Store
    • Coldwell Banker Mid-America / Real Estate Agency
    • Corrin Schreyer / Physician

    Property Details for 601 East Locust St

    Year built
    2002
    Construction
    STEEL FRAME
    Lot size
    0.41 lot acres
    Property size
    30,920 SF
    Zone code
    C-3B
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    040/03715-001-000
    APU
    4003715001000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,627,000
      Market price range: $729k - $5.69M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $5,460,000
      Current use
      AUTO REPAIR, GARAGE
      $5,325,000
      Change: -2% Conversion: Difficult
      MEDICAL BUILDING
      $5,145,000
      Change: -6% Conversion: Easy
      RESTAURANT
      $4,775,000
      Change: -13% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $4,555,000
      Change: -17% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    Polk
    State
    Iowa
    Longitude
    -93.6093
    Latitude
    41.5898
    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
    $122,538
    $687,000
    $2,183,000
    $2,870,000
    -
    $687,000
    $2,183,000
    $2,870,000

    Comparable in this City

    • Value Estimation
      $1,385,000
      9,419 SF

      818 5th Ave, Unit 2

      OFFICE/RESIDENTIAL (MIXED USE) • 9,419 SF
      818 5th Ave, Des Moines, IA 50309-1304
      View Details
    • Value Estimation by Request
      73 SF

      300 Walnut St, Unit U29

      OFFICE/RESIDENTIAL (MIXED USE) • 73 SF
      300 Walnut St, Des Moines, IA 50309-2224
      View Details
    • Value Estimation by Request
      156 SF

      300 Walnut St, Unit U7

      OFFICE/RESIDENTIAL (MIXED USE) • 156 SF
      300 Walnut St, Des Moines, IA 50309-2224
      View Details
    • Value Estimation
      $15,435,000
      174,600 SF

      702 9th St

      OFFICE/RESIDENTIAL (MIXED USE) • 174,600 SF
      702 9th St, Des Moines, IA 50309-5542
      View Details
    • Value Estimation
      $11,020,000
      109,513 SF

      218 2nd St

      OFFICE/RESIDENTIAL (MIXED USE) • 109,513 SF
      218 2nd St, Des Moines, IA 50309
      View Details
    • Value Estimation
      $4,080,000
      46,852 SF

      350 Locust St

      OFFICE/RESIDENTIAL (MIXED USE) • 46,852 SF
      350 Locust St, Des Moines, IA 50309-1811
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      36,000 SF

      Historic Court Avenue Building For Sale

      Historic building in the Court Avenue district available for sale.
      216 Court Ave, Des Moines, IA 50309
      View Details
    • $370,000

      Homesite in Exclusive Beach Community

      Homesite in master-planned community near Avellanas Beach.
      Avemoana Residential Gated Development Project, Des Moines, IA 50309
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    • $1,200,000

      Income Producing Parking Garage

      61-stall parking garage near Court Avenue District and skywalk.
      218 4Th St, Des Moines, IA 50309
      View Details
    • Contact for pricing
      10,550 SF

      Des Moines Warehouse Space Available

      10,550 SF warehouse space for lease in Des Moines.
      520 SW 5Th St, Des Moines, IA 50309
      View Details
    • $146,700
      1,467 SF

      Downtown Des Moines Office Condo

      Office condo with parking in the heart of Des Moines.
      300 East Walnut St, Des Moines, IA 50309
      View Details
    • $2,293,270
      1.50 Acres

      Des Moines CBD Commercial Land

      Prime Des Moines retail land, 1.5 acres, existing building.
      1100 Cherry St, Des Moines, IA 50309
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Historic Des Moines Mixed-Use Building

      Renovated mixed-use building with apartments and commercial space.
      405 6Th Ave, Des Moines, IA 50309
      View Details
    • $20 SF/Yr
      7,066 SF

      Mixed-Use Development in Downtown

      Five-story mixed-use development offering urban living and commercial space.
      1301 Mulberry St, Des Moines, IA 50309
      View Details
    • Contact for pricing

      Downtown Des Moines Retail Space

      Prime retail space in a new mixed-use development.
      1301 Mulberry St, Des Moines, IA 50309
      View Details
    • $14 SF/Yr
      2,639 SF

      East Village Mixed-Use Development

      New mixed-use development with commercial space in the East Village.
      201 Southeast 6Th St, Des Moines, IA 50309
      View Details
    • $14 SF/Yr
      5,505 SF

      Des Moines Office Space For Lease

      Prime Des Moines location, multiple suites available.
      516 3Rd St, Des Moines, IA 50309
      View Details
    View Listing
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    601 East Locust St
    Des Moines, IA 50309
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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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