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    840 University Ave Des Moines, IA 50316-2304
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    Property profile & analytics

    840 University Ave Des Moines, IA 50316-2304

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    • Medical Office Space
    • 22,252 SF
    • 1.71 lot acres
    Off-Market
    Property ID
    US25-0173456
    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
    $2,585,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Dan J. Harkness, PhD / Physician / Medical Clinic
    • Karen Reinecke, / Physician / Medical Clinic
    • East Des Moines Family Care Center / Medical Clinic
    • Joshua J. Rehmann, DO / Physician
    • Morgan Herring, PharmD / Physician

    Property Details for 840 University Ave

    Year built
    2015
    Construction
    STEEL FRAME
    Lot size
    1.71 lot acres
    Property size
    22,252 SF
    Zone code
    C-0
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    110/01206-003-000
    APU
    11001206003000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $3,705,000
      Current use
      AUTO REPAIR, GARAGE
      $3,830,000
      Change: +3% Conversion: Difficult
      RESTAURANT
      $3,435,000
      Change: -7% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $3,275,000
      Change: -12% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Moines
    County
    Polk
    State
    Iowa
    Longitude
    -93.6073
    Latitude
    41.6009
    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
    $126,022
    $327,290
    $3,432,710
    $3,760,000
    -
    $327,290
    $3,432,710
    $3,760,000

    Comparable in this City

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      $7,805,000
      87,000 SF

      1309 Pennsylvania Ave

      MEDICAL BUILDING • 87,000 SF
      1309 Pennsylvania Ave, Des Moines, IA 50316
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    • Value Estimation by Request
      1,232 SF

      2921 9th St

      MEDICAL BUILDING • 1,232 SF
      2921 9th St, Des Moines, IA 50316-1504
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    • Value Estimation
      $1,420,000
      10,796 SF

      1250 9th St

      MEDICAL BUILDING • 10,796 SF
      1250 9th St, Des Moines, IA 50316-2316
      View Details
    • Value Estimation
      $1,395,000
      10,558 SF

      2301 14th St

      MEDICAL BUILDING • 10,558 SF
      2301 14th St, Des Moines, IA 50316-1901
      View Details
    • Value Estimation
      $4,630,000
      6,626 SF

      1201 Pennsylvania Ave

      MEDICAL BUILDING • 6,626 SF
      1201 Pennsylvania Ave, Des Moines, IA 50316-2339
      View Details
    • Value Estimation by Request
      2,379 SF

      2601 14th St

      MEDICAL BUILDING • 2,379 SF
      2601 14th St, Des Moines, IA 50316-1752
      View Details

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      2,220 SF

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    • $286,000
      3,683 SF

      Mixed-Use Property Near Grandview University

      High-visibility mixed-use property in a primary commercial corridor.
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      3,780 SF

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      Two buildings with shared parking on SW 9th Street.
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      Des Moines Development Opportunity

      Land available south of Des Moines near Lincoln High School.
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    • Contact for pricing
      4,900 SF

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    Similar Nearby for Lease

    • Contact for pricing
      6,228 SF

      Des Moines Office Space Available

      6,228 SF office space for sublease in Des Moines.
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    • $4 SF/Yr

      Industrial Space Near I-80/35

      Industrial space with office in Des Moines near I-80/35.
      1550 East Washington Ave, Des Moines, IA 50316
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      20,550 SF

      Des Moines Warehouse Space Available

      20,550 SF warehouse space for lease in Des Moines.
      1641 E Euclid Ave, Des Moines, IA 50316
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    • $25 SF/Yr
      11,050 SF

      Retail Space with Ample Parking

      Retail space available for rent with tenant improvement allowance.
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    • Contact for pricing
      6,550 SF

      Warehouse Space Available for Sublease

      6,550 SF warehouse space available for sublease.
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    • $12,000 /Mo

      Land for Rent

      Land available for rent in Des Moines, Iowa.
      1500 East Grand Ave, Des Moines, IA 50316
      View Details
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    Des Moines, IA 50316-2304
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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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