97 Indiana Ave Des Moines, IA 50314-3156

Property Details for 97 Indiana Ave

Year built

1951

Construction

STEEL FRAME

Lot size

1.81 lot acres

Property size

25,080 SF

Zone code

M-1

Property type

Manufacturing properties

APN

080/00962-003-000

APU

8000962003000

Description

This exceptional value-add investment opportunity presents a 50,520 square foot multi-tenant warehouse located at 97 Indiana Ave, Des Moines, IA 50314, in Polk County. The property, encompassing a 78,700 square foot lot, consists of a three-story building constructed in phases (1951, 1959, and 1993), with renovations completed in 2016. Currently housing 30 tenants, including owner-occupied space, this industrial property offers significant upside potential. The building features eight dock-high doors and ceiling heights ranging from 12 to 14 feet. The current Net Operating Income (NOI) is $138,440, with a projected NOI of $342,440, representing a substantial increase. The asking price is $2,100,000, resulting in a current cap rate of 6.59% and a pro-forma cap rate of 16.31%. The property is zoned for industrial use and is offered with seller financing options. Tenants are currently on month-to-month leases, providing flexibility for a buyer to either convert them to annual leases or maintain the current arrangement. This presents a unique opportunity for a buyer to utilize the entire building or maximize rental income. The property's strong cash flow and significant value-add potential make it an attractive investment.