97 Indiana Ave Des Moines, IA 50314-3156
- Manufacturing properties
- 25,080 SF
- 1.81 lot acres
Current Use by Public Records
- Event Heroes / Event Planner / Educational Consultant
- The Barnum Factory / Warehouse
- flyest hobo you know / Stylist
- InnovativEvents, Inc. / Event Planner / Party Planner
- Strait Built Designs / Furniture Manufacturer / Furniture Maker
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.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $375,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $400,000
- 6.5%
- $370,000
- 7%
- $365,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $405,000
- Geo Method
- $365,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $375,000
- Retail
- $390,000
- Mixed-Use
- $305,000
- Hospitality
- $365,000
- Educational
- $380,000
- Residential Income
- $340,000
- Energy
- $395,000
- Income-Based Land
- $360,000
- Food Service
- $390,000
Location Insight
- Map
- Local Demand
- City
- Des Moines
- County
- Polk
- State
- Iowa
- Longitude
- -93.6179
- Latitude
- 41.6025
- CBSA code
- 19780
- CBSA name
- DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA
