3850 Merle Hay Rd Des Moines, IA 50310

This exceptional 67,325 square foot, Class C property, located at 3850 Merle Hay Rd in Des Moines, Iowa, presents a unique redevelopment opportunity. The two-building complex, built in 1966, features six stories and boasts a prime location directly connected to a super-regional mall, resulting in a walkability score of 74. The property includes a former 12,400 square foot theater with additional mezzanine space, offering versatile options for adaptive reuse. Each of the six floors in the main building encompasses approximately 9,000 square feet, previously configured as office space. The property currently sits vacant and is zoned C-4, making it ideal for multi-family or senior housing. Key features include two passenger elevators, ample surface and covered parking with multiple lot entrances, and a well-maintained HVAC system. The high-traffic location on Merle Hay Road, with approximately 50,000 vehicles per day, and proximity to three Des Moines Area Transit Authority bus stops, further enhances its appeal. The attached former cinema, with its flat roof offering patio potential, provides significant additional space for various uses, such as event space, medical facilities, or additional residential units. The Merle Hay trade area boasts a high concentration of high-income households. The asking price is $1,600,000 ($32.68/sq ft).