5900 14Th StDes Moines, IA 50320

Property Details for 5900 14Th St

Year built

2010

Construction

STEEL FRAME

Lot size

1.42 AC

Property size (Sq ft)

19,580 SF

Zone code

C-2

Property type

Retail space

APN

120/00156-007-002

APU

12000156007002

Description

This exceptional Des Moines retail investment opportunity presents a portfolio of three buildings totaling 31,700 square feet on a 1.424-acre lot at a high-traffic corner. The property, built in 1961 and renovated in 2010, boasts a strong 89% occupancy rate with six tenants, including a bank, convenience store, and gas station. The current Net Operating Income (NOI) is $113,091, yielding an attractive 8.54% cap rate. The asking price is $1,325,000. The property features 49 parking spaces and is zoned MX3-V. With below-market rental rates and short-term leases on several units, this presents a significant value-add opportunity for an investor to increase rental income and/or redevelop the site. The property includes a 3,200 square foot vacant space available for lease at $9.00 per square foot (Modified Gross). Average rents across the portfolio are currently $7.62 per square foot (Modified Gross). Recent improvements include new HVAC and electrical systems in the retail spaces and a new roof on one building. The location benefits from high visibility on a major thoroughfare with 29,000 vehicles passing daily, and is surrounded by numerous national retailers including Menards, Napa Auto Parts, Kum & Go, Culvers, Starbucks, Walmart, and Home Depot. The property's net rentable square footage is 29,058 square feet. This is a prime redevelopment or value-add opportunity in a thriving Des Moines location.

• CAP approach

  CAP return

  Valuation

  6%

  $5,018,946

  6.5%

  $4,632,874

  7%

  $4,301,954

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,518,395

  Geo Method

  $2,518,395

• Alternative Use

  Use

  Valuation

  Residential

  $3,908,002

  Hospitality

  $3,579,709

  Educational

  $2,978,276

  Medical

  $3,080,703

  Retail

  $4,632,874

Location Insight

City

Des Moines

County

Polk

State

Iowa

Latitude

41.5322

Longitude

-93.5974

CBSA code

19780

CBSA name

DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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