1223 6Th AveDes Moines, IA 50314

Property Details for 1223 6Th Ave

Year built

2017

Construction

FRAME

Lot size

0.49 AC

Property size (Sq ft)

18,924 SF

Property type

Medical offices

Property subtype

Medical centers

APN

080/02761-004-000

APU

8002761004000

Description

This 11,422 sq ft medical office building in Des Moines, IA, offers a compelling investment opportunity. The property boasts a 7.5% cap rate and a long-term, net-leased agreement with BIOMAT USA Plasma Center, a subsidiary of Grifols (NASDAQ: GRFS), extending until July 31, 2032, with a 5-year renewal option. Built in 1952 and extensively renovated in 2017, the building is 100% occupied and generates a strong NOI of $261,610. The lease includes a 2% annual rent bump, ensuring consistent income growth. Strategically located on 6th Avenue, the property enjoys high visibility and convenient access to Interstate 235, major medical facilities (MercyOne Des Moines Medical Center, UnityPoint Health’s Iowa Methodist Medical Center, Blank Children’s Hospital, and Iowa Lutheran Hospital), and Des Moines Area Community College. The surrounding area boasts a robust population of over 212,000 within a five-mile radius, with an average household income exceeding $87,200. This is a rare opportunity to acquire a stable, high-performing asset in a thriving medical market. The 1.09-acre lot provides ample space. The property's strong tenant, long lease term, and prime location make it an ideal addition to any investment portfolio. The asking price is $3,488,144, representing a price per square foot of $305.39.

• CAP approach

  CAP return

  Valuation

  6%

  $3,299,646

  6.5%

  $3,045,828

  7%

  $2,828,268

• Comparable approach

  Method

  Valuation

  Relative Method

  $965,881

  Geo Method

  $965,881

• Alternative Use

  Use

  Valuation

  Residential

  $3,776,826

  Hospitality

  $3,459,552

  Educational

  $2,878,307

  Medical

  $2,977,296

  Retail

  $4,477,366

Location Insight

City

Des Moines

County

Polk

State

Iowa

Latitude

41.6018

Longitude

-93.6254

CBSA code

19780

CBSA name

DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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