3850 Merle Hay RdDes Moines, IA 50310

Property Details for 3850 Merle Hay Rd

Year built

1979

Construction

STEEL FRAME

Lot size

9.62 AC

Property size (Sq ft)

386,236 SF

Zone code

C-4

Property type

Super regional malls

APN

100/09472-001-012

APU

10009472001012

Description

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).

• CAP approach

  CAP return

  Valuation

  6%

  $98,991,424

  6.5%

  $91,376,696

  7%

  $84,849,792

• Comparable approach

  Method

  Valuation

  Relative Method

  $49,677,984

  Geo Method

  $49,677,984

• Alternative Use

  Use

  Valuation

  Residential

  $77,079,664

  Hospitality

  $70,604,560

  Educational

  $58,742,164

  Medical

  $60,762,396

  Retail

  $91,376,696

Location Insight

City

Des Moines

County

Polk

State

Iowa

Latitude

41.6316

Longitude

-93.7

CBSA code

19780

CBSA name

DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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