2101 University AveDes Moines, IA 50311

Property Details for 2101 University Ave

Year built

1978

Construction

STEEL FRAME

Lot size

0.36 AC

Property size (Sq ft)

2,520 SF

Zone code

C-2

Property type

Car washes

APN

080/06733-000-000

APU

8006733000000

Description

This exceptional investment opportunity presents a 2,520-square-foot auto shop and car wash located at 2101 University Avenue in Des Moines, Iowa's desirable Drake neighborhood. Built in 1978, this property sits on a 0.364-acre lot and is zoned RX2 Mixed Use District. The facility boasts four drive-in stalls, ensuring efficient operation and convenient access for customers. Currently operating as a self-service car wash, this property offers a compelling 9.48% cap rate, promising immediate and substantial cash flow for investors. The attractive tax benefits further enhance the investment appeal. This property is ideal for both new and experienced investors seeking a profitable venture in a prime location. The asking price is $485,000. This is a rare chance to acquire a well-established business with significant upside potential in a thriving Des Moines neighborhood. Don't miss this opportunity to secure a strong return on investment.

• CAP approach

  CAP return

  Valuation

  6%

  $645,904

  6.5%

  $596,219

  7%

  $553,632

• Comparable approach

  Method

  Valuation

  Relative Method

  $324,124

  Geo Method

  $324,124

• Alternative Use

  Use

  Valuation

  Residential

  $502,933

  Hospitality

  $460,684

  Educational

  $383,284

  Medical

  $396,466

  Retail

  $596,219

Location Insight

City

Des Moines

County

Polk

State

Iowa

Latitude

41.6007

Longitude

-93.6458

CBSA code

19780

CBSA name

DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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