Listed by CBRE - Des Moines
$3,875,000
Professional Arts Building
Details
Property Type Office
Sub Type Traditional Office, Medical Office
Square Footage 22,849
Units 142
Cap Rate 7.25%
NOI $280,914
Occupancy 100%
Tenancy Multi
Lease Type NNN
Price per SqFt $170
Class B
Year Built 1974
Year Renovated 2021, 2025
Buildings 1
Stories 1
Acreage 3.218
Zoning PCP Professional Commerce Park
Parking Spaces 142 spaces
Parking Per SqFt 6.21
Investment Type Stabilized
Ownership Community Plaza Apartments LC
Sale Condition For sale by owner
For Sale - 22,849 SF Office building in West Des Moines, IA
Marketing description
The Professional Arts Building is multi-tenant Medical Office Building located in the heart of West Des Moines. Located just of the 35th Street exit at the intersection of I-235 and 35th Street. The property is surrounded by office towers, high density housing and Valley Highschool which is home to 2,100 high school students.
This building is extremely well located with excellent visibility off I-235 and easy access to anywhere in the metro. Across I-235 the corridor is undergoing major redevelopment that has happened or is underway. ClaimDoc established their headquarters, West Bank Built a new 73,000 sf $38MM Headquarters, Kwik Trip is developing a new C-Store and Valley West Mall has major plans for a $100+ redevelopment.
Investment highlights
- Marble and granite flooring
- Carpet
- Lighting
- Ceiling and wall coverings
- Complete remodel of suites
- Renovation of north side lower level
- Parking repairs
- Car stops north side parking 2021-2025
- Monument sign at southeast entry way
- Lighted sign on building east entrance
- Irrigation system added to the exterior
- All windows have been replaced in last 6 years
- 2021 Replacement of two rooftop HVAC units
Listing Contacts
Listed by CBRE - Des Moines
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$280,913.70
$23,409.48/mo
Valuation Metrics
0
DSCR
7.25%
Cap Rate
7.25%
ROI
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