512 Tuttle Street - Des Moines, IA 50309
Call for offers: Wednesday, March 21, 2018
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale the Des Moines Self-Storage C/O Opportunity, a self-storage conversion development located in Downtown Des Moines, Iowa.
The Des Moines Self-Storage C/O Opportunity provides a qualified investor with the opportunity to acquire a newlyconverted, three-story facility upon Certificate of Occupancy in the Midwest's fastest-growing city. The conversion is currently underway and is projected for completion at the end of 2018's fourth quarter, yielding a total of 63,065 rentable square feet. The facility will have 736 fully climate-controlled units, reflecting the area's demand for climate-controlled storage.
Situated on 1.67 acres at 512 Tuttle Street in the heart of Des Moines' downtown area, the facility offers a significant advantage over its minimal competitors of being the closest to both downtown and Des Moines' thriving suburbs, including impeccable exposure to the Indianola Hills suburbs directly south. This neighborhood boasts a population density of 3,947 individuals per square mile, compared to overall Des Moines' 2,841 individuals per square mile. As Des Moines continues to grow, this socioeconomically-diverse neighborhood has also flourished as the population migrates to Indianola Hills for its notable family-oriented activities, safety score and retailers in quick travel distance.
The facility is in proximity to numerous highways that serve as primary connectors throughout Des Moines, including Interstate 235 at a 1.2-mile distance, which sees traffic counts of approximately 118,000 vehicles daily, U.S. Highway 69 at a 1.5-mile distance and State Highway 28 at a 5.4-mile distance. Less than one miles from the subject resides the Iowa Events Center, which is comprised of the Wells Fargo Arena, the Hy- Vee Hall and the Community Choice Credit Union Convention Center, and Des Moines' tallest building, the 801 Grand. With the facility's ideal location, the city's largest projects are also in close proximity, including the 33-story apartment tower The Blackbird, the 39-story mixed-used tower The Fifth and the Downtown Core's newly-completed Wilkins Building, comprised of commercial and multifamily units.
Known as one of the major insurance capitals of the world, Des Moines is the headquarters for Principal Financial Group, Meredith Corp., Ruan Transportation, EMC Insurance and Wellmark Blue Cross Blue Shield. The 2016 U.S. Census ranked Des Moines as the fastest-growing city in the Midwest, which is further indicated by the influx of commercial and residential developments in recent years, currently including over 1,400 single-family homes and 3,600 multifamily units with many offices and retail centers planned or underway. The City of Des Moines also reported a downtown-wide development boom for multiple commercial sectors, and noted a substantial uptick in single-family home subdivisions coming online.
The Des Moines Self-Storage C/O Opportunity's price is to be determined by the market. The expected conversion completion date is the end of Q4 2018.