Nine-Unit Townhome Rental
212 Wilson Street, Van Meter, IA 50261
For Sale
Contact for pricing
Nine townhomes plus a single-family home create 10 rental units, with underground improvements for 10 additional townhomes.
Property Size13,090 SF
Price / SF$164.25
Days on Market150
Property Features for 212 Wilson Street
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Investment Type
Net Operating Income
Building Details
Year Built
Buildings
Units
Tenancy
Listing Agency:
Coterie Real Estate
Listed By:
Abbey Gilroy · License IA B69263000
Source:
Crexi
Added: Jun 18
Changed: Nov 11
Last Checked: Nov 12 at 5:14AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coterie Real Estate
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Investment Insights
Based on property information with market context.
Providence Lane Townhomes is a nine-unit townhome development with an additional single-family home on site, for a total of 10 units. The offering also includes all underground improvements needed to support 10 additional townhomes, expanding the usefulness of the site beyond the existing residences.
The property is located at 212 Wilson Street in Van Meter, Iowa. Set on approximately 1.510 acres, the site is configured to accommodate the current townhome development while retaining infrastructure readiness for further townhome construction.
For buyers seeking a residential income property with phased expansion capability, the combination of completed units and the installed underground improvements may be appealing. The existing mix provides immediate rental unit count on day one, while the additional site improvements can support adding more townhomes in the future, subject to the buyer’s development plans. This is a focused multifamily offering designed around townhome-style living, with a total of 10 units currently on site and infrastructure in place for 10 more.
The property is located at 212 Wilson Street in Van Meter, Iowa. Set on approximately 1.510 acres, the site is configured to accommodate the current townhome development while retaining infrastructure readiness for further townhome construction.
For buyers seeking a residential income property with phased expansion capability, the combination of completed units and the installed underground improvements may be appealing. The existing mix provides immediate rental unit count on day one, while the additional site improvements can support adding more townhomes in the future, subject to the buyer’s development plans. This is a focused multifamily offering designed around townhome-style living, with a total of 10 units currently on site and infrastructure in place for 10 more.
Key Highlights
- Nine‑unit townhome development on approximately 1.510 acres at 212 Wilson Street in Van Meter, Iowa
- Includes a single‑family home plus the nine townhomes for a total of 10 rental units on site
- All underground improvements are included for 10 additional townhomes
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$109,867
Cap Rate
5.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,197,340
$2.2M
Cap Rate 7%
$1,569,529
$1.6M
Cap Rate 9%
$1,220,744
$1.2M
Market Conditions
NOI Build-Up for 13,090 SF
Gross rent
$212.1K $16.20/SF
− Vacancy
−$12.3K −$0.94/SF
EGI
$199.8K $15.26/SF
− OpEx
−$89.9K −$6.87/SF
NOI
$109.9K $8.39/SF
Area
Madison County, IA
Vacancy
5.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,197,340
Cap Rate 7%
$1,569,529
Cap Rate 9%
$1,220,744
Alternative Uses
Best Use
Apartment 5plus
$1.57M
$1.37M – $1.83M
NOI $109,867 @ 7.0% cap · market cap 5.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.22M
$2.82M – $3.76M
NOI $225,667 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
70
Businesses Nearby
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Business Placement
Demographics for 50261, IA
3,019
Population
1,067
Households
2.8
Avg Household Size
36
Median Age
41%
College-Educated
99%
High-School Grad
64.9 sq mi
ZIP Area
47
Density / Sq Mi
$150,341
Median Household Income
$69,291
Median Earnings
$979
Median Rent
$318,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Nine townhomes plus a single-family home create 10 rental units, with underground improvements for 10 additional townhomes.
Where is this apartment building located?
The property is located at 212 Wilson Street Van Meter, IA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Nine‑unit townhome development on approximately 1.510 acres at 212 Wilson Street in Van Meter, Iowa; Includes a single‑family home plus the nine townhomes for a total of 10 rental units on site; All underground improvements are included for 10 additional townhomes
