Nine-Unit Townhome Rental
For Sale
Contact for pricing
212 Wilson Street, Van Meter, IA 50261
Nine townhomes plus a single-family home create 10 rental units, with underground improvements for 10 additional townhomes.
Property Size13,090 SF
Price / SF$183.35
Days on Market56
Property Features for 212 Wilson Street
General Information
Standard status
Active
Size
13,090 SF
Property subtype
Multifamily
Zoning
R3 - Multi-Family
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$149,131
Building Details
Year Built
2020
Buildings
2
Units
10
Tenancy
Multi
Listing Agency:
Coterie Real Estate
Listed By:
Abbey Gilroy · License #IA B69263000
Source:
Crexi
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 11 at 6:08AM
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
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$109,867
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.58%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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
Dallas 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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$12.60M
$11.03M – $14.70M
NOI $882,057 @ 7.0% cap · market cap 36.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
70
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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 $2,400,000.
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
