Renovated 33-Unit Apartment
New
For Sale
$2,350,000
4406 North Division Street, Davenport, IA 52806
Two-building residential community with updated interiors and a mix of one- and two-bedroom floor plans.
Property Size24,525 SF
Lot Size1.15 Acres
Price / SF$95.82
Days on Market7
Property Features for 4406 North Division Street
General Information
Standard status
Active
Size
24,525 SF
Lot size
1.15 Acres
Property subtype
Multifamily
Financials
Asking Price
$2,350,000
Cap Rate
8.53%
Average Monthly Rent
$842
Units
Unit Mix
15-1BR/1BA, 18-2BR/1BA
Multifamily Units
33
Building Details
Year Built
1973
Buildings
2
Stories
3
Listing Agency:
CBRE - Des Moines
(515) 314-1715
Listed By:
David Eckley · License #S65549000
(515) 314-1715
Source:
Cbre
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 29 at 6:32AM
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 CBRE - Des Moines
Investment Insights
Based on property information with market context.
Hendrix 33 is a 33-unit apartment community composed of two three-story buildings totaling 24,525 square feet. The unit mix includes 15 one-bedroom, one-bathroom residences and 18 two-bedroom, one-bathroom residences. Most apartments have received renovations featuring stainless steel appliances, LVP flooring, updated countertops, lighting, and plumbing fixtures. Property improvements totaling approximately $700,000 have been completed since 2022.
The community is located at 4406 North Division Street in Davenport, Iowa, within the Quad Cities metropolitan area. The 1.15-acre property includes surface parking. Built in 1973, the asset reports an 8.53% cap rate and an average in-place rent of $842.
The community is located at 4406 North Division Street in Davenport, Iowa, within the Quad Cities metropolitan area. The 1.15-acre property includes surface parking. Built in 1973, the asset reports an 8.53% cap rate and an average in-place rent of $842.
Key Highlights
- 33‑unit apartment community across 2 buildings
- 15 1BR/1BA units and 18 2BR/1BA units
- 24,525 SF of total building area on 1.15 acres
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
$197,200
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
8.39%
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%
$3,944,000
$3.9M
Cap Rate 7%
$2,817,143
$2.8M
Cap Rate 9%
$2,191,111
$2.2M
Market Conditions
NOI Build-Up for 24,525 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
$385.5K $15.72/SF
− Vacancy
−$27.0K −$1.10/SF
EGI
$358.5K $14.62/SF
− OpEx
−$161.3K −$6.58/SF
NOI
$197.2K $8.04/SF
Area
Davenport, IA
Vacancy
7.00%
Lease Rate
$15.72 /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%
$3,944,000
Cap Rate 7%
$2,817,143
Cap Rate 9%
$2,191,111
Alternative Uses
Best Use
Apartment 5plus
$2.82M
$2.47M – $3.29M
NOI $197,200 @ 7.0% cap · market cap 8.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.29M
$4.63M – $6.18M
NOI $370,535 @ 7.0% cap · market cap 15.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
33
Residential units
Location Intelligence
Trade Area within ½ mile
384
Businesses Nearby
Explore this area
Business Placement
Demographics for 52806, IA
28,191
Population
12,092
Households
2.3
Avg Household Size
38
Median Age
32%
College-Educated
94%
High-School Grad
31.1 sq mi
ZIP Area
906
Density / Sq Mi
$73,682
Median Household Income
$42,744
Median Earnings
$976
Median Rent
$188,100
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 - Two-building residential community with updated interiors and a mix of one- and two-bedroom floor plans.
Where is this apartment building located?
The property is located at 4406 North Division Street Davenport, IA.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 33‑unit apartment community across 2 buildings; 15 1BR/1BA units and 18 2BR/1BA units; 24,525 SF of total building area on 1.15 acres
