Apartment Building with 100
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7118 Hillandale Rd, Davenport, IA 52806
Multi-story residential community offering two- and three-bedroom floor plans with surrounding off-street parking.
Property Size88,100 SF
Lot Size5.67 Acres
Price / SF$96.48
Days on Market4
Property Features for 7118 Hillandale Rd
General Information
Standard status
Active
Size
88,100 SF
Total Parking Spaces
164
Lot size
5.67 Acres
Property subtype
Multifamily
Net Operating Income
$658,219
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
20 x 3BR/1.5BA, 80 x 2BR/1BA
Multifamily Units
100
Building Details
Year Built
1982
Units
100
Tenancy
Multi
Listing Agency:
Bang Realty
(888) 737-2264
Listed By:
Brian Brockman · License #BRK.200900214
Source:
Crexi
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 11 at 4:51AM
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 Bang Realty
Investment Insights
Based on property information with market context.
Olde Town Estates is a 100-unit apartment community consisting of multi-story buildings with 81,340 square feet of gross living area and 88,100 square feet of gross area. The unit mix includes twenty 3-bedroom/1.5-bathroom apartments and eighty 2-bedroom/1-bathroom apartments. Built in 1982, the property occupies 5.67 acres at 7118 Hillandale Road in Davenport, Iowa, with parking areas surrounding the buildings.
Residents have access to nearby bus service and a Greyhound/FlixBus stop on Hillandale Road. Interstate 74, Interstate 80, and U.S. Route 61 provide regional connections across Davenport, Bettendorf, Moline, and Rock Island. Retail, dining, healthcare, and everyday services are concentrated along Kimberly Road and Elmore Avenue, including NorthPark Mall and multiple national retailers. Nearby employment and institutional destinations include Genesis Health System, UnityPoint Health – Trinity, Deere & Company, the Rock Island Arsenal, St. Ambrose University, and Palmer College of Chiropractic.
Electricity is separately metered and paid directly by residents. The landlord provides heat, hot water, city water, and sewer.
Residents have access to nearby bus service and a Greyhound/FlixBus stop on Hillandale Road. Interstate 74, Interstate 80, and U.S. Route 61 provide regional connections across Davenport, Bettendorf, Moline, and Rock Island. Retail, dining, healthcare, and everyday services are concentrated along Kimberly Road and Elmore Avenue, including NorthPark Mall and multiple national retailers. Nearby employment and institutional destinations include Genesis Health System, UnityPoint Health – Trinity, Deere & Company, the Rock Island Arsenal, St. Ambrose University, and Palmer College of Chiropractic.
Electricity is separately metered and paid directly by residents. The landlord provides heat, hot water, city water, and sewer.
Key Highlights
- 100 apartment units across 20 three‑bedroom and 80 two‑bedroom floor plans
- 81,340 square feet of gross living area within 88,100 square feet of gross area
- 5.67‑acre property with parking areas surrounding the buildings
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
$708,393
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
8.33%
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%
$14,167,860
$14.2M
Cap Rate 7%
$10,119,900
$10.1M
Cap Rate 9%
$7,871,033
$7.9M
Market Conditions
NOI Build-Up for 88,100 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
$1.38M $15.72/SF
− Vacancy
−$96.9K −$1.10/SF
EGI
$1.29M $14.62/SF
− OpEx
−$579.6K −$6.58/SF
NOI
$708.4K $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%
$14,167,860
Cap Rate 7%
$10,119,900
Cap Rate 9%
$7,871,033
Alternative Uses
Best Use
Apartment 5plus
$10.12M
$8.85M – $11.81M
NOI $708,393 @ 7.0% cap · market cap 8.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$19.02M
$16.64M – $22.18M
NOI $1,331,057 @ 7.0% cap · market cap 15.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
165
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 - Multi-story residential community offering two- and three-bedroom floor plans with surrounding off-street parking.
Where is this apartment building located?
The property is located at 7118 Hillandale Rd Davenport, IA.
What is the asking price?
The asking price for this property is $8,500,000.
What are key features of this property?
This property features: 100 apartment units across 20 three‑bedroom and 80 two‑bedroom floor plans; 81,340 square feet of gross living area within 88,100 square feet of gross area; 5.67‑acre property with parking areas surrounding the buildings
