Modern Quadplex Townhome
For Sale
$1,176,000
9143-9125 Calvin Dr, West Des Moines, IA
Three newly constructed buildings offer open-plan townhomes with contemporary finishes and finished lower-level flexibility.
Property Size7,372 SF
Price / SF$159.52
Days on Market623
Property Features for 9143-9125 Calvin Dr
General Information
Standard status
Active
Size
7,372 SF
Property subtype
Residential Income
Units
Unit Mix
12 x 3BR/2.5BA
Multifamily Units
12
Additional Details
Asking Price
$3,480,000
Taxes and HOA fees
Annual Taxes
$5,176
Building Details
Year Built
2023
Buildings
3
Listing Agency:
Stanbrough Realty Company
Listed By:
Andrew McCune · License #S64937000
(515) 334-3345
Source:
Exprealty
Added: Dec 18, 2024
Changed: Aug 30
Last Checked: Sep 1 at 11:29PM
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 Stanbrough Realty Company
Investment Insights
Based on property information with market context.
Manchester Village is a townhome community comprising three 4-plex buildings at 9143-9125 Calvin Dr in West Des Moines, Iowa. Built during 2022-2023, the property contains 12 units, each arranged with three bedrooms and 2.5 bathrooms. Interior features include open layouts, large windows, white cabinetry, quartz countertops, stainless steel appliances, and LVP flooring on the main level.
Upper-level layouts include a primary suite with a double-sink vanity and walk-in closet, two additional bedrooms, a full bathroom, and a laundry room with a full-size washer and dryer. Finished lower levels provide additional flexible space that can serve as a family room or potential fourth bedroom. The three buildings may be acquired individually as 4-plexes or together as the full community.
Upper-level layouts include a primary suite with a double-sink vanity and walk-in closet, two additional bedrooms, a full bathroom, and a laundry room with a full-size washer and dryer. Finished lower levels provide additional flexible space that can serve as a family room or potential fourth bedroom. The three buildings may be acquired individually as 4-plexes or together as the full community.
Key Highlights
- Three 4‑plex buildings with 12 total townhome units
- Constructed during 2022‑2023
- Each unit includes 3 bedrooms and 2.5 bathrooms
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
$65,402
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
5.56%
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%
$1,308,040
$1.3M
Cap Rate 7%
$934,314
$934.3K
Cap Rate 9%
$726,689
$726.7K
Market Conditions
NOI Build-Up for 7,372 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
$99.1K $13.44/SF
− Vacancy
−$5.6K −$0.77/SF
EGI
$93.4K $12.67/SF
− OpEx
−$28.0K −$3.80/SF
NOI
$65.4K $8.87/SF
Area
Polk County, IA
Vacancy
5.70%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
30.00%
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%
$1,308,040
Cap Rate 7%
$934,314
Cap Rate 9%
$726,689
Alternative Uses
Best Use
Multifamily LT 5
$934.3K
$817.5K – $1.09M
NOI $65,402 @ 7.0% cap · market cap 5.56%
Second Best
Apartment 5plus
$816.7K
$714.6K – $952.8K
NOI $57,170 @ 7.0% cap · market cap 4.86%
Theoretical Best
Flex RnD
$7.10M
$6.21M – $8.28M
NOI $496,755 @ 7.0% cap · market cap 42.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
796
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Three newly constructed buildings offer open-plan townhomes with contemporary finishes and finished lower-level flexibility.
Where is this quadplex located?
The property is located at 9143-9125 Calvin Dr West Des Moines, IA.
What is the asking price?
The asking price for this property is $1,176,000.
What are key features of this property?
This property features: Three 4‑plex buildings with 12 total townhome units; Constructed during 2022‑2023; Each unit includes 3 bedrooms and 2.5 bathrooms
