A coarse-grained model for water is developed which maps five water molecules onto one bead. The coarse-grained potential is derived by iteratively matching the radial distribution function of water in the coarse-grained and target models. It is shown that the coarse-grained model has the optimal balance between computational efficiency and accuracy in structural properties. The model has been used to calculate a number of static and dynamic properties, including the density, isobaric thermal expansivity, isothermal compressibility, surface tension, and diffusion coefficient of water. The effect of coarsening on these properties has been discussed. It is shown that while the present coarse-grained model well describes the structural properties of water, expectedly it has a much faster dynamics than the corresponding atomistic models.