Fully Leased Multi-Tenant
For Sale
Contact for pricing
106 BROOKERIDGE DR, Waterloo, IA 50702
Stabilized multi-tenant retail building anchored by a UPS location and a local restaurant on high-traffic Kimball Avenue.
Property Size8,924 SF
Price / SF$111.95
Days on Market67
Property Features for 106 BROOKERIDGE DR
General Information
Standard status
Active
Size
8,924 SF
Property subtype
Retail, Mixed Use
Zoning
C-1
Occupancy
100%
Lease Type
Gross
Investment Type
Stabilized
Building Details
Year Built
1974
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Lockard Realty
Listed By:
Tori Lockard · License #IA B6364900
Source:
Crexi
Added: Jun 4
Changed: Aug 8
Last Checked: Aug 8 at 4:42AM
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 Lockard Realty
Investment Insights
Based on property information with market context.
This fully leased, multi-tenant retail investment property is configured to support both national and local tenancy, with storefront-style space suited to retail and restaurant users. Public remarks describe the site as being anchored by a nationally recognized UPS location alongside a successful locally owned and operated restaurant, creating a tenant mix designed to serve everyday customer traffic.
The property is positioned in one of Waterloo’s most established commercial corridors, on high-traffic Kimball Avenue. It is described as being one block from San Marnan Drive, supporting straightforward visibility and accessibility for customers traveling through the area.
For buyers evaluating stabilized income-producing opportunities, the key attribute here is occupancy: the property is offered as fully leased, with tenancy that includes both a national brand and a local restaurant operator. This combination can be attractive to investors looking for a retail-focused asset tied to an established corridor presence rather than a repositioning play.
The property is positioned in one of Waterloo’s most established commercial corridors, on high-traffic Kimball Avenue. It is described as being one block from San Marnan Drive, supporting straightforward visibility and accessibility for customers traveling through the area.
For buyers evaluating stabilized income-producing opportunities, the key attribute here is occupancy: the property is offered as fully leased, with tenancy that includes both a national brand and a local restaurant operator. This combination can be attractive to investors looking for a retail-focused asset tied to an established corridor presence rather than a repositioning play.
Key Highlights
- Fully leased, stabilized multi‑tenant retail building with year built 1974
- Anchored by a UPS location and a locally owned and operated restaurant
- Located on high‑traffic Kimball Avenue
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
$88,539
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
8.86%
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%
$1,770,780
$1.8M
Cap Rate 7%
$1,264,843
$1.3M
Cap Rate 9%
$983,767
$983.8K
Market Conditions
NOI Build-Up for 8,924 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
$138.1K $15.48/SF
− Vacancy
−$11.7K −$1.31/SF
EGI
$126.5K $14.17/SF
− OpEx
−$37.9K −$4.25/SF
NOI
$88.5K $9.92/SF
Area
Black Hawk County, IA
Vacancy
8.44%
Lease Rate
$15.48 /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%
$1,770,780
Cap Rate 7%
$1,264,843
Cap Rate 9%
$983,767
Alternative Uses
Best Use
Specialty Retail
$1.36M
$1.19M – $1.58M
NOI $94,863 @ 7.0% cap · market cap 9.50%
Second Best
Retail
$1.26M
$1.11M – $1.48M
NOI $88,539 @ 7.0% cap · market cap 8.86%
Theoretical Best
Mixed Use
$11.19M
$9.79M – $13.05M
NOI $783,081 @ 7.0% cap · market cap 78.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,160
Businesses Nearby
276k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 30%
Superstores 29%
Shops & Services 25%
Home Improvements & Furnishings 8%
Sam's Club
Superstores
79,678 visits/mo
0.4 miles
Culver's
Dining
25,660 visits/mo
0.2 miles
Sam's Club Gas Station
Shops & Services
22,821 visits/mo
0.2 miles
McDonald's
Dining
22,637 visits/mo
0.3 miles
Fareway
Groceries
19,719 visits/mo
0.3 miles
Demographics for 50702, IA
20,447
Population
9,722
Households
2.1
Avg Household Size
37
Median Age
21%
College-Educated
89%
High-School Grad
9.8 sq mi
ZIP Area
2,086
Density / Sq Mi
$59,784
Median Household Income
$38,826
Median Earnings
$926
Median Rent
$145,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Stabilized multi-tenant retail building anchored by a UPS location and a local restaurant on high-traffic Kimball Avenue.
Where is this conventional restaurant located?
The property is located at 106 BROOKERIDGE DR Waterloo, IA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Fully leased, stabilized multi‑tenant retail building with year built 1974; Anchored by a UPS location and a locally owned and operated restaurant; Located on high‑traffic Kimball Avenue
