6-Unit Apartment
For Sale
$419,000
2115 Walnut Street, Cedar Falls, IA 50613
Basement coin laundry and alley-access parking support the six-unit rental property.
Property Size4,760 SF
Price / SF$88.03
Days on Market233
Property Features for 2115 Walnut Street
General Information
Standard status
Active
Size
4,760 SF
Total Parking Spaces
10
Property subtype
Apartment
Units
Unit Mix
4 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
6
Additional Details
Gross Income
$50,940
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$5,210
Amenities
coin-operated laundry
Building Details
Building Size
4,760 SF
Year Built
1900
Listing Agency:
Structure Real Estate
Listed By:
Brian Wingert · License #B60468000
(319) 404-4884
Source:
Karensteffeshomes
Added: Mar 9
Changed: Oct 26
Last Checked: Oct 26 at 2:54PM
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 Structure Real Estate
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
At 2115 Walnut Street in Cedar Falls, this 4,760-square-foot apartment property contains six units. Four apartments have two bedrooms and one bathroom each; the other two have one bedroom and one bathroom each. The building dates to 1900.
A coin-operated laundry area is located in the basement. Ten concrete parking spaces are positioned off the alley.
A coin-operated laundry area is located in the basement. Ten concrete parking spaces are positioned off the alley.
Key Highlights
- Six apartments: four 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units
- 4,760 square feet; built in 1900
- Basement coin‑operated laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,217
Cap Rate
9.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$764,340
$764.3K
Cap Rate 7%
$545,957
$546.0K
Cap Rate 9%
$424,633
$424.6K
Market Conditions
NOI Build-Up for 4,760 SF
Gross rent
$73.7K $15.48/SF
− Vacancy
−$4.2K −$0.88/SF
EGI
$69.5K $14.60/SF
− OpEx
−$31.3K −$6.57/SF
NOI
$38.2K $8.03/SF
Area
Black Hawk County, IA
Vacancy
5.70%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$764,340
Cap Rate 7%
$545,957
Cap Rate 9%
$424,633
Alternative Uses
Best Use
Apartment 5plus
$546.0K
$477.7K – $637.0K
NOI $38,217 @ 7.0% cap · market cap 9.12%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$5.97M
$5.22M – $6.96M
NOI $417,690 @ 7.0% cap · market cap 99.69%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
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Business Placement
Demographics for 50613, IA
43,667
Population
17,808
Households
2.5
Avg Household Size
32
Median Age
48%
College-Educated
97%
High-School Grad
127.6 sq mi
ZIP Area
342
Density / Sq Mi
$75,642
Median Household Income
$33,099
Median Earnings
$1,176
Median Rent
$258,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Basement coin laundry and alley-access parking support the six-unit rental property.
Where is this apartment building located?
The property is located at 2115 Walnut Street Cedar Falls, IA.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: Six apartments: four 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units; 4,760 square feet; built in 1900; Basement coin‑operated laundry
