Mixed-Use Building with
For Sale
Contact for pricing
222 Water St, Cambridge, IA 50046
A mixed-use property combining retail space with four residential units, including handicap-accessible and recently updated apartments.
Property Size6,554 SF
Price / SF$152.58
Days on Market63
Property Features for 222 Water St
General Information
Standard status
Active
Size
6,554 SF
Property subtype
MULTIFAMILY
Additional Details
Multifamily Units
4
Listing Agency:
LPT Realty
(515) 491-1561
Listed By:
Tom Butler
(515) 491-1561
Source:
Moodyscre
Added: Jun 24
Changed: Aug 8
Last Checked: Aug 24 at 2:16PM
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 LPT Realty
Investment Insights
Based on property information with market context.
This mixed-use building offers multiple income streams with retail spaces alongside four residential units. The residential component includes a studio apartment that is handicap accessible, designed for added convenience. In addition, there are three newly built two-bedroom apartments, each with a full bath, stainless steel appliances, and an in-unit washer and dryer.
Located at 222 Water St in Cambridge, Iowa, the property is configured to support both commercial and residential leasing in one place. The combination of uses can be useful for owners seeking flexibility in how the building is operated and leased.
For investors or owner-occupants, the layout provides the ability to diversify tenant types by leasing retail space and residential units within the same asset. The presence of updated, in-unit laundry and stainless appliances in the two-bedroom apartments may appeal to a broad range of renters looking for modern in-home amenities.
Located at 222 Water St in Cambridge, Iowa, the property is configured to support both commercial and residential leasing in one place. The combination of uses can be useful for owners seeking flexibility in how the building is operated and leased.
For investors or owner-occupants, the layout provides the ability to diversify tenant types by leasing retail space and residential units within the same asset. The presence of updated, in-unit laundry and stainless appliances in the two-bedroom apartments may appeal to a broad range of renters looking for modern in-home amenities.
Key Highlights
- Mixed‑use property with retail space plus four residential units in one location
- Includes a studio apartment that is handicap accessible
- Three brand new 2‑bedroom apartments, each with a full bath
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
$66,359
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
6.64%
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%
$1,327,180
$1.3M
Cap Rate 7%
$947,986
$948.0K
Cap Rate 9%
$737,322
$737.3K
Market Conditions
NOI Build-Up for 6,554 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
$118.0K $18.00/SF
− Vacancy
−$11.8K −$1.80/SF
EGI
$106.2K $16.20/SF
− OpEx
−$39.8K −$6.07/SF
NOI
$66.4K $10.13/SF
Area
Story County, IA
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,327,180
Cap Rate 7%
$947,986
Cap Rate 9%
$737,322
Alternative Uses
Best Use
Mixed Use
$948.0K
$829.5K – $1.11M
NOI $66,359 @ 7.0% cap · market cap 6.64%
Second Best
Retail
$928.9K
$812.8K – $1.08M
NOI $65,025 @ 7.0% cap · market cap 6.50%
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,213 @ 7.0% cap · market cap 10.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
51
Businesses Nearby
Explore this area
Business Placement
Demographics for 50046, IA
1,586
Population
792
Households
2
Avg Household Size
40
Median Age
34%
College-Educated
98%
High-School Grad
47.5 sq mi
ZIP Area
33
Density / Sq Mi
$91,944
Median Household Income
$56,250
Median Earnings
$1,005
Median Rent
$225,000
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?
Quadplex - A mixed-use property combining retail space with four residential units, including handicap-accessible and recently updated apartments.
Where is this quadplex located?
The property is located at 222 Water St Cambridge, IA.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: Mixed‑use property with retail space plus four residential units in one location; Includes a studio apartment that is handicap accessible; Three brand new 2‑bedroom apartments, each with a full bath
