222 Water St Cambridge, IA 50046
A mixed-use property combining retail space with four residential units, including handicap-accessible and recently updated apartments.
- Added:
- Jun 24, 2026
- Days on Market:
- 18
- Last Refresh:
- Jul 1 at 2:53 am
Property Features for 222 Water St
General Information
- Standard status
- Active
- Size
- 6,554 SF
- Property subtype
- MULTIFAMILY
Listing office LPT Realty (515) 491-1561
Listing date Jun 24, 2026
Source Moodyscre
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All listing content including descriptions, pricing, images are the copyrighted material of LPT Realty
Investment Insights
Based on property information with market context.
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
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $118.0k | $18.00 |
| − Vacancy | −$11.8k | −$1.80 |
| EGI | $106.2k | $16.20 |
| − OpEx | −$39.8k | −$6.07 |
| NOI | $66.4k | $10.13 |
