8-Unit Apartment
For Sale
$419,000
2221 Olive Street, Cedar Falls, IA 50613
The residential property combines one-bedroom apartments with efficiency units near campus.
Property Size1,713 SF
Days on Market224
Property Features for 2221 Olive Street
General Information
Standard status
Active
Size
1,713 SF
Property subtype
Residential Income
Zoning
R-M
Lease Term
Over 9 Months
Units
Unit Mix
6 x 1BR/1BA, 2 x efficiency
Multifamily Units
8
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$5,389
Building Details
Building Size
1,713 SF
Year Built
1930
Units
8
Listing Agency:
Structure Real Estate
(319) 260-2016
Listed By:
Brian Wingert · License #B60468000
(319) 404-4884
Source:
Gnbrealestate
Added: Mar 16
Changed: Oct 25
Last Checked: Oct 24 at 3:13PM
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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Investment Insights
Based on property information with market context.
This apartment property contains eight units: six are configured as one-bedroom, one-bathroom apartments, and two are efficiencies. The building dates to 1930, and the property is zoned R-M.
The property is near campus. Two units are currently vacant.
The property is near campus. Two units are currently vacant.
Key Highlights
- Eight apartment units: six one‑bedroom, one‑bathroom units and two efficiencies
- Two units are currently vacant
- R‑M zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,753
Cap Rate
3.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$275,060
$275.1K
Cap Rate 7%
$196,471
$196.5K
Cap Rate 9%
$152,811
$152.8K
Market Conditions
NOI Build-Up for 1,713 SF
Gross rent
$26.5K $15.48/SF
− Vacancy
−$1.5K −$0.88/SF
EGI
$25.0K $14.60/SF
− OpEx
−$11.3K −$6.57/SF
NOI
$13.8K $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%
$275,060
Cap Rate 7%
$196,471
Cap Rate 9%
$152,811
Alternative Uses
Best Use
Apartment 5plus
$196.5K
$171.9K – $229.2K
NOI $13,753 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$2.15M
$1.88M – $2.51M
NOI $150,316 @ 7.0% cap · market cap 35.87%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
521
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 - The residential property combines one-bedroom apartments with efficiency units near campus.
Where is this apartment building located?
The property is located at 2221 Olive 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: Eight apartment units: six one‑bedroom, one‑bathroom units and two efficiencies; Two units are currently vacant; R‑M zoning
