Multifamily Property Near UNI
New
For Sale
$480,000
2222 Walnut Street, Cedar Falls, IA 50613
R-3-zoned income property with separate tenant utility meters and landlord-managed water, sewer, lawn, and snow service.
Property Size3,549 SF
Price / SF$135.25
Days on Market3
Property Features for 2222 Walnut Street
General Information
Standard status
Active
Size
3,549 SF
Property subtype
Multi-Family
Zoning
R-3
Lease Term
Over 9 Months
Additional Details
Gross Income
$49,560
Taxes and HOA fees
Annual Taxes
$4,569
Amenities
Concrete,Entrance-Inside
Lower Level
1775
1540
Public
66 X 132
0.2
Parking Space,Paved,None
Building Details
Year Built
1900
Listing Agency:
SKOGMAN REALTY COMMERCIAL
(319) 393-0900
Listed By:
Melissa Redinbaugh
(319) 550-5114
Source:
Pinnaclerealtyia
Added: Sep 20
Changed: Sep 21
Last Checked: Sep 21 at 3:58AM
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 SKOGMAN REALTY COMMERCIAL
Investment Insights
Based on property information with market context.
This multifamily property at 2222 Walnut Street in Cedar Falls offers 3,549 square feet on a 0.2-acre parcel measuring 66 X 132. Built in 1900, the property includes a lower level, an interior entrance, and concrete construction. R-3 zoning supports its multifamily classification.
The property is near the UNI campus and includes paved parking. Utility responsibilities are divided between ownership and tenants: the landlord covers water, sewer, lawn care, and snow removal, while tenants pay gas, electric, and garbage through separate meters.
The property is near the UNI campus and includes paved parking. Utility responsibilities are divided between ownership and tenants: the landlord covers water, sewer, lawn care, and snow removal, while tenants pay gas, electric, and garbage through separate meters.
Key Highlights
- 3,549 SF multifamily property near the UNI campus
- R‑3 zoning in Cedar Falls
- 0.2‑acre parcel measuring 66 X 132
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
$28,494
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
5.94%
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%
$569,880
$569.9K
Cap Rate 7%
$407,057
$407.1K
Cap Rate 9%
$316,600
$316.6K
Market Conditions
NOI Build-Up for 3,549 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
$54.9K $15.48/SF
− Vacancy
−$3.1K −$0.88/SF
EGI
$51.8K $14.60/SF
− OpEx
−$23.3K −$6.57/SF
NOI
$28.5K $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 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%
$569,880
Cap Rate 7%
$407,057
Cap Rate 9%
$316,600
Alternative Uses
Best Use
Apartment 5plus
$407.1K
$356.2K – $474.9K
NOI $28,494 @ 7.0% cap · market cap 5.94%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$4.45M
$3.89M – $5.19M
NOI $311,425 @ 7.0% cap · market cap 64.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
Explore this area
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
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Frequently Asked Questions
What type of property is this?
Multifamily property - R-3-zoned income property with separate tenant utility meters and landlord-managed water, sewer, lawn, and snow service.
Where is this multifamily property located?
The property is located at 2222 Walnut Street Cedar Falls, IA.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: 3,549 SF multifamily property near the UNI campus; R‑3 zoning in Cedar Falls; 0.2‑acre parcel measuring 66 X 132
