Two-Unit Duplex with Detached
New
For Sale
$269,900
2331-2333 Fairway Lane, Waterloo, IA 50701
Each residence includes a finished lower level, in-unit laundry, and a two-car detached garage.
Property Size1,824 SF
Price / SF$147.97
Days on Market3
Property Features for 2331-2333 Fairway Lane
General Information
Standard status
Active
Size
1,824 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
R-2
Occupancy
100%
Lease Term
Month To Month
Additional Details
Multifamily Units
2
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$4,971
Amenities
Concrete,Partially Finished
Lower Level
1824
Public
70 X 118
Garage,Detached
Paved Streets
Building Details
Year Built
1978
Buildings
1
Construction
ranch
Listing Agency:
AWRE - Commercial & Development
(319) 393-0900
Listed By:
Katie Sisson
(641) 990-7932
Source:
Pinnaclerealtyia
Added: Oct 24
Changed: Oct 25
Last Checked: Oct 24 at 2:53PM
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 AWRE - Commercial & Development
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Investment Insights
Based on property information with market context.
This R-2-zoned duplex, built in 1978, contains two ranch-style residences, each with a 912-square-foot main floor. Each unit has an eat-in kitchen equipped with a stove, refrigerator, and dishwasher, along with a living room, full bathroom, and two bedrooms. A mostly finished lower level adds a non-conforming third bedroom, a family room, and laundry and storage space. Each residence also has a detached two-car garage.
The property is located at 2331-2333 Fairway Lane in Waterloo, Iowa. The parcel measures 70 X 118, and the street is paved.
The property is located at 2331-2333 Fairway Lane in Waterloo, Iowa. The parcel measures 70 X 118, and the street is paved.
Key Highlights
- Two residences, each with a 912‑square‑foot main level
- Each unit has two bedrooms plus a non‑conforming third bedroom in the lower level
- Detached two‑car garage for each residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,665
Cap Rate
6.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$333,300
$333.3K
Cap Rate 7%
$238,071
$238.1K
Cap Rate 9%
$185,167
$185.2K
Market Conditions
NOI Build-Up for 1,824 SF
Gross rent
$25.2K $13.80/SF
− Vacancy
−$1.4K −$0.75/SF
EGI
$23.8K $13.05/SF
− OpEx
−$7.1K −$3.92/SF
NOI
$16.7K $9.14/SF
Area
Black Hawk County, IA
Vacancy
5.42%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$333,300
Cap Rate 7%
$238,071
Cap Rate 9%
$185,167
Alternative Uses
Best Use
Multifamily LT 5
$238.1K
$208.3K – $277.8K
NOI $16,665 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$209.2K
$183.1K – $244.1K
NOI $14,644 @ 7.0% cap · market cap 5.43%
Theoretical Best
Mixed Use
$2.29M
$2.00M – $2.67M
NOI $160,056 @ 7.0% cap · market cap 59.30%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
Explore this area
Business Placement
Demographics for 50701, IA
29,806
Population
14,530
Households
2.1
Avg Household Size
39
Median Age
30%
College-Educated
95%
High-School Grad
79.1 sq mi
ZIP Area
377
Density / Sq Mi
$62,857
Median Household Income
$41,464
Median Earnings
$846
Median Rent
$183,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Each residence includes a finished lower level, in-unit laundry, and a two-car detached garage.
Where is this duplex located?
The property is located at 2331-2333 Fairway Lane Waterloo, IA.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Two residences, each with a 912‑square‑foot main level; Each unit has two bedrooms plus a non‑conforming third bedroom in the lower level; Detached two‑car garage for each residence
