7-Unit Apartment
For Sale
$410,000
2416 Olive Street, Cedar Falls, IA 50613
The apartments are leased through May 2027, with off-street parking and rear alley access.
Property Size4,432 SF
Price / SF$92.51
Days on Market118
Property Features for 2416 Olive Street
General Information
Standard status
Active
Size
4,432 SF
Property subtype
Apartment
Occupancy
100%
Units
Unit Mix
3 x 1BR, 1 x studio, 1 x 2BR, 1 x 3BR, 1 x 4BR
Multifamily Units
7
Additional Details
Utilities to Site
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$5,531
Amenities
off-street parking
appliances
laundry units
Building Details
Building Size
4,432 SF
Year Built
1915
Listing Agency:
Re/Max Concepts
Listed By:
Deanna Wheeler, GRI, CNE, CRS
(319) 230-0409
Source:
Karensteffeshomes
Added: Jul 2
Changed: Oct 26
Last Checked: Oct 26 at 4:06PM
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 Re/Max Concepts
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 4,432-square-foot apartment building, constructed in 1915, contains seven units: three one-bedroom apartments, a studio, and one each with two, three, and four bedrooms. Appliances are included in each apartment, and laundry equipment is part of the offering. Off-street parking is available, with alley access at the rear.
All units are rented through May 2027. The landlord pays utilities other than internet. The property is within walking distance of the university.
All units are rented through May 2027. The landlord pays utilities other than internet. The property is within walking distance of the university.
Key Highlights
- Seven apartments: three 1‑bedroom units, one studio, and one each with 2, 3, and 4 bedrooms
- 4,432 square feet; built in 1915
- All units rented through May 2027
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,583
Cap Rate
8.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$711,660
$711.7K
Cap Rate 7%
$508,329
$508.3K
Cap Rate 9%
$395,367
$395.4K
Market Conditions
NOI Build-Up for 4,432 SF
Gross rent
$68.6K $15.48/SF
− Vacancy
−$3.9K −$0.88/SF
EGI
$64.7K $14.60/SF
− OpEx
−$29.1K −$6.57/SF
NOI
$35.6K $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%
$711,660
Cap Rate 7%
$508,329
Cap Rate 9%
$395,367
Alternative Uses
Best Use
Apartment 5plus
$508.3K
$444.8K – $593.1K
NOI $35,583 @ 7.0% cap · market cap 8.68%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$5.56M
$4.86M – $6.48M
NOI $388,908 @ 7.0% cap · market cap 94.86%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
7
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
472
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - The apartments are leased through May 2027, with off-street parking and rear alley access.
Where is this apartment building located?
The property is located at 2416 Olive Street Cedar Falls, IA.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Seven apartments: three 1‑bedroom units, one studio, and one each with 2, 3, and 4 bedrooms; 4,432 square feet; built in 1915; All units rented through May 2027
