4-Unit Apartment
2504 Olive Street, Cedar Falls, IA 50613
For Sale
$235,000
Three one-bedroom apartments and one two-bedroom apartment are leased through May 2027, with appliances included in every unit.
Property Size1,136 SF
Days on Market131
Property Features for 2504 Olive Street
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Lease Term
Units
Unit Mix
Multifamily Units
Additional Details
Utilities to Site
Tenant in Place
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Stories
Units
Listing Agency:
RE/MAX Concepts - Cedar Falls
(319) 266-7100
Listed By:
Deanna Wheeler, GRI, CNE, CRS · License IA B28309000
(319) 230-0409
Source:
Gnbrealestate
Added: Jul 2
Changed: Nov 8
Last Checked: Nov 9 at 9:29AM
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 - Cedar Falls
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Investment Insights
Based on property information with market context.
This four-unit apartment property contains three one-bedroom apartments and one two-bedroom apartment. Each apartment includes appliances, and utilities are covered except for internet. The building dates to 1890.
Located at 2504 Olive Street in Cedar Falls, the property is within walking distance of the university. Off-street parking is available, with vehicle access from the rear alley.
Located at 2504 Olive Street in Cedar Falls, the property is within walking distance of the university. Off-street parking is available, with vehicle access from the rear alley.
Key Highlights
- Four apartments: three 1‑bedroom units and one 2‑bedroom unit
- All units leased through May 2027
- Appliances included in each apartment; utilities included except internet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,379
Cap Rate
4.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$207,580
$207.6K
Cap Rate 7%
$148,271
$148.3K
Cap Rate 9%
$115,322
$115.3K
Market Conditions
NOI Build-Up for 1,136 SF
Gross rent
$15.7K $13.80/SF
− Vacancy
−$850 −$0.75/SF
EGI
$14.8K $13.05/SF
− OpEx
−$4.4K −$3.92/SF
NOI
$10.4K $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%
$207,580
Cap Rate 7%
$148,271
Cap Rate 9%
$115,322
Alternative Uses
Best Use
Multifamily LT 5
$148.3K
$129.7K – $173.0K
NOI $10,379 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$130.3K
$114.0K – $152.0K
NOI $9,121 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$285.2K
$249.5K – $332.7K
NOI $19,962 @ 7.0% cap · market cap 8.49%
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
4
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?
Quadplex - Three one-bedroom apartments and one two-bedroom apartment are leased through May 2027, with appliances included in every unit.
Where is this quadplex located?
The property is located at 2504 Olive Street Cedar Falls, IA.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Four apartments: three 1‑bedroom units and one 2‑bedroom unit; All units leased through May 2027; Appliances included in each apartment; utilities included except internet
