3-Unit Apartment
2508 Olive Street, Cedar Falls, IA 50613
For Sale
$235,000
Three two-bedroom apartments are leased through May 2027, with appliances included in each unit.
Property Size1,042 SF
Days on Market131
Property Features for 2508 Olive Street
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Lease Term
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
off-street parking
Building Details
Building Size
Year Built
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 9:52AM
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.
Built in 1890, this R-3-zoned triplex contains three two-bedroom apartments. Each unit includes appliances, and all three are leased through May 2027.
Residents have off-street parking, with alley access to the rear of the property. The building is within walking distance of a university.
Residents have off-street parking, with alley access to the rear of the property. The building is within walking distance of a university.
Key Highlights
- Three two‑bedroom apartments
- All units leased through May 2027
- Appliances included in each apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,520
Cap Rate
4.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$190,400
$190.4K
Cap Rate 7%
$136,000
$136.0K
Cap Rate 9%
$105,778
$105.8K
Market Conditions
NOI Build-Up for 1,042 SF
Gross rent
$14.4K $13.80/SF
− Vacancy
−$779 −$0.75/SF
EGI
$13.6K $13.05/SF
− OpEx
−$4.1K −$3.92/SF
NOI
$9.5K $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%
$190,400
Cap Rate 7%
$136,000
Cap Rate 9%
$105,778
Alternative Uses
Best Use
Multifamily LT 5
$136.0K
$119.0K – $158.7K
NOI $9,520 @ 7.0% cap · market cap 4.05%
Second Best
Apartment 5plus
$119.5K
$104.6K – $139.4K
NOI $8,366 @ 7.0% cap · market cap 3.56%
Theoretical Best
Office A
$261.6K
$228.9K – $305.2K
NOI $18,310 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
3
Residential units
100%
Occupancy
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Three two-bedroom apartments are leased through May 2027, with appliances included in each unit.
Where is this triplex located?
The property is located at 2508 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: Three two‑bedroom apartments; All units leased through May 2027; Appliances included in each apartment
