Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Waterloo Bar/Restaurant Opportunity Title is generated by Realmo AI

    328 Elm Street, Waterloo, IA 50703

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    SINGLE_FAMILY - Waterloo, IA

    Type:Office
    Lot size:
    0.18 Acres
    Added:
    Mar 31, 2026
    Days on Market:
    57
    Last Refresh:
    May 26 at 8:06 pm

    Property Features for 328 Elm Street

    General Information

    Property type
    Residential
    Property subtype
    Office
    Zoning
    M2
    Standard status
    Active
    APN
    891325255009
    Lot size
    0.18 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    LANE AND FOWLERS SECOND ADD LOT 4 AND ALSO THAT PART OF ELM ST DESC AS BEG AT SE COR OF LOT 10 BLK 14 SAID ADD TH N ALONG E LINE BLK 14 TO NE COR LOT 1 BLK 14 TH E TO NW COR OF LOT 4 BLK 13 TH S TO SW COR LOT 7 BLK 13 TH NWLY TO PT OF BEG EXC W 6 FTTHEREO
    Tax Annual Amount
    833

    Utilities

    Utilities
    Water Available
    Sewer type
    Public Sewer

    Building Details

    Year built
    1930
    Building materials
    Frame

    We can help!

    Listing Contact
    Rick Bauer
    Rick Bauer

    Listing agent Rick Bauer License #B18473000

    Listing office RE/MAX Concepts - Cedar Falls 4800 University Avenue RE/MAX Concepts, Cedar Falls, IA

    Listing date Mar 31, 2026

    MLS# 20261271

    Copyright © 2026 Northeast Iowa Regional Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Large lot spanning Elm St.
    • Water available
    • Public sewer
    • Frame construction
    • Adjoins non‑profits and city‑owned properties
    • Built in 1930

    Overview

    This property, formerly Fortunes Bar, is available for sale in Waterloo, Iowa. The property is zoned M2. The 0.18-acre lot is situated adjoining several non profits including Operation Threshold, Waterloo Women's Center for Change, a Food Bank, and city-owned properties. The lot extends across Elm Street. The property has been used for storage and is currently vacant. The property is being sold as is.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bars & Pubs

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Edo's Sports Bar — 110 E 11th St, Waterloo, IA 50703
    • Bros Bar and Grill — 1927 jefferson st, waterloo, ia 50702
    • Gallerija 92 Bar & Grill — 1927 Jefferson St, Waterloo, IA 50702
    • Cafe Bar Elite — 1108 Jefferson St, Waterloo, IA 50702
    • Packers — 201 rath st, waterloo, ia 50703

    Location Insight

    • Map
    • Local Demand
    City
    Waterloo
    County
    Black Hawk
    State
    Iowa
    Longitude
    -92.323746
    Latitude
    42.494256

    Nearby Similar for Sale

    • $748,888
      7,060 SF

      Waterloo Commercial Building on University

      7,060 SF commercial building ideal for auto or flex use.
      3128 University Avenue, Waterloo, IA 50701
      View Details
    • $249,900
      2,560 SF

      New Waterloo Warehouse Near Highway

      New 40' x 64' steel warehouse near Hwy 218 corridor.
      320 W 14th Street, Waterloo, IA 50702
      View Details
    • $900
      840 SF

      Renovated Corner Retail/Office Space

      Turnkey 840 SF suite in high-traffic Waterloo location.
      2101 Falls Avenue, Waterloo, IA 50701
      View Details
    • $125,000
      1,327 SF

      Corner Commercial Property in Waterloo

      Commercial property with income, flexibility, and high traffic exposure.
      435 W Parker Street, Waterloo, IA 50703
      View Details
    • $999,000

      Fully Leased Multi-Tenant Investment Property

      Stabilized asset with national and local tenancy in Waterloo, Iowa.
      106 Brookeridge Drive, Waterloo, IA 50702
      View Details
    • $600
      850 SF

      Affordable Contractor Bay in Waterloo

      850 SF heated/cooled space, ideal for small business.
      1825 Black Hawk Street, Waterloo, IA 50702
      View Details
    • $1,800,000
      9,600 SF

      Waterloo Industrial Property For Sale

      Turnkey truck service facility in Waterloo's Northeast Industrial Park.
      2317 Northeast Drive, Waterloo, IA 50703
      View Details
    • $189,900
      4,475 SF

      Downtown Waterloo Commercial Building

      4,475 sq ft commercial building in downtown Waterloo, Iowa.
      106 E 9 Street, Waterloo, IA 50703
      View Details
    • $130,000
      2,100 SF

      Waterloo Investment Opportunity For Sale

      Investment opportunity in Waterloo with high traffic exposure.
      1927 Jefferson Street, Waterloo, IA 50702
      View Details
    • $600

      Waterloo Office Suites For Sale

      Individual office suites in West Waterloo location for sale.
      3151 BROCKWAY Road, Waterloo, IA 50701
      View Details
    • $4,500

      West Waterloo Office Suites

      Individual office suites in desirable West Waterloo location.
      3151 BROCKWAY Road, Waterloo, IA 50701
      View Details
    • $465,000
      5,000 SF

      Corner Commercial Building in Waterloo

      5,000 SF commercial building on a large corner lot.
      1145 W Donald Street, Waterloo, IA 50703
      View Details

    FAQs

    What type of property is this?
    Bar & Pub - Bar/Restaurant property for sale in Waterloo, Iowa.
    Where is this bar & pub located?
    The property is located at 328 Elm Street Waterloo, IA.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Large lot spanning Elm St.; Water available; Public sewer
    (319) 493-3500
    We can help!
    Listing Contact
    Rick Bauer
    Rick Bauer
    Real Estate License ID: B18473000
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    328 Elm Street, Waterloo, IA 50703
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!