Duplex with Detached Triple
For Sale
$350,000
3306 Midway Drive, Waterloo, IA 50701
Duplex on a corner lot with recent exterior updates, a vacant attached suite, and an unfinished basement.
Property Size3,948 SF
Price / SF$88.65
Days on Market17
Property Features for 3306 Midway Drive
General Information
Standard status
Active
Size
3,948 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
R-1
Lease Term
Other
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,134
Amenities
Partially Finished
Lower Level
2164
1784
Public
109x241
0.6
Attached,Garage,Parking Pad,Paved,Multiple
Building Details
Year Built
1951
Listing Agency:
Fischels Commercial Group
(319) 721-6099
Listed By:
Ryan Eighme
(319) 721-6099
Source:
Pinnaclerealtyia
Added: Jul 24
Changed: Aug 8
Last Checked: Aug 9 at 6:35AM
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 Fischels Commercial Group
Investment Insights
Based on property information with market context.
This duplex is located on a spacious corner lot and offers multiple living areas with flexibility in layout. Recent updates include windows, siding, roof, and gutters. The unfinished basement provides additional room that could be finished for expanded living space, and an open office area can be converted into another bedroom. One unit is currently vacant, functioning as an attached suite.
The property includes a detached triple garage and a large patio. The address is in the Waterloo area and the home is listed in the Cedar Falls School District.
With its combination of updated exterior components, an unfinished basement, and a detached triple garage, the property offers a practical foundation for a range of residential income and multi-occupant living configurations.
The property includes a detached triple garage and a large patio. The address is in the Waterloo area and the home is listed in the Cedar Falls School District.
With its combination of updated exterior components, an unfinished basement, and a detached triple garage, the property offers a practical foundation for a range of residential income and multi-occupant living configurations.
Key Highlights
- Duplex with 2,164 sq ft above‑grade finished area plus 1,784 sq ft below‑grade finished area
- Vacant attached suite in the second unit, offering flexibility for multigenerational living, guests, private office, or rental income
- Partially finished, unfinished basement with laundry in the lower level
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,697
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.06%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$633,940
$633.9K
Cap Rate 7%
$452,814
$452.8K
Cap Rate 9%
$352,189
$352.2K
Market Conditions
NOI Build-Up for 3,948 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$61.1K $15.48/SF
− Vacancy
−$3.5K −$0.88/SF
EGI
$57.6K $14.60/SF
− OpEx
−$25.9K −$6.57/SF
NOI
$31.7K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$633,940
Cap Rate 7%
$452,814
Cap Rate 9%
$352,189
Alternative Uses
Best Use
Multifamily LT 5
$515.3K
$450.9K – $601.2K
NOI $36,071 @ 7.0% cap · market cap 10.31%
Second Best
Apartment 5plus
$452.8K
$396.2K – $528.3K
NOI $31,697 @ 7.0% cap · market cap 9.06%
Theoretical Best
Mixed Use
$4.95M
$4.33M – $5.77M
NOI $346,437 @ 7.0% cap · market cap 98.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
553
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex on a corner lot with recent exterior updates, a vacant attached suite, and an unfinished basement.
Where is this duplex located?
The property is located at 3306 Midway Drive Waterloo, IA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Duplex with 2,164 sq ft above‑grade finished area plus 1,784 sq ft below‑grade finished area; Vacant attached suite in the second unit, offering flexibility for multigenerational living, guests, private office, or rental income; Partially finished, unfinished basement with laundry in the lower level
