Duplex with Private
New
For Sale
$335,000
3306 Midway Drive, Waterloo, IA 50701
Two separate living areas include a larger residence and a smaller unit, with outdoor patios serving both spaces.
Property Size2,164 SF
Price / SF$154.81
Days on Market2
Property Features for 3306 Midway Drive
General Information
Standard status
Active
Size
2,164 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
R-1
Lease Term
Other
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,134
Amenities
front patio
private concrete patio
Partially Finished
Lower Level
2164
1784
Public
109x241
0.6
Attached,Garage,Parking Pad,Paved,Multiple
Building Details
Year Built
1951
Buildings
1
Listing Agency:
SKOGMAN REALTY
(319) 393-0900
Listed By:
Karrie Schultz · License #B63691000
(319) 540-1281
Source:
Pinnaclerealtyia
Added: Sep 26
Last Checked: Sep 26 at 3:11PM
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 SKOGMAN REALTY
Investment Insights
Based on property information with market context.
This two-unit duplex offers a larger residence alongside a separate, smaller unit. The main living area has an updated kitchen, two bedrooms, a full bathroom, main-floor laundry, and an open office. The smaller unit features an open kitchen and living area, plus a main-floor bedroom and full bathroom. An unfinished basement provides additional space, and the property includes a three-car garage and multiple patios, including a covered concrete patio. Windows, siding, roofing, and gutters have been updated.
The property sits on a 0.6-acre corner lot in Waterloo and is within the Cedar Falls School District. Zoning is R-1.
The property sits on a 0.6-acre corner lot in Waterloo and is within the Cedar Falls School District. Zoning is R-1.
Key Highlights
- Two living units: a larger residence and a separate smaller unit
- 0.6‑acre corner lot in Waterloo
- Main residence includes two bedrooms, an updated kitchen, full bath, and main‑floor laundry
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
$19,771
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
5.90%
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%
$395,420
$395.4K
Cap Rate 7%
$282,443
$282.4K
Cap Rate 9%
$219,678
$219.7K
Market Conditions
NOI Build-Up for 2,164 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
$29.9K $13.80/SF
− Vacancy
−$1.6K −$0.75/SF
EGI
$28.2K $13.05/SF
− OpEx
−$8.5K −$3.92/SF
NOI
$19.8K $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 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%
$395,420
Cap Rate 7%
$282,443
Cap Rate 9%
$219,678
Alternative Uses
Best Use
Multifamily LT 5
$282.4K
$247.1K – $329.5K
NOI $19,771 @ 7.0% cap · market cap 5.90%
Second Best
Apartment 5plus
$248.2K
$217.2K – $289.6K
NOI $17,374 @ 7.0% cap · market cap 5.19%
Theoretical Best
Mixed Use
$2.71M
$2.37M – $3.16M
NOI $189,891 @ 7.0% cap · market cap 56.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open 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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate living areas include a larger residence and a smaller unit, with outdoor patios serving both spaces.
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 $335,000.
What are key features of this property?
This property features: Two living units: a larger residence and a separate smaller unit; 0.6‑acre corner lot in Waterloo; Main residence includes two bedrooms, an updated kitchen, full bath, and main‑floor laundry
