Multi-Tenant Strip
New
For Sale
$1,500,000
3620-3628 Kimball Avenue, Waterloo, IA 50702
Multi-tenant retail property with long-term leases, street frontage, and C-1,C-Z zoning.
Property Size6,720 SF
Price / SF$223.21
Days on Market4
Property Features for 3620-3628 Kimball Avenue
General Information
Standard status
Active
Size
6,720 SF
Property subtype
Commercial
Zoning
C-1,C-Z
Taxes and HOA fees
Annual Taxes
$27,027
Amenities
Inside Lot,City Street,Frontage Road
0.79
6720
Building Details
Building Size
6,720 SF
Year Built
1990
Stories
1
Tenancy
Multi
Listing Agency:
Skogman Realty Co.
(319) 393-0900
Listed By:
Alex Miller
Source:
Pinnaclerealtyia
Added: Aug 6
Changed: Aug 9
Last Checked: Aug 9 at 6:30AM
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 Co.
Investment Insights
Based on property information with market context.
This multi-tenant strip center contains 6,720 square feet and was built in 1990. The property includes retail space configured for multiple occupants, with long-term leases in place and remaining vacancy identified within the center. Its commercial zoning designations are C-1 and C-Z.
Located at 3620–3628 Kimball Avenue in Waterloo, the property fronts a city street and frontage road. The site is classified as an inside lot and provides a retail setting for multiple commercial tenants. The existing tenant mix and lease structure support continued multi-tenant use, while the available space provides additional leasing capacity within the property.
Located at 3620–3628 Kimball Avenue in Waterloo, the property fronts a city street and frontage road. The site is classified as an inside lot and provides a retail setting for multiple commercial tenants. The existing tenant mix and lease structure support continued multi-tenant use, while the available space provides additional leasing capacity within the property.
Key Highlights
- 6,720‑square‑foot multi‑tenant strip center
- Built in 1990
- C‑1,C‑Z zoning
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
$66,672
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
4.44%
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%
$1,333,440
$1.3M
Cap Rate 7%
$952,457
$952.5K
Cap Rate 9%
$740,800
$740.8K
Market Conditions
NOI Build-Up for 6,720 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
$104.0K $15.48/SF
− Vacancy
−$8.8K −$1.31/SF
EGI
$95.2K $14.17/SF
− OpEx
−$28.6K −$4.25/SF
NOI
$66.7K $9.92/SF
Area
Black Hawk County, IA
Vacancy
8.44%
Lease Rate
$15.48 /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%
$1,333,440
Cap Rate 7%
$952,457
Cap Rate 9%
$740,800
Alternative Uses
Best Use
Retail
$952.5K
$833.4K – $1.11M
NOI $66,672 @ 7.0% cap · market cap 4.44%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$8.42M
$7.37M – $9.83M
NOI $589,680 @ 7.0% cap · market cap 39.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
691
Businesses Nearby
252k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 32%
Dining 31%
Shops & Services 28%
Groceries 8%
Sam's Club
Superstores
79,678 visits/mo
0.5 miles
Culver's
Dining
25,660 visits/mo
0.4 miles
Sam's Club Gas Station
Shops & Services
22,821 visits/mo
0.4 miles
McDonald's
Dining
22,637 visits/mo
0.1 miles
Fareway
Groceries
19,719 visits/mo
0.0 miles
Demographics for 50702, IA
20,447
Population
9,722
Households
2.1
Avg Household Size
37
Median Age
21%
College-Educated
89%
High-School Grad
9.8 sq mi
ZIP Area
2,086
Density / Sq Mi
$59,784
Median Household Income
$38,826
Median Earnings
$926
Median Rent
$145,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Multi-tenant retail property with long-term leases, street frontage, and C-1,C-Z zoning.
Where is this strip mall located?
The property is located at 3620-3628 Kimball Avenue Waterloo, IA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 6,720‑square‑foot multi‑tenant strip center; Built in 1990; C‑1,C‑Z zoning
