Class A Downtown Office
For Sale
Contact for pricing
402 East 4th Street, Waterloo, IA 50703
Fully occupied Class A office building with renovated interiors, secure vault space, and more than 50 on-site parking stalls.
Property Size17,208 SF
Lot Size0.65 Acres
Price / SF$138.37
Days on Market63
Property Features for 402 East 4th Street
General Information
Standard status
Active
Size
17,208 SF
Class
A
Total Parking Spaces
50
Lot size
0.65 Acres
Property subtype
Office
Zoning
C-3
Occupancy
100%
Investment Type
Owner/User
Additional Details
Business Included
Yes
Building Details
Year Built
1920
Buildings
1
Tenancy
Multi
Listing Agency:
AW Commercial & Development
(319) 269-2477
Listed By:
Phillip Shirk · License #IA B63101000
Source:
Crexi
Added: Jun 11
Changed: Aug 8
Last Checked: Aug 11 at 10:57AM
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 AW Commercial & Development
Investment Insights
Based on property information with market context.
This Class A office building comprises 17,208 square feet and is fully occupied by two established tenants. The property is described as being meticulously renovated, with premium finishes throughout. Building features include secure vault space and modern building systems intended to support a range of professional office uses.
Located in the heart of Downtown Waterloo, the building is positioned to serve users seeking a central business address. The site is approximately 0.65 acres and includes more than 50 on-site parking stalls. The surrounding area includes government offices as well as restaurants and other downtown amenities.
For buyers, the property offers a turnkey, fully leased office asset with two tenants in place. For office users evaluating space in the downtown core, the offering provides a renovated Class A building configuration with parking capacity and secure vault space, supported by modern systems for day-to-day operations.
Located in the heart of Downtown Waterloo, the building is positioned to serve users seeking a central business address. The site is approximately 0.65 acres and includes more than 50 on-site parking stalls. The surrounding area includes government offices as well as restaurants and other downtown amenities.
For buyers, the property offers a turnkey, fully leased office asset with two tenants in place. For office users evaluating space in the downtown core, the offering provides a renovated Class A building configuration with parking capacity and secure vault space, supported by modern systems for day-to-day operations.
Key Highlights
- 17,208 SF Class A office building built in 1920 in downtown Waterloo
- Fully occupied by two established tenants
- More than 50 on‑site parking stalls
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
$112,697
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
4.73%
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%
$2,253,940
$2.3M
Cap Rate 7%
$1,609,957
$1.6M
Cap Rate 9%
$1,252,189
$1.3M
Market Conditions
NOI Build-Up for 17,208 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
$198.2K $11.52/SF
− Vacancy
−$48.0K −$2.79/SF
EGI
$150.3K $8.73/SF
− OpEx
−$37.6K −$2.18/SF
NOI
$112.7K $6.55/SF
Area
Black Hawk County, IA
Vacancy
24.20%
Lease Rate
$11.52 /SF/Yr
Expense Ratio
25.00%
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%
$2,253,940
Cap Rate 7%
$1,609,957
Cap Rate 9%
$1,252,189
Alternative Uses
Best Use
Office B
$1.61M
$1.41M – $1.88M
NOI $112,697 @ 7.0% cap · market cap 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$21.57M
$18.88M – $25.17M
NOI $1,510,002 @ 7.0% cap · market cap 63.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,174
Businesses Nearby
Explore this area
Business Placement
Demographics for 50703, IA
18,913
Population
8,705
Households
2.2
Avg Household Size
38
Median Age
13%
College-Educated
87%
High-School Grad
93.2 sq mi
ZIP Area
203
Density / Sq Mi
$49,412
Median Household Income
$33,105
Median Earnings
$926
Median Rent
$92,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Fully occupied Class A office building with renovated interiors, secure vault space, and more than 50 on-site parking stalls.
Where is this office building located?
The property is located at 402 East 4th Street Waterloo, IA.
What is the asking price?
The asking price for this property is $2,381,000.
What are key features of this property?
This property features: 17,208 SF Class A office building built in 1920 in downtown Waterloo; Fully occupied by two established tenants; More than 50 on‑site parking stalls
