Downtown Bar and
For Sale
$750,000
421 Main Street, Cedar Falls, IA 50613
Fully equipped hospitality space with installed draft system, walk-in refrigeration, and updated HVAC.
Property Size3,808 SF
Price / SF$196.95
Days on Market143
Property Features for 421 Main Street
General Information
Standard status
Active
Size
3,808 SF
Property subtype
Commercial
Zoning
CD - DT
Taxes and HOA fees
Annual Taxes
$26,082
Amenities
0.13
3808
Building Details
Building Size
3,808 SF
Year Built
1967
Listing Agency:
GLD Commercial Real Estate Advisors
(319) 651-9617
Listed By:
Jaime Hymer
(319) 651-9617
Source:
Pinnaclerealtyia
Added: Apr 1
Changed: Aug 20
Last Checked: Aug 21 at 4:16AM
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 GLD Commercial Real Estate Advisors
Investment Insights
Based on property information with market context.
This downtown bar and restaurant property is set up for immediate hospitality or entertainment operations. The space includes a Micromatic draft beer system, a walk-in beer cooler, and a walk-in cooler/freezer combination. For guest experience and programming, it features 15 mounted televisions along with a professionally installed sound system. A comprehensive security system is also in place to support day-to-day operations.
Located at 421 Main Street in Cedar Falls, the property benefits from a high-traffic downtown corridor and strong visibility. The offering also notes excellent downtown parking availability and a dynamic surrounding tenant mix.
Recent capital improvements have been completed with updated HVAC systems finished in February 2026 by Bergan. With the on-site entertainment, refrigeration, and utility infrastructure already established, the property can support a tenant looking to operate as a bar, pub, or restaurant with minimal equipment ramp-up. For buyers or operators evaluating a hospitality concept, the existing systems—including draft beer and multiple walk-in units—help define the building’s practical functionality for service-focused use.
Located at 421 Main Street in Cedar Falls, the property benefits from a high-traffic downtown corridor and strong visibility. The offering also notes excellent downtown parking availability and a dynamic surrounding tenant mix.
Recent capital improvements have been completed with updated HVAC systems finished in February 2026 by Bergan. With the on-site entertainment, refrigeration, and utility infrastructure already established, the property can support a tenant looking to operate as a bar, pub, or restaurant with minimal equipment ramp-up. For buyers or operators evaluating a hospitality concept, the existing systems—including draft beer and multiple walk-in units—help define the building’s practical functionality for service-focused use.
Key Highlights
- 3,808 SF hospitality space on a 0.13‑acre lot
- Installed Micromatic draft beer system plus walk‑in beer cooler and walk‑in cooler/freezer combination
- Includes 15 mounted televisions, professionally installed sound system, and comprehensive security system
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
$40,479
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
5.40%
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%
$809,580
$809.6K
Cap Rate 7%
$578,271
$578.3K
Cap Rate 9%
$449,767
$449.8K
Market Conditions
NOI Build-Up for 3,808 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
$58.9K $15.48/SF
− Vacancy
−$5.0K −$1.31/SF
EGI
$54.0K $14.17/SF
− OpEx
−$13.5K −$3.54/SF
NOI
$40.5K $10.63/SF
Area
Black Hawk County, IA
Vacancy
8.44%
Lease Rate
$15.48 /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%
$809,580
Cap Rate 7%
$578,271
Cap Rate 9%
$449,767
Alternative Uses
Best Use
Specialty Retail
$578.3K
$506.0K – $674.7K
NOI $40,479 @ 7.0% cap · market cap 5.40%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$4.77M
$4.18M – $5.57M
NOI $334,152 @ 7.0% cap · market cap 44.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
734
Businesses Nearby
46k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 61%
Shops & Services 32%
Hotels & Casinos 7%
McDonald's
Dining
19,202 visits/mo
0.4 miles
Casey's General Store
Shops & Services
12,039 visits/mo
0.1 miles
Scooter's Coffee
Dining
7,465 visits/mo
0.3 miles
Hampton Inn & Suites
Hotels & Casinos
3,290 visits/mo
0.3 miles
U.S. Bank
Shops & Services
2,796 visits/mo
0.1 miles
Demographics for 50613, IA
43,667
Population
17,808
Households
2.5
Avg Household Size
32
Median Age
48%
College-Educated
97%
High-School Grad
127.6 sq mi
ZIP Area
342
Density / Sq Mi
$75,642
Median Household Income
$33,099
Median Earnings
$1,176
Median Rent
$258,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Berk's Main Street Pub — 207 Main St, Cedar Falls, IA 50613
- Uncle Harry's Five and Dime Tavern — 123 Main St, Cedar Falls, IA 50613
- Cedar Falls Community Theatre — 103 Main St, Cedar Falls, IA 50613
- Landmark — 107 Main St, Cedar Falls, IA 50613
- Whiskey Road Tavern & Grill — 402 Main St, Cedar Falls, IA 50613
Frequently Asked Questions
What type of property is this?
Bar & Pub - Fully equipped hospitality space with installed draft system, walk-in refrigeration, and updated HVAC.
Where is this bar & pub located?
The property is located at 421 Main Street Cedar Falls, IA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 3,808 SF hospitality space on a 0.13‑acre lot; Installed Micromatic draft beer system plus walk‑in beer cooler and walk‑in cooler/freezer combination; Includes 15 mounted televisions, professionally installed sound system, and comprehensive security system
