Updated Office
For Sale
Contact for pricing
517 Rhey St, Waterloo, IA 50703
Commercial Sale, Waterloo, IA
Property Size655 SF
Lot Size1.74 Acres
Price / SF$0.76
Days on Market144
Property Features for 517 Rhey St
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C1
Directions
vinton to rhey
Standard status
Active
APN
891325230015
Lot size
1.74 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Per Abstract
Tax Annual Amount
4403
Legal Description
Per Abstract
Building Details
Year built
1946
Listing Agency:
Lockard Realty Company
(319) 277-8000
Listed By:
Michael Taylor · License #S40482
(319) 239-3659
Added: Jun 12
Changed: Oct 7
Last Checked: Nov 2 at 11:06PM
MLS# 20262660
Copyright © 2026 Northeast Iowa Regional Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This office unit offers 655 square feet of recently renovated space with a clean, updated interior. The property is zoned C1 and is described for professional, retail, or service-oriented business uses.
The building dates to 1946 and sits on a 1.743-acre property at 517 Rhey St in Waterloo, Iowa. The available unit is offered in connection with a commercial sale and provides a compact office setting within an established property.
The building dates to 1946 and sits on a 1.743-acre property at 517 Rhey St in Waterloo, Iowa. The available unit is offered in connection with a commercial sale and provides a compact office setting within an established property.
Key Highlights
- 655‑square‑foot office unit
- Recently renovated interior with updated finishes
- C1 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$4,290
Suggested Prices Based on Cap Rates
Cap Rate 5%
$85,800
$85.8K
Cap Rate 7%
$61,286
$61.3K
Cap Rate 9%
$47,667
$47.7K
Market Conditions
NOI Build-Up for 655 SF
Gross rent
$7.5K $11.52/SF
− Vacancy
−$1.8K −$2.79/SF
EGI
$5.7K $8.73/SF
− OpEx
−$1.4K −$2.18/SF
NOI
$4.3K $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 Rate 5%
$85,800
Cap Rate 7%
$61,286
Cap Rate 9%
$47,667
Alternative Uses
Best Use
Office B
$61.3K
$53.6K – $71.5K
NOI $4,290 @ 7.0% cap · market cap 858.00%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$821.1K
$718.5K – $957.9K
NOI $57,476 @ 7.0% cap · market cap 11,495.20%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
249
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - Updated office space with C1 zoning and stated suitability for professional, retail, or service uses.
Where is this office unit located?
The property is located at 517 Rhey St Waterloo, IA.
What are key features of this property?
This property features: 655‑square‑foot office unit; Recently renovated interior with updated finishes; C1 zoning
