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    One-Level Triplex with Detached Garages Title is generated by Realmo AI

    5309-5311 Blue Bonnet Drive, Waterloo, IA 50702

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    New
    For Sale
    $549,900

    MULTI_FAMILY - Waterloo, IA

    Lot size:
    1.20 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 4 at 5:06 am

    Property Features for 5309-5311 Blue Bonnet Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-3
    Bedrooms
    6
    Bathrooms
    4
    Rooms
    Bathroom 2, Bedroom 5, Bathroom 3, Bedroom 1, Bathroom 4, Bedroom 3, Bedroom 2, Bedroom 4, Bedroom 6, Bathroom 1
    Parking features
    Garage
    Standard status
    Active
    APN
    881218104006
    Lot size
    1.20 Acres

    Taxes and HOA fees

    Tax Description
    See Assessors Site for both parcels. 5309-5311 Blue Bonnet and 3216 Thistle Down Drive.
    Tax Annual Amount
    11519

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Heat Pump (Heating), Electric (Heating)
    Cooling system
    Electric, Central Air, Heat Pump
    Water source
    Public

    Building Details

    Year built
    1978
    Floors in Building
    1
    Number of units
    3
    Building materials
    Wood Siding
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Carissa Holton

    Listing agent Carissa Holton

    Listing office EXP Realty, LLC 5550 Wild Rose Lane, Suite #400 eXp Realty, West Des Moines, IA

    Listing date Jun 3, 2026

    MLS# 20262461 Listing URL

    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.

    HighLights

    • One‑level triplex with 2 bed/2 bath units; each unit includes separate laundry, walk‑in closets, and pantry space.
    • All units are separately metered.
    • Detached garage parking: 5311 Blue Bonnet includes a double, detached heated garage space.
    • Detached garage parking: 5309 includes a single detached garage space.
    • Detached garage parking: 3216 Thistle Down includes a double detached garage space.
    • Built in 1978 with wood siding, asphalt roof, and electric heat with heat pump/central air; public water and public sewer.

    Overview

    This well-kept one-level triplex offers three separate units, each featuring two bedrooms and two bathrooms. Units include walk-in closets, pantry space, and dedicated storage. Laundry is available separately within each unit, supporting everyday convenience for residents.

    The property includes separate metering for each unit. Detached garage options vary by unit, with 5311 Blue Bonnet Drive offering a double, detached, heated garage space, 5309 including a single detached garage space, and 3216 Thistle Down providing a double, detached garage space. The property is zoned R-3.

    For buyers seeking an income-producing residential property, this layout provides independent living arrangements with distinct unit amenities such as walk-in closets, pantry space, and in-unit laundry. Separate metering can simplify utility management by unit. The detached garage configurations add practical off-street parking and storage, supporting resident needs across all three units. Schedule a showing to review the finishes and unit layouts in person.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Building Supply Auto Repair Shop Big Box & Wholesale Store Auto Parts Store Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Waterloo
    County
    Black Hawk
    State
    Iowa
    Longitude
    -92.293177
    Latitude
    42.439697

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    FAQs

    What type of property is this?
    Triplex - Well-kept triplex in Waterloo with separately metered units, in-unit laundry, and detached garage spaces for each home.
    Where is this triplex located?
    The property is located at 5309-5311 Blue Bonnet Drive Waterloo, IA.
    What is the asking price?
    The asking price for this property is $549,900.
    What are key features of this property?
    This property features: One‑level triplex with 2 bed/2 bath units; each unit includes separate laundry, walk‑in closets, and pantry space.; All units are separately metered.; Detached garage parking: 5311 Blue Bonnet includes a double, detached heated garage space.
    (319) 830-3598
    We can help!
    Listing Contact
    Carissa Holton
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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