Two-Unit
New
For Sale
$195,000
603 Iowa Street, Cedar Falls, IA 50613
Upper- and main-level residences offer distinct two-bedroom and three-bedroom layouts.
Property Size2,160 SF
Price / SF$90.28
Days on Market3
Property Features for 603 Iowa Street
General Information
Standard status
Active
Size
2,160 SF
Property subtype
Multi-Family
Zoning
R-2
Lease Term
Other
Taxes and HOA fees
Annual Taxes
$3,180
Amenities
Partially Finished
Dryer Hookup-Gas,Washer Hookup
1080
Public
66x75
On Street,Detached
Building Details
Year Built
1917
Listing Agency:
Lepic-Kroeger, REALTORS
(319) 393-0900
Listed By:
Ali Fortin
(319) 601-9868
Source:
Pinnaclerealtyia
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 1 at 10:01AM
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 Lepic-Kroeger, REALTORS
Investment Insights
Based on property information with market context.
This 2,160-square-foot duplex contains two residences. The upper-level unit has two bedrooms, one bathroom, a living area, and a kitchen; the main-level unit includes three bedrooms, one bathroom, and a kitchen. The property was built in 1917 and is zoned R-2.
Outdoor features include a shared backyard and off-street parking. Downtown Cedar Falls, Main Street businesses, parks, restaurants, and entertainment are within walking distance.
Outdoor features include a shared backyard and off-street parking. Downtown Cedar Falls, Main Street businesses, parks, restaurants, and entertainment are within walking distance.
Key Highlights
- 2,160‑square‑foot duplex with two separate residences
- Upper unit has 2 bedrooms and 1 bathroom; main‑level unit has 3 bedrooms and 1 bathroom
- R‑2 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
$17,342
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
8.89%
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%
$346,840
$346.8K
Cap Rate 7%
$247,743
$247.7K
Cap Rate 9%
$192,689
$192.7K
Market Conditions
NOI Build-Up for 2,160 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
$33.4K $15.48/SF
− Vacancy
−$1.9K −$0.88/SF
EGI
$31.5K $14.60/SF
− OpEx
−$14.2K −$6.57/SF
NOI
$17.3K $8.03/SF
Area
Black Hawk County, IA
Vacancy
5.70%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
45.00%
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%
$346,840
Cap Rate 7%
$247,743
Cap Rate 9%
$192,689
Alternative Uses
Best Use
Multifamily LT 5
$281.9K
$246.7K – $328.9K
NOI $19,735 @ 7.0% cap · market cap 10.12%
Second Best
Apartment 5plus
$247.7K
$216.8K – $289.0K
NOI $17,342 @ 7.0% cap · market cap 8.89%
Theoretical Best
Mixed Use
$2.71M
$2.37M – $3.16M
NOI $189,540 @ 7.0% cap · market cap 97.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
896
Businesses Nearby
Explore this area
Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Upper- and main-level residences offer distinct two-bedroom and three-bedroom layouts.
Where is this duplex located?
The property is located at 603 Iowa Street Cedar Falls, IA.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: 2,160‑square‑foot duplex with two separate residences; Upper unit has 2 bedrooms and 1 bathroom; main‑level unit has 3 bedrooms and 1 bathroom; R‑2 zoning
