Six-Office Professional
For Sale
Contact for pricing
622 Progress Avenue, Waterloo, IA 50701
C-2-zoned office suite with private workrooms, reception, and client parking near University Avenue.
Property Size3,224 SF
Price / SF$1.82
Days on Market49
Property Features for 622 Progress Avenue
General Information
Standard status
Active
Size
3,224 SF
Total Parking Spaces
6
Property subtype
Commercial
Zoning
C-2
Lease Type
Gross
Taxes and HOA fees
Annual Taxes
$10,968
Amenities
0.52
3224
Building Details
Building Size
3,224 SF
Year Built
1993
Listing Agency:
SKOGMAN REALTY
(319) 393-0900
Listed By:
Lydia Fitzgerald
(319) 213-1157
Source:
Pinnaclerealtyia
Added: Sep 2
Changed: Oct 15
Last Checked: Oct 19 at 5:09AM
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 SKOGMAN REALTY
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Investment Insights
Based on property information with market context.
This 1,100-square-foot office suite was built in 1993 and provides a practical layout for professional occupancy. The interior includes six private offices, a larger room suitable for breaks or conferences, and a reception area distinguished by a vaulted ceiling.
Located at 622 Progress Avenue in Waterloo, the property sits just off University Avenue. On-site parking includes six spaces, with additional street parking available for staff and visitors. C-2 zoning supports the property’s commercial office classification.
Located at 622 Progress Avenue in Waterloo, the property sits just off University Avenue. On-site parking includes six spaces, with additional street parking available for staff and visitors. C-2 zoning supports the property’s commercial office classification.
Key Highlights
- 1,100‑square‑foot office suite with six private offices
- Break or conference room plus a vaulted‑ceiling reception area
- Six on‑site parking spaces and additional street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$7,204
Suggested Prices Based on Cap Rates
Cap Rate 5%
$144,080
$144.1K
Cap Rate 7%
$102,914
$102.9K
Cap Rate 9%
$80,044
$80.0K
Market Conditions
NOI Build-Up for 1,100 SF
Gross rent
$12.7K $11.52/SF
− Vacancy
−$3.1K −$2.79/SF
EGI
$9.6K $8.73/SF
− OpEx
−$2.4K −$2.18/SF
NOI
$7.2K $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%
$144,080
Cap Rate 7%
$102,914
Cap Rate 9%
$80,044
Alternative Uses
Best Use
Office B
$102.9K
$90.1K – $120.1K
NOI $7,204 @ 7.0% cap · market cap 360.20%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$1.38M
$1.21M – $1.61M
NOI $96,525 @ 7.0% cap · market cap 4,826.25%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
612
Businesses Nearby
Explore this area
Business Placement
Demographics for 50701, IA
29,806
Population
14,530
Households
2.1
Avg Household Size
39
Median Age
30%
College-Educated
95%
High-School Grad
79.1 sq mi
ZIP Area
377
Density / Sq Mi
$62,857
Median Household Income
$41,464
Median Earnings
$846
Median Rent
$183,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - C-2-zoned office suite with private workrooms, reception, and client parking near University Avenue.
Where is this office unit located?
The property is located at 622 Progress Avenue Waterloo, IA.
What are key features of this property?
This property features: 1,100‑square‑foot office suite with six private offices; Break or conference room plus a vaulted‑ceiling reception area; Six on‑site parking spaces and additional street parking
