Turn-Key Laundromat with Real
For Sale
Contact for pricing
623 BROADWAY ST, Waterloo, IA 50703
Well-maintained laundromat building with commercial equipment, customer-focused layout, and signage on a high-visibility corridor.
Property Size3,492 SF
Price / SF$137.43
Days on Market61
Property Features for 623 BROADWAY ST
General Information
Standard status
Active
Size
3,492 SF
Property subtype
Retail, Business for Sale
Zoning
C-2
Investment Type
Owner/User
Additional Details
Business Included
Yes
Building Details
Year Built
1987
Stories
1
Units
1
Listing Agency:
The Fischels Group
(319) 234-5000
Listed By:
Chris Fischels · License #IA B44779000
Source:
Crexi
Added: Jun 10
Changed: Aug 7
Last Checked: Aug 8 at 5:59AM
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 The Fischels Group
Investment Insights
Based on property information with market context.
This sale offers a turn-key laundromat opportunity, including both the real estate and the profitable, fully operational business. The well-maintained 3,492 square foot building presents a bright, clean, and modern interior designed to support efficient daily operation and customer comfort. The property is equipped with high-end commercial washers and dryers and includes spacious folding stations, creating a practical, workflow-friendly layout for guests and staff.
Located at 623 BROADWAY ST in Waterloo, IA, the property sits on a high-visibility corridor with convenient parking and prominent signage. The site’s street presence and on-site parking are key considerations for retail and service tenants where walk-in and repeat customer convenience matter.
For buyers seeking an established laundromat format, this offering provides a ready-to-operate facility with the core equipment already in place. The modern, customer-oriented layout, along with the commercial-grade laundry system and dedicated folding areas, supports day-to-day service without requiring immediate major interior reconfiguration. It may also appeal to operator-investors looking to acquire a turnkey service business with a retail storefront setting and visible branding.
Located at 623 BROADWAY ST in Waterloo, IA, the property sits on a high-visibility corridor with convenient parking and prominent signage. The site’s street presence and on-site parking are key considerations for retail and service tenants where walk-in and repeat customer convenience matter.
For buyers seeking an established laundromat format, this offering provides a ready-to-operate facility with the core equipment already in place. The modern, customer-oriented layout, along with the commercial-grade laundry system and dedicated folding areas, supports day-to-day service without requiring immediate major interior reconfiguration. It may also appeal to operator-investors looking to acquire a turnkey service business with a retail storefront setting and visible branding.
Key Highlights
- 3,492 sq ft well‑maintained laundromat building built in 1987
- Sale includes the real estate plus a fully operational laundromat business
- Includes commercial washers and dryers (high‑end commercial equipment noted)
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
$34,646
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
7.22%
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%
$692,920
$692.9K
Cap Rate 7%
$494,943
$494.9K
Cap Rate 9%
$384,956
$385.0K
Market Conditions
NOI Build-Up for 3,492 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
$54.1K $15.48/SF
− Vacancy
−$4.6K −$1.31/SF
EGI
$49.5K $14.17/SF
− OpEx
−$14.8K −$4.25/SF
NOI
$34.6K $9.92/SF
Area
Black Hawk County, IA
Vacancy
8.44%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
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%
$692,920
Cap Rate 7%
$494,943
Cap Rate 9%
$384,956
Alternative Uses
Best Use
Retail
$494.9K
$433.1K – $577.4K
NOI $34,646 @ 7.0% cap · market cap 7.22%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$4.38M
$3.83M – $5.11M
NOI $306,423 @ 7.0% cap · market cap 63.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
116
Businesses Nearby
2k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Sinclair
Shops & Services
1,645 visits/mo
0.2 miles
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Well-maintained laundromat building with commercial equipment, customer-focused layout, and signage on a high-visibility corridor.
Where is this retail space located?
The property is located at 623 BROADWAY ST Waterloo, IA.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: 3,492 sq ft well‑maintained laundromat building built in 1987; Sale includes the real estate plus a fully operational laundromat business; Includes commercial washers and dryers (high‑end commercial equipment noted)
