Laundromat Retail
For Sale
$459,900
623 Broadway Street, Waterloo, IA 50703
Operating laundromat with commercial equipment, folding areas, on-site parking, and prominent signage.
Property Size3,492 SF
Price / SF$131.70
Days on Market74
Property Features for 623 Broadway Street
General Information
Standard status
Active
Size
3,492 SF
Property subtype
Commercial
Zoning
C-2
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$4,961
Amenities
prominent signage
Building Details
Building Size
3,492 SF
Year Built
1987
Buildings
1
Listing Agency:
Fischels Commercial Group
(319) 830-5000
Listed By:
Chris Fischels · License #B44779000
(319) 830-5000
Source:
Sweeneyrealestate
Added: Jun 8
Changed: Aug 19
Last Checked: Aug 19 at 2:20PM
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 Fischels Commercial Group
Investment Insights
Based on property information with market context.
This retail property includes a 3,492-square-foot building and an operating laundromat business, with the real estate and business included in the sale. The interior is arranged with commercial washers and dryers, folding stations, and a clean, maintained customer area. Prominent signage and on-site parking support day-to-day customer access.
Located at 623 Broadway Street in Waterloo, Iowa, the property sits along a high-visibility corridor. The building was constructed in 1987 and carries C-2 zoning, providing a defined commercial setting for the existing retail operation.
Located at 623 Broadway Street in Waterloo, Iowa, the property sits along a high-visibility corridor. The building was constructed in 1987 and carries C-2 zoning, providing a defined commercial setting for the existing retail operation.
Key Highlights
- 3,492‑square‑foot retail building with operating laundromat business included
- Commercial washers and dryers with dedicated folding stations
- On‑site parking and prominent property signage
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
7.53%
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 7.53%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$4.38M
$3.83M – $5.11M
NOI $306,423 @ 7.0% cap · market cap 66.63%
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
192
Businesses Nearby
16k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Kwik Trip
Shops & Services
10,267 visits/mo
0.0 miles
Family Dollar
Shops & Services
3,972 visits/mo
0.1 miles
BP
Shops & Services
2,120 visits/mo
0.1 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Operating laundromat with commercial equipment, folding areas, on-site parking, and prominent signage.
Where is this retail space located?
The property is located at 623 Broadway Street Waterloo, IA.
What is the asking price?
The asking price for this property is $459,900.
What are key features of this property?
This property features: 3,492‑square‑foot retail building with operating laundromat business included; Commercial washers and dryers with dedicated folding stations; On‑site parking and prominent property signage
