Turn-Key Laundromat with Real
For Sale
$439,900
623 Broadway Street, 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$125.97
Days on Market124
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
0.33
3492
Building Details
Building Size
3,492 SF
Year Built
1987
Stories
1
Listing Agency:
Watts Group Realty
(319) 393-0900
Listed By:
Juliana Corona
(319) 576-8327
Source:
Pinnaclerealtyia
Added: Jun 8
Changed: Oct 7
Last Checked: Oct 7 at 10:12AM
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 Watts Group Realty
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 / Yr
$34,646
Cap Rate
7.88%
Suggested Prices Based on Cap Rates
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
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 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 7.88%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$4.38M
$3.83M – $5.11M
NOI $306,423 @ 7.0% cap · market cap 69.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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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 Street Waterloo, IA.
What is the asking price?
The asking price for this property is $439,900.
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)
