Four-Plex with 1-Bed
For Sale
$270,000
706 W 12th St, Cedar Falls, IA 50613
Three of four units are leased with the fourth starting in May; owner covers gas, water, lawn care, and snow removal.
Property Size1,049 SF
Price / SF$257.39
Days on Market39
Property Features for 706 W 12th St
General Information
Standard status
Active
Size
1,049 SF
Property subtype
Residential Income
Building Details
Tenancy
Multi
Listing Agency:
Oakridge Real Estate
(319) 242-2720
Listed By:
Dave Woods
(319) 242-2720
Source:
Exprealty
Added: Jul 1
Changed: Jul 30
Last Checked: Aug 8 at 7:44AM
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 Oakridge Real Estate
Investment Insights
Based on property information with market context.
This four-plex offers a simple, consistent unit mix: all four units are one bedroom, one bathroom and include a refrigerator and stove. Three units are currently leased, and the fourth unit’s lease is scheduled to begin in May.
The owner pays gas and water, along with lawn care and snow removal. The property has benefited from proactive maintenance during the seller’s ownership, including paint, plumbing, flooring, kitchen, and bath improvements.
Recent exterior updates include new siding and window casings in 2024. Each unit also has its own individual electric meter, supporting independent metering for tenants.
The owner pays gas and water, along with lawn care and snow removal. The property has benefited from proactive maintenance during the seller’s ownership, including paint, plumbing, flooring, kitchen, and bath improvements.
Recent exterior updates include new siding and window casings in 2024. Each unit also has its own individual electric meter, supporting independent metering for tenants.
Key Highlights
- Three units currently leased; fourth unit lease begins in May
- All four units are 1 bed, 1 bath with refrigerator and stove
- Owner pays gas and water plus lawn care and snow removal
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
$9,584
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
3.55%
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%
$191,680
$191.7K
Cap Rate 7%
$136,914
$136.9K
Cap Rate 9%
$106,489
$106.5K
Market Conditions
NOI Build-Up for 1,049 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
$14.5K $13.80/SF
− Vacancy
−$785 −$0.75/SF
EGI
$13.7K $13.05/SF
− OpEx
−$4.1K −$3.92/SF
NOI
$9.6K $9.14/SF
Area
Black Hawk County, IA
Vacancy
5.42%
Lease Rate
$13.80 /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%
$191,680
Cap Rate 7%
$136,914
Cap Rate 9%
$106,489
Alternative Uses
Best Use
Multifamily LT 5
$136.9K
$119.8K – $159.7K
NOI $9,584 @ 7.0% cap · market cap 3.55%
Second Best
Apartment 5plus
$120.3K
$105.3K – $140.4K
NOI $8,422 @ 7.0% cap · market cap 3.12%
Theoretical Best
Mixed Use
$1.31M
$1.15M – $1.53M
NOI $92,050 @ 7.0% cap · market cap 34.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
294
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Three of four units are leased with the fourth starting in May; owner covers gas, water, lawn care, and snow removal.
Where is this quadplex located?
The property is located at 706 W 12th St Cedar Falls, IA.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: Three units currently leased; fourth unit lease begins in May; All four units are 1 bed, 1 bath with refrigerator and stove; Owner pays gas and water plus lawn care and snow removal
