Super 8
New
For Sale
$2,399,500
7515 Nordic Dr, Cedar Falls, IA 50613
Built in 2009, the property carries the Super 8 by Wyndham flag and serves the Cedar Falls–Waterloo lodging market.
Property Size29,463 SF
Days on Market2
Property Features for 7515 Nordic Dr
General Information
Standard status
Active
Size
29,463 SF
Property subtype
Hotel-Motel
Amenities
Current Management Leaves Room for Significant Owner-Operator Upside
RevPAR Index above 100 Every Year Since 2022, Peaking at 139
Sleep Inn Conversion Path with Elevator Plans already Approved
Located off US-20 near the University of Northern Iowa, John Deere Waterloo Works and Waterloo Regional Airport
Building Details
Building Size
29,463 SF
Year Built
2009
Listed By:
Jon Ruzicka · License #License(s): MN: 40583288, IA: B63379000, ND: 10032, WI: 76173-94, SD: 17724
(952) 852-9767
Source:
Marcusmillichap
Added: Oct 1
Last Checked: Oct 1 at 2:07PM
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 Jon Ruzicka
Investment Insights
Based on property information with market context.
This 57-room limited-service hotel in Cedar Falls, Iowa, was built in 2009 and is affiliated with the Super 8 by Wyndham brand. Its economy lodging format serves business and leisure travelers, with brand distribution and loyalty resources available through Wyndham Hotels & Resorts.
The property is part of the Cedar Falls–Waterloo market, where the University of Northern Iowa, a manufacturing and industrial employment base, and healthcare, education, retail, and logistics activity contribute to lodging demand. The university has approximately 9,000 students. John Deere’s Waterloo operations include manufacturing and engineering activities, adding to the area’s corporate and commercial travel base.
The property is part of the Cedar Falls–Waterloo market, where the University of Northern Iowa, a manufacturing and industrial employment base, and healthcare, education, retail, and logistics activity contribute to lodging demand. The university has approximately 9,000 students. John Deere’s Waterloo operations include manufacturing and engineering activities, adding to the area’s corporate and commercial travel base.
Key Highlights
- 57‑room limited‑service hotel
- Built in 2009
- Super 8 by Wyndham brand affiliation
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
$177,439
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
7.39%
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%
$3,548,780
$3.5M
Cap Rate 7%
$2,534,843
$2.5M
Cap Rate 9%
$1,971,544
$2.0M
Market Conditions
NOI Build-Up for 29,463 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
$434.9K $14.76/SF
− Vacancy
−$61.3K −$2.08/SF
EGI
$373.6K $12.68/SF
− OpEx
−$196.1K −$6.66/SF
NOI
$177.4K $6.02/SF
Area
Black Hawk County, IA
Vacancy
14.10%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
52.50%
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%
$3,548,780
Cap Rate 7%
$2,534,843
Cap Rate 9%
$1,971,544
Alternative Uses
Best Use
Hotel Hospitality
$2.53M
$2.22M – $2.96M
NOI $177,439 @ 7.0% cap · market cap 7.39%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$36.93M
$32.32M – $43.09M
NOI $2,585,378 @ 7.0% cap · market cap 107.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
148
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
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Frequently Asked Questions
What type of property is this?
Hotel - Built in 2009, the property carries the Super 8 by Wyndham flag and serves the Cedar Falls–Waterloo lodging market.
Where is this hotel located?
The property is located at 7515 Nordic Dr Cedar Falls, IA.
What is the asking price?
The asking price for this property is $2,399,500.
What are key features of this property?
This property features: 57‑room limited‑service hotel; Built in 2009; Super 8 by Wyndham brand affiliation
