Drive-Through Restaurant
New
For Sale
$935,000
805 Franklin St, Waterloo, IA 50703
Freestanding restaurant property with dedicated drive-through service, abundant parking, and prominent pylon signage.
Property Size2,597 SF
Days on Market2
Property Features for 805 Franklin St
General Information
Standard status
Active
Size
2,597 SF
Property subtype
Retail
Building Details
Building Size
2,597 SF
Year Built
1980
Listed By:
Dan Dempsey
(515) 306-0794
Source:
Iowacommercial
Added: Sep 16
Last Checked: Sep 16 at 2:13PM
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 Dan Dempsey
Investment Insights
Based on property information with market context.
This 2,597 SF restaurant building includes a dedicated drive-through, more than 40 parking spaces, and a pylon sign. Constructed in 1980, the property occupies 0.86 acres and is configured for restaurant operations.
Located at 805 Franklin St in Waterloo, Iowa, the site provides a defined commercial setting for a drive-through restaurant use. The combination of building area, on-site parking, drive-through service, and freestanding signage creates a practical operating layout.
Located at 805 Franklin St in Waterloo, Iowa, the site provides a defined commercial setting for a drive-through restaurant use. The combination of building area, on-site parking, drive-through service, and freestanding signage creates a practical operating layout.
Key Highlights
- 2,597 SF restaurant building
- Dedicated drive‑through service
- More than 40 parking spaces
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
$27,606
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
2.95%
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%
$552,120
$552.1K
Cap Rate 7%
$394,371
$394.4K
Cap Rate 9%
$306,733
$306.7K
Market Conditions
NOI Build-Up for 2,597 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
$40.2K $15.48/SF
− Vacancy
−$3.4K −$1.31/SF
EGI
$36.8K $14.17/SF
− OpEx
−$9.2K −$3.54/SF
NOI
$27.6K $10.63/SF
Area
Black Hawk County, IA
Vacancy
8.44%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
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%
$552,120
Cap Rate 7%
$394,371
Cap Rate 9%
$306,733
Alternative Uses
Best Use
Specialty Retail
$394.4K
$345.1K – $460.1K
NOI $27,606 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$3.26M
$2.85M – $3.80M
NOI $227,887 @ 7.0% cap · market cap 24.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
949
Businesses Nearby
18k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 56%
Dining 35%
Home Improvements & Furnishings 5%
Groceries 4%
Hardee's
Dining
6,419 visits/mo
0.1 miles
Dollar General
Shops & Services
4,963 visits/mo
0.4 miles
Cenex
Shops & Services
2,650 visits/mo
0.3 miles
Advance Auto Parts
Shops & Services
1,645 visits/mo
0.4 miles
Regions Bank
Shops & Services
976 visits/mo
0.4 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Freestanding restaurant property with dedicated drive-through service, abundant parking, and prominent pylon signage.
Where is this drive through restaurant located?
The property is located at 805 Franklin St Waterloo, IA.
What is the asking price?
The asking price for this property is $935,000.
What are key features of this property?
This property features: 2,597 SF restaurant building; Dedicated drive‑through service; More than 40 parking spaces
