Building Details

Building Size 2,597 SF

Year Built 1980

Listed By: Dan Dempsey Show Phone

Source: Iowacommercial

Added: Sep 16 Changed: Oct 25 Last Checked: Nov 1 at 2:57AM

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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

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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.

Key Highlights

• 2,597 SF restaurant building
• Dedicated drive‑through service
• More than 40 parking spaces

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$27,606

Cap Rate

2.95%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$552,120 $552.1K

Cap Rate 7%

$394,371 $394.4K

Cap Rate 9%

$306,733 $306.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,597 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $227,887 @ 7.0% cap · market cap 24.37%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Hardee's Restaurant

Suggested Use

Top Pick Big Box & Wholesale Store Pharmacy Real Estate Agency Storage Facility Garden Center Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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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