Triplex with Detached
For Sale
$100,000
810 W 2nd St, Waterloo, IA 50701
Three residences include a larger unit and two compact one-bedroom layouts, with two currently vacant for occupancy.
Property Size1,116 SF
Price / SF$89.61
Days on Market82
Property Features for 810 W 2nd St
General Information
Standard status
Active
Size
1,116 SF
Total Parking Spaces
3
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/1BA, 2 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,265
Listing Agency:
Oakridge Real Estate
(319) 551-4010
Listed By:
Bethany Benner · License #S67248
(319) 551-4010
Source:
Exprealty
Added: Jun 12
Changed: Aug 31
Last Checked: Aug 31 at 6:51PM
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 three-unit property in Waterloo includes a main-floor residence with 3 bedrooms and 1 bath, plus two additional units offering 1 bedroom and 1 bath each. Two units are vacant, creating immediate occupancy flexibility. The main-floor unit includes updates, while hardwood flooring is present in one of the residences.
A detached 3-stall garage provides on-site parking and storage. Located at 810 W 2nd St in Waterloo, the property can accommodate an owner-occupant arrangement or continued use as a three-unit residential property.
A detached 3-stall garage provides on-site parking and storage. Located at 810 W 2nd St in Waterloo, the property can accommodate an owner-occupant arrangement or continued use as a three-unit residential property.
Key Highlights
- Three‑unit configuration with one 3‑bedroom, 1‑bath residence and two 1‑bedroom, 1‑bath units
- Two units currently vacant and ready for occupancy
- Detached 3‑stall garage for parking and storage
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
$8,960
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
8.96%
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%
$179,200
$179.2K
Cap Rate 7%
$128,000
$128.0K
Cap Rate 9%
$99,556
$99.6K
Market Conditions
NOI Build-Up for 1,116 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
$17.3K $15.48/SF
− Vacancy
−$985 −$0.88/SF
EGI
$16.3K $14.60/SF
− OpEx
−$7.3K −$6.57/SF
NOI
$9.0K $8.03/SF
Area
Black Hawk County, IA
Vacancy
5.70%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
45.00%
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%
$179,200
Cap Rate 7%
$128,000
Cap Rate 9%
$99,556
Alternative Uses
Best Use
Multifamily LT 5
$145.7K
$127.5K – $169.9K
NOI $10,196 @ 7.0% cap · market cap 10.20%
Second Best
Apartment 5plus
$128.0K
$112.0K – $149.3K
NOI $8,960 @ 7.0% cap · market cap 8.96%
Theoretical Best
Mixed Use
$1.40M
$1.22M – $1.63M
NOI $97,929 @ 7.0% cap · market cap 97.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
793
Businesses Nearby
Explore this area
Business Placement
Demographics for 50701, IA
29,806
Population
14,530
Households
2.1
Avg Household Size
39
Median Age
30%
College-Educated
95%
High-School Grad
79.1 sq mi
ZIP Area
377
Density / Sq Mi
$62,857
Median Household Income
$41,464
Median Earnings
$846
Median Rent
$183,400
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?
Triplex - Three residences include a larger unit and two compact one-bedroom layouts, with two currently vacant for occupancy.
Where is this triplex located?
The property is located at 810 W 2nd St Waterloo, IA.
What is the asking price?
The asking price for this property is $100,000.
What are key features of this property?
This property features: Three‑unit configuration with one 3‑bedroom, 1‑bath residence and two 1‑bedroom, 1‑bath units; Two units currently vacant and ready for occupancy; Detached 3‑stall garage for parking and storage
